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Economy of China vs Iraq compared: GDP & Debt

Updated on by Georank

China has a GDP of $19.5T compared to $254B for Iraq, ranking 2/197 and 54/197 by economy size, respectively.

China has $19.3T in government debt (99.2% of GDP), compared to $137B (53.9% of GDP) in Iraq.

China vs Iraq GDP by year

China
Iraq
1x
Year GDP, current $
China Iraq
2025 $19,498,039,388,043 $254,367,293,538
2024 $18,729,668,435,848 $279,641,257,615
2023 $18,270,356,654,533 $268,881,051,644
2022 $18,316,765,021,690 $287,372,232,138
2021 $18,201,698,719,564 $209,691,945,713
2020 $14,996,414,166,715 $180,898,797,517
2019 $14,560,167,101,283 $233,636,097,800
2018 $14,147,765,772,964 $227,367,469,034
2017 $12,537,559,062,283 $187,217,660,051
2016 $11,456,024,084,962 $166,743,557,748
2015 $11,280,814,787,469 $166,774,104,959
2014 $10,674,533,168,257 $228,415,656,175
2013 $9,743,124,247,267 $234,637,675,129
2012 $8,673,664,713,189 $218,002,476,129
2011 $7,671,757,207,851 $185,749,664,444
2010 $6,192,564,874,453 $138,516,722,650
2009 $5,189,577,094,998 $111,657,580,326
2008 $4,667,346,414,522 $131,614,434,154
2007 $3,604,055,822,572 $88,837,057,320
2006 $2,791,498,472,804 $65,147,051,918
2005 $2,317,551,298,052 $50,065,104,668
2004 $1,984,196,551,300 $36,633,669,269
2003 $1,683,903,309,844 $21,921,569,479
2002 $1,489,821,682,051 $32,928,454,672
2001 $1,355,036,590,252 $36,176,430,129
2000 $1,223,754,919,971 $48,364,250,944
1999 $1,103,843,203,576 $36,881,601,584
1998 $1,037,134,141,760 $20,617,405,044
1997 $967,753,570,435 $20,764,857,056
1996 $868,523,936,530 $10,433,698,621
1995 $738,190,896,228 $12,894,029,888
1994 $566,929,539,493 $3,991,349,283
1993 $446,557,291,212 $1,031,944,881
1992 $428,502,354,788 $553,671,958
1991 $384,510,452,962 $407,796,350
1990 $361,560,229,446 $180,408,064,516
1989 $348,380,566,802 $65,831,935,484
1988 $312,888,888,889 $62,684,516,129
1987 $273,455,156,951 $56,774,193,548
1986 $301,310,144,928 $47,264,516,129
1985 $310,064,625,850 $48,425,161,290
1984 $260,442,857,143 $46,938,387,097
1983 $231,130,268,199 $40,712,903,226
1982 $205,480,916,031 $42,382,333,333
1981 $196,218,253,968 $37,823,000,000
1980 $191,487,500,000 $52,569,000,000
1979 $178,573,913,043 $37,816,457,839
1978 $149,788,617,886 $23,762,275,652
1977 $175,226,595,860 $19,838,130,715
1976 $154,196,810,059 $17,754,825,601
1975 $163,687,619,736 $13,458,516,763
1974 $144,418,433,058 $11,516,762,614
1973 $138,764,340,892 $5,134,367,778
1972 $113,871,930,714 $4,113,848,002
1971 $99,959,013,880 $3,865,346,535
1970 $92,752,930,873 $3,281,318,687
1969 $79,847,786,729 $3,007,758,797
1968 $70,980,323,819 $2,896,598,841
1967 $73,011,350,596 $2,551,522,656
1966 $76,854,053,259 $2,530,306,096
1965 $70,565,994,356 $2,335,785,506
1964 $59,821,862,703 $2,136,408,198
1963 $50,812,227,919 $1,805,901,510
1962 $47,310,737,754 $1,784,174,541
1961 $50,162,299,350 $1,671,960,965
1960 $59,846,235,025 $1,537,252,193

