10 Surprising Facts About The GDP of Iraq: A Comprehensive Guide

Iraq is a country in the Middle East that has been struggling to maintain its economic stability since the Iraq War in 2003.

Despite the challenges, Iraq’s economy has been growing steadily, with its gross domestic product (GDP) increasing over the years. In this comprehensive guide, we will take a look at 10 surprising facts about the GDP of Iraq.

1. Iraq Has the Fifth Largest Oil Reserves in the World

Iraq is one of the world’s largest oil producers and exporters, and its economy heavily relies on oil revenues.

The country has the fifth largest oil reserves in the world, which account for approximately 99% of its export earnings.

2. The GDP of Iraq Reached $178.1 Billion in 2019

Despite the challenges, Iraq’s GDP reached $178.1 billion in 2019, making it the 58th largest economy in the world.

This growth was mainly driven by the oil sector, which accounted for more than 60% of the country’s GDP.

3. Agriculture and Manufacturing Sectors Are Underdeveloped

Despite being an oil-rich country, Iraq’s agriculture and manufacturing sectors are underdeveloped, accounting for only a small portion of its GDP.

The lack of investment in these sectors has made Iraq heavily reliant on imports for basic necessities such as food and clothing.

4. Iraq’s GDP Per Capita Is One of the Lowest in the Region

Despite having a large GDP, Iraq’s GDP per capita is one of the lowest in the region, standing at around $4,600 in 2019.

This is mainly due to the high population growth rate, which has put pressure on the country’s resources and infrastructure.

5. Iraq’s Economy Was Severely Affected by the COVID-19 Pandemic

Like many other countries, Iraq’s economy was severely affected by the COVID-19 pandemic, which led to a decrease in oil prices and a drop in global demand for oil.

As a result, the country’s GDP is expected to contract by 9.7% in 2020.

6. Iraq Has Made Significant Progress in Improving Its Business Environment

In recent years, Iraq has made significant progress in improving its business environment by simplifying procedures, reducing bureaucracy, and introducing new regulations to attract foreign investment.

This has led to an increase in foreign direct investment (FDI) in the country, particularly in the oil sector.

7. Corruption and Political Instability Remain Major Challenges

Despite the progress made in improving the business environment, corruption and political instability remain major challenges for Iraq’s economy.

The lack of transparency and accountability in the public sector has led to a culture of corruption, which has deterred foreign investors from investing in the country.

8. Iraq Is Expected to Diversify Its Economy Away From Oil

To reduce its reliance on oil revenues and promote economic diversification, the Iraqi government has launched a series of reforms aimed at improving the business environment and attracting foreign investment in non-oil sectors such as tourism, agriculture, and manufacturing.

9. Iraq Has a Young and Growing Population

Iraq has a young and growing population, with more than 60% of its population under the age of 25.

This presents an opportunity for the country to invest in its youth by providing them with education and job opportunities, which can contribute to the country’s economic growth and development.

10. Iraq Is Home to Several UNESCO World Heritage Sites

Iraq is home to several UNESCO World Heritage Sites, including the ancient city of Babylon and the ruins of the Assyrian city of Nineveh.

These sites have the potential to boost the country’s tourism industry, which can contribute to the diversification of the economy and the creation of jobs.

GDP nominal (2017)	GDP growth rate (2017)
$192,060,810,811	-2.07%

• Nominal (current) Gross Domestic Product (GDP of Iraq is $192,060,810,811 (USD) as of 2017.
• Real GDP (constant, inflation adjusted) of Iraq reached $208,595,479,619 in 2017.
• GDP Growth Rate in 2017 was -2.07%, representing a change of -4,416,096,561 US$ over 2016, when Real GDP was $213,011,576,180.
• GDP per Capita in Iraq (with a population of 37,552,781 people in 2017) was $5,555, a decrease of $264 from $5,818 in 2016; this represents a change of -4.5% in GDP per capita.

Gross Domestic Product (GDP of Iraq

Year	GDP Nominal (Current USD)	GDP Real (Inflation adj.)	GDP change	GDP per capita	Pop. change	Population
2017	$192,060,810,811	$208,595,479,619	-2.07%	$5,555	2.57 %	37,552,781
2016	$170,559,560,068	$213,011,576,180	13.02%	$5,818	2.92 %	36,610,632
2015	$177,498,577,313	$188,465,535,167	2.48%	$5,298	3.37 %	35,572,261
2014	$234,648,370,497	$183,908,889,680	0.70%	$5,344	3.78 %	34,411,951
2013	$234,648,370,497	$182,630,476,345	7.60%	$5,508	3.97 %	33,157,050
2012	$218,000,986,223	$169,730,925,972	13.94%	$5,322	3.79 %	31,890,011
2011	$185,749,664,444	$148,969,847,232	7.55%	$4,848	3.31 %	30,725,300
2010	$138,516,722,650	$138,516,722,650	6.40%	$4,657	2.65 %	29,741,976
2009	$111,660,855,043	$130,181,751,588	3.38%	$4,493	2.07 %	28,973,162
2008	$131,613,661,510	$125,926,324,446	8.23%	$4,436	1.70 %	28,385,746
2007	$88,840,050,497	$116,352,699,697	1.38%	$4,169	1.69 %	27,911,248
2006	$65,140,293,688	$114,771,608,149	10.16%	$4,181	1.95 %	27,448,124
2005	$49,954,890,353	$104,187,985,160	4.40%	$3,870	2.31 %	26,922,284
2004	$36,627,901,762	$99,796,330,468	54.16%	$3,793	2.61 %	26,313,838

See also related: GDP of Iraq

• Demographics OF Oceania
• Demographics of Northern America
• Demographics OF Latin America and the Caribbean
• Demographics of Europe
• Demographics of Asia
• GDP of Barbados
• GDP of Togo
• Demographics of Africa

Sources: GDP of Iraq

• Organisation for Economic Co-operation and Development (OECD)
• World Population Prospects: The 2019 Revision – United Nations Population Division
• World Urbanization Prospects – Population Division – United Nations
• GeoNames
• United Nations Statistics Division
• World Bank