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Indicators of economy in Iraq

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Iraq, on the other hand, reached USD 4,775 per capita, or 207.89 billion USD for the whole country. Iraq is therefore currently ranked 52 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Iraq ranks 120th in the list of the richest countries.

Inflation in Iraq in 2021 was around 6.04%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 63.2 percent lower.
The index for perceived corruption in the public sector is 23, which is rather poor by global standards.


Back to overview: Iraq

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Iraq. Overall, gross domestic product in 2020 fell from 233.64 billion US dollars to 184.37 billion US dollars. With a large drop of 21.09 percent, the economy in Iraq has struggled significantly more than other countries. The tourism sector alone slumped by around 73 percent. The unemployment rate rose from 12.9 to 14.1 percent. The consumer inflation rate has risen from -0.2 percent previously to 0.6 percent now.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Iraq
Total
Iraq
per capita
EU
Total
EU
per capita
GDP207.89 bn USD4,775.38 USD17.177 tn USD33,384.92 USD
Gross national product207.08 bn USD4,756.84 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in billions of USD 1970 - 2021



Imports and Exports 2021

 Iraq
Total
Iraq
per capita
EU
Total
EU
per capita
Imports54.72 bn USD1,257.04 USD8.916 tn USD17,329.02 USD
Exports50.61 bn USD1,162.62 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 2005 - 2021

Exports
Imports



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