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

GDP per capita in China vs Iraq by year

China
GDP per capita

GDP per capita, PPP
Iraq
GDP per capita

GDP per capita, PPP
1x
Year Current $
China Iraq
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $13,862 - $5,410 -
2024 $13,293 $27,105 $6,074 $14,464
2023 $12,951 $25,179 $5,965 $14,653
2022 $12,971 $23,032 $6,521 $14,391
2021 $12,887 $20,843 $4,868 $12,732
2020 $10,627 $18,267 $4,295 $10,574
2019 $10,343 $17,601 $5,672 $12,249
2018 $10,086 $16,298 $5,647 $12,034
2017 $8,980 $15,022 $4,759 $10,192
2016 $8,255 $14,157 $4,334 $9,079
2015 $8,175 $13,463 $4,440 $9,334
2014 $7,781 $12,942 $6,249 $13,168
2013 $7,147 $12,228 $6,650 $14,669
2012 $6,405 $11,420 $6,478 $14,402
2011 $5,704 $10,457 $5,776 $12,912
2010 $4,629 $9,411 $4,462 $12,186
2009 $3,898 $8,448 $3,715 $11,687
2008 $3,523 $7,713 $4,543 $11,657
2007 $2,735 $6,935 $3,129 $10,783
2006 $2,129 $5,946 $2,277 $10,223
2005 $1,778 $5,148 $1,762 $9,457
2004 $1,531 $4,505 $1,328 $9,290
2003 $1,307 $4,007 $818 $6,068
2002 $1,164 $3,591 $1,266 $9,682
2001 $1,065 $3,258 $1,436 $10,720
2000 $969 $2,964 $1,980 $10,628
1999 $881 $2,690 $1,560 $9,194
1998 $835 $2,483 $901 $7,964
1997 $787 $2,297 $936 $6,020
1996 $713 $2,088 $485 $5,034
1995 $613 $1,884 $619 $4,598
1994 $476 $1,680 $198.2 $4,560
1993 $379 $1,471 $53.7 $4,509
1992 $368 $1,276 $30.3 $3,547
1991 $334 $1,105 $23 $2,694
1990 $319 $991 $10,261 -
1989 $311 - $3,791 -
1988 $284 - $3,707 -
1987 $252.3 - $3,436 -
1986 $282.4 - $2,940 -
1985 $295 - $3,088 -
1984 $251.2 - $3,066 -
1983 $225.9 - $2,743 -
1982 $203.7 - $2,942 -
1981 $197.4 - $2,700 -
1980 $195.1 - $3,868 -
1979 $184.3 - $2,871 -
1978 $156.7 - $1,863 -
1977 $185.7 - $1,609 -
1976 $165.7 - $1,489 -
1975 $178.6 - $1,166 -
1974 $160.4 - $1,031 -
1973 $157.3 - $476 -
1972 $132.1 - $394 -
1971 $118.8 - $384 -
1970 $113.3 - $337 -
1969 $100.3 - $320 -
1968 $91.6 - $319 -
1967 $96.8 - $290.6 -
1966 $104.5 - $298.2 -
1965 $98.7 - $284.8 -
1964 $85.7 - $269.4 -
1963 $74.5 - $235.5 -
1962 $71.1 - $240.7 -
1961 $76 - $232.4 -
1960 $89.7 - $218.9 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

China's GDP per capita is $13,862, ranking 77/197, compared to $5,410 in Iraq, ranking 119/197. Adjusted for purchasing power (GDP per capita PPP), China ranks 77th at $27,105, while Iraq ranks 115th at $14,464.

Economic indicators

China Iraq
Gross domestic product
$19.5T
2025
$254B
2025
GDP rank
2/197
2025
54/197
2025
GDP growth
4.96%
2024-2025
-2.16%
2024-2025
GDP per capita
$13,862
2025
$5,410
2025
GDP per capita rank
77/197
2025
119/197
2025
GDP per capita, PPP
$27,105
2024
$14,464
2024
GDP per capita PPP rank
77/197
2024
115/197
2024
Government debt
$19.3T
2025
$137B
2025
Debt-to-GDP ratio
99.2%
2025
53.9%
2025
Government debt per person
$13,756
2025
$2,917
2025
Government debt per person rank
47/185
2025
108/185
2025
Average annual personal income after taxes
$10,414
2026
$6,782
2026
Market capitalization of domestic companies
$15.5T
2025
n/a
Number of millionaires
5,305,000
2026
n/a
Number of billionaires
539
2026
n/a
Income share by richest 10%
28.4%
2022
24.2%
2023
Income share by poorest 10%
3.1%
2022
3.7%
2023
Government expenditure, % of GDP
32.9%
2025
42.7%
2025
Consumer prices inflation
0%
2024-2025
0.3%
2024-2025
Central bank interest rate
3%
2025
n/a
Unemployment rate
4.57%
2022
16.2%
2021
Population
1403335670
48531417

