5 amazing facts about Iraq GDP and its Economy

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Iraq GDP (Gross Domestic Product)

Iraq country overview

Iraq is officially called the Republic of Iraq. This country is located in Western Asia. Iraq’s neighbour countries are Turkey, Iran, Kuwait, Saudia Arabia, Jordan and Syria. The total area of Iraq is 438,310 km2 approx.

Iraq GDP
Iraq GDP

The total population of Iraq is 40,222,800 approx. Its population rank is 58th in the world. In Iraq, the population density is 82/km2. Iraq has a coastline of approx. 57 km. Iraq’s Capital and Largest city name is Baghdad. Its official languages are Arabic and Kurdish.

Its other regional languages are English, Turkmen, Neo-Aramaic and Armenian. When we talk about its Ethnic groups, so Arabs 80%, Kurds 15% and others are Turkmen. When we talk about its Religion, so Islam is 98%, Christianity is 1% and others live in Iraq.

Its government system is a federal parliamentary republic. Iraq’s President name is Barham Salih. Its prime minister name is Mustafa Al-Kadhimi. Its Speaker name is Mohamed al-Haibousi. Iraq’s Chief justice name is Medhat al-Mahmoud. 

Iraq’s Economy

Iraq’s currency is called the Iraqi dinar. Iraq is generally called a Developing or emerging country and also an upper-middle-income country. In Iraq, the Inflation rate is 0.360% in the year 2018 which is considered very low in the world.

In Iraq, 23% of the Iraqi population Live below the poverty line. The Iraqi government has a deep focus on its citizen’s development. In Iraq, Human Development Index is 0.674 in the year 2019. Its HDI is considered a medium range and a good score compared to south Asian countries. Its HDI score rank is 120th in the world.

The total Labour force in Iraq is 10,378,600 in the year 2019. When we talk about its Labour force by occupation, so Agriculture: 22%, industry: 19% and services are 60%. The unemployment rate in Iraq is 13% in the year 2017. Its total gross external debt is $30 billion in the year 2021.

Iraq GDP

The total GDP of Iraq is $190 billion (nominal) and $412 billion (PPP) in the year 2021. When we talk about Its GDP rank, so Its GDP rank is 51st (nominal) and 49th (PPP) in the year 2021. Iraq’s GDP growth rate is 4.5% in the year 2021.

When we talk about its GDP per capita, so Its GDP per capita is $4,630 (nominal) and $10,040 (PPP) in the year 2021. Its GDP per capita rank is 99th (nominal) and 111th (PPP) in 2021. When we talk about its GDP by sector, so Agriculture: 3.4%, industry: 52% and services are 46%. 

Exports

Total exports of Iraq are $64 billion in the year 2017. Its main export goods are crude oil and its products, fuels, food, animals etc. Its main export partners are China, India, South Korea, Italy, Turkey, Spain etc. 

Imports

Its total imports are $40 billion in the year 2017. Its main import goods are food, medicine, chemicals, textiles, leather etc. Iraq’s main import partners are United Arab Emirates, Turkey, China, India, Germany, Japan etc.

For more detail about GDP (Gross Domestic Product): Please Click Here.

For more detail about Iraq’s GDP and its Economy: Please Click Here.

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