Spending and national debt comparison by year

China
Spending

Debt
Iraq
Spending

Debt
1x
Year % of GDP
China Iraq
Government spending Government debt Government spending Government debt
2025 32.9% 99.2% 42.7% 53.9%
2024 32.9% 90.4% 41.7% 45.2%
2023 32.7% 84.1% 41.2% 42.1%
2022 32.6% 77.3% 33.9% 39%
2021 31.9% 72.1% 36.3% 54.7%
2020 34.8% 70.1% 41.9% 72.5%
2019 33.6% 59.8% 34.7% 41.7%
2018 32.6% 55.9% 31.1% 44.4%
2017 32% 53.9% 35.5% 55.9%
2016 31.7% 50% 42.4% 60.3%
2015 31% 40.8% 43.5% 48.3%
2014 28.4% 39.3% 43.8% 27.6%
2013 28.1% 36.4% 48.2% 32%
2012 27.7% 33.8% 42.9% 34.8%
2011 26.6% 33.2% 43.4% 40.7%
2010 24.7% 33.3% 49.6% 53.5%
2009 25.2% 34% 61.1% 87.4%
2008 22.2% 26.7% 57.3% 74.2%
2007 17.9% 28.7% 44% 117.1%
2006 18.1% 25.2% 50.3% 143.2%
2005 18% 25.9% 63.2% 227.3%
2004 17.6% 26% 91.5% 344%
2003 18% 26.4% - -
2002 18.2% 25.6% - -
2001 17.2% 24.3% - -
2000 16.1% 22.7% - -
1999 14.9% 21.6% - -
1998 12.6% 20.4% - -
1997 11.5% 20.4% - -
1996 11% 21.2% - -
1995 11.1% 21.4% - -
1994 12.4% - - -
1993 13.4% - - -
1992 14.6% - - -
1991 16.5% - - -
1990 18.2% - - -
1989 18.6% - - -
1988 20.9% 4.46% - -
1987 23.4% 3.6% - -
1986 25.6% 3.24% - -
1985 25.8% 3.31% - -
1984 26.9% 0.97% - -
1983 28.3% - - -
1982 27.9% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

In 2025, China's government spending was $6.41T, accounting for 32.9% of its GDP, while Iraq spent $109B, or 42.7% of GDP.

Debt-to-GDP ratio is 99.2% in China and 53.9% in Iraq, ranking 26/185 and 95/185, respectively.

Government deficit by year

Deficit/surplus
China

Iraq
1x
Year Deficit/surplus, % of GDP
China Iraq
2025 -7.87% -6.41%
2024 -7.11% -3.45%
2023 -6.71% -1.14%
2022 -7.32% 8.1%
2021 -5.9% -0.38%
2020 -9.56% -12.8%
2019 -6% 0.83%
2018 -4.2% 7.69%
2017 -3.34% -1.52%
2016 -3.33% -14.4%
2015 -2.5% -12.8%
2014 -0.67% -5.63%
2013 -0.82% -6.06%
2012 -0.3% 4.09%
2011 -0.1% 4.74%
2010 -0.36% -4.18%
2009 -1.72% -14.9%
2008 -0.02% -0.86%
2007 0.06% 9.98%
2006 -1.13% 10.7%
2005 -1.38% 4.07%
2004 -1.49% -35.4%
2003 -2.36% -
2002 -2.84% -
2001 -2.56% -
2000 -2.81% -
1999 -2.3% -
1998 -1.08% -
1997 -0.73% -
1996 -0.73% -
1995 -0.94% -
1994 -1.68% -
1993 -0.89% -
1992 -1.22% -
1991 -1.04% -
1990 -0.72% -
1989 -0.91% -
1988 -2.22% -
1987 -2.08% -
1986 -1.82% -
1985 -0.45% -
1984 -1.44% -
1983 -1.61% -
1982 -1.33% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

In 2025, China's government deficit, the difference between spending and revenue, was $1.53T, equivalent to 7.87% of GDP. This compares to Iraq's deficit of $16.3B, or 6.41% of GDP.

Over the past 22 years, China recorded a fiscal deficit in 21 of those years, while Iraq ran a deficit in 14 years. On average, China posted an annual deficit equal to 3.26% of GDP, compared to deficit of 3.17% of GDP for Iraq.

Inflation comparison by year

Inflation
China

Iraq
1x
Year Consumer prices inflation
China Iraq
2025 0% 0.3%
2024 0.2% 2.61%
2023 0.2% 4.36%
2022 2% 4.99%
2021 0.9% 6.04%
2020 2.5% 0.57%
2019 2.9% -0.2%
2018 2.1% 0.37%
2017 1.6% 0.18%
2016 2% 0.56%
2015 1.4% 1.39%
2014 2% 2.24%
2013 2.6% 1.88%
2012 2.6% 6.09%
2011 5.4% 5.6%
2010 3.3% 2.43%
2009 -0.7% 6.87%
2008 5.8% 12.7%
2007 4.8% -10.1%
2006 1.5% 53.2%
2005 1.8% 37%
2004 3.9% 27%
2003 1.2% 33.6%
2002 -0.8% 19.3%
2001 0.7% 16.4%
2000 0.4% 4.98%
1999 -1.4% 12.6%
1998 -0.8% 14.8%
1997 2.8% 23.1%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

Over the past 29 years, China has recorded an average annual inflation rate of 1.76%, compared with 10% in Iraq. In 2025, inflation was 0% in China and 0.3% in Iraq.

Top exports between countries

China
Export category Export value
Machinery & equipment $7.63B
Textiles & consumer goods $4.59B
Metals $2.08B
Chemicals & pharma $1.25B
Raw materials & minerals $567M
Wood & paper products $321M
Raw agricultural goods $275M
Processed food, beverages & tobacco $231M
Miscellaneous $190M
Animal & marine products $38.9M
Iraq
Export category Export value

Balance of trade

China Iraq
Current account balance
$735B
2025
$8.37B
2024
Current account balance ranking
1/190
2025
27/190
2024
Current account balance, % of GDP
+3.77%
2025
+2.99%
2024
Goods imports
$2.69T
2025
$74.3B
2024
Goods exports
$3.75T
2025
$101B
2024
Service imports
$623B
2025
$30.2B
2024
Service exports
$385B
2025
$10.2B
2024
Imports of goods and services, % of GDP
16.9%
2025
37.4%
2024
Exports of goods and services, % of GDP
21.1%
2025
39.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

China Iraq
Economic freedom 48.3 15.6
Economic freedom ranking 170/197 196/197
Property rights 40.9 8.3
Government integrity 42.3 20.2
Judicial effectiveness 38.6 5.8
Tax burden 69.3 85.5
Government spending 67.8 65.3
Fiscal health 4.4 95.7
Business freedom 68.7 42.8
Labor freedom 57.9 60.6
Monetary freedom 76.1 68.6
Trade freedom 73.4 40
Investment freedom 20 10
Financial freedom 20 10

Economic freedom comparison by year

China
Iraq
1x
Year Economic freedom index
China Iraq
2026 48.3 -
2025 49 -
2024 48.5 -
2023 48.3 -
2022 48 -
2021 58.4 -
2020 59.5 -
2019 58.4 -
2018 57.8 -
2017 57.4 -
2016 52 -
2015 52.7 -
2014 52.5 -
2013 51.9 -
2012 51.2 -
2011 52 -
2010 51 -
2009 53.2 -
2008 53.1 -
2007 52 -
2006 53.6 -
2005 53.7 -
2004 52.5 -
2003 52.6 -
2002 52.8 15.6
2001 52.6 17.2
2000 56.4 17.2
1999 54.8 17.2
1998 53.1 17.2
1997 51.7 17.2
1996 51.3 17.2
1995 52 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

The Economic Freedom Index for China is 48.3, ranking 170/197, compared to 15.6 for Iraq, ranking 196/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

China Iraq
Services, % of GDP
57.7%
2025
52.3%
2025
Industry, % of GDP
35.6%
2025
45.4%
2025
Agriculture, forestry, and fishing, % of GDP
6.66%
2025
3.41%
2025
GNI, Atlas method
$20T
2025
$267B
2025
GNI per capita, PPP
$29,160
2025
$14,290
2025
Total reserves including gold
$3.75T
2025
$101B
2024
Total reserves ranking
1/177
2025
30/177
2024
Net foreign direct investment
$77.2B
2025
$8.09B
2024
Net inflows of foreign direct investment
$42.6B
2024
-$7.65B
2024
Net outflows of foreign direct investment
$192B
2024
$439M
2024
Servicing debt to the IMF, % of GNI
1.9%
2024
1.22%
2024
Poverty at national poverty lines
0%
2020
17.5%
2023
Gross capital formation, % of GDP
40.5%
2024
19.1%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/china/iraq | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-07-08)
  6. TradeMap (2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.