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Iraq economy ranking: GDP & GDP per capita, debt

Updated on by Georank

Iraq ranked 54/197 by economy size with a GDP of $254B and 119/197 by GDP per capita at $5,410. Iraq has $137B in government debt, with a debt-to-GDP ratio of 53.9%.

In 2025, Iraq made up 0.21% of the world's economy, compared to 0.11% in 1960.

Iraq GDP & GDP growth by year

GDP, current $
Real growth
1x
Year GDP GDP growth
2025 $254,367,293,538 -2.16%
2024 $279,641,257,615 -1.55%
2023 $268,881,051,644 0.52%
2022 $287,372,232,138 7.96%
2021 $209,691,945,713 1.5%
2020 $180,898,797,517 -12%
2019 $233,636,097,800 5.51%
2018 $227,367,469,034 2.63%
2017 $187,217,660,051 -1.82%
2016 $166,743,557,748 13.8%
2015 $166,774,104,959 2.61%
2014 $228,415,656,175 2.26%
2013 $234,637,675,129 7.63%
2012 $218,002,476,129 13.9%
2011 $185,749,664,444 7.55%
2010 $138,516,722,650 6.4%
2009 $111,657,580,326 3.38%
2008 $131,614,434,154 8.23%
2007 $88,837,057,320 1.89%
2006 $65,147,051,918 5.64%
2005 $50,065,104,668 1.68%
2004 $36,633,669,269 53.4%
2003 $21,921,569,479 -36.7%
2002 $32,928,454,672 -8.2%
2001 $36,176,430,129 1.77%
2000 $48,364,250,944 16.8%
1999 $36,881,601,584 17.6%
1998 $20,617,405,044 35%
1997 $20,764,857,056 21.2%
1996 $10,433,698,621 11%
1995 $12,894,029,888 2.12%
1994 $3,991,349,283 3.85%
1993 $1,031,944,881 30.3%
1992 $553,671,958 32.6%
1991 $407,796,350 -64%
1990 $180,408,064,516 57.8%
1989 $65,831,935,484 -3.12%
1988 $62,684,516,129 -0.02%
1987 $56,774,193,548 9.31%
1986 $47,264,516,129 4.65%
1985 $48,425,161,290 1.45%
1984 $46,938,387,097 -1.49%
1983 $40,712,903,226 -13.1%
1982 $42,382,333,333 3.43%
1981 $37,823,000,000 -0.73%
1980 $52,569,000,000 24.8%
1979 $37,816,457,839 20.9%
1978 $23,762,275,652 17.1%
1977 $19,838,130,715 1.9%
1976 $17,754,825,601 17.2%
1975 $13,458,516,763 12.5%
1974 $11,516,762,614 16.1%
1973 $5,134,367,778 4.42%
1972 $4,113,848,002 3.74%
1971 $3,865,346,535 5.37%
1970 $3,281,318,687 4.54%
1969 $3,007,758,797 3.24%
1968 $2,896,598,841 19.5%
1967 $2,551,522,656 -8.86%
1966 $2,530,306,096 4.96%
1965 $2,335,785,506 10.8%
1964 $2,136,408,198 14.8%
1963 $1,805,901,510 2.45%
1962 $1,784,174,541 4.6%
1961 $1,671,960,965 7.33%
1960 $1,537,252,193 -

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

GeoRank.org/economy/iraq | CC BY

Iraq GDP per capita by year

GDP per capita
GDP per capita, PPP
1x
Year Current $
GDP per capita GDP per capita, PPP
2025 $5,410 -
2024 $6,074 $14,464
2023 $5,965 $14,653
2022 $6,521 $14,391
2021 $4,868 $12,732
2020 $4,295 $10,574
2019 $5,672 $12,249
2018 $5,647 $12,034
2017 $4,759 $10,192
2016 $4,334 $9,079
2015 $4,440 $9,334
2014 $6,249 $13,168
2013 $6,650 $14,669
2012 $6,478 $14,402
2011 $5,776 $12,912
2010 $4,462 $12,186
2009 $3,715 $11,687
2008 $4,543 $11,657
2007 $3,129 $10,783
2006 $2,277 $10,223
2005 $1,762 $9,457
2004 $1,328 $9,290
2003 $818 $6,068
2002 $1,266 $9,682
2001 $1,436 $10,720
2000 $1,980 $10,628
1999 $1,560 $9,194
1998 $901 $7,964
1997 $936 $6,020
1996 $485 $5,034
1995 $619 $4,598
1994 $198.2 $4,560
1993 $53.7 $4,509
1992 $30.3 $3,547
1991 $23 $2,694
1990 $10,261 -
1989 $3,791 -
1988 $3,707 -
1987 $3,436 -
1986 $2,940 -
1985 $3,088 -
1984 $3,066 -
1983 $2,743 -
1982 $2,942 -
1981 $2,700 -
1980 $3,868 -
1979 $2,871 -
1978 $1,863 -
1977 $1,609 -
1976 $1,489 -
1975 $1,166 -
1974 $1,031 -
1973 $476 -
1972 $394 -
1971 $384 -
1970 $337 -
1969 $320 -
1968 $319 -
1967 $290.6 -
1966 $298.2 -
1965 $284.8 -
1964 $269.4 -
1963 $235.5 -
1962 $240.7 -
1961 $232.4 -
1960 $218.9 -

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

GeoRank.org/economy/iraq | CC BY

Iraq has a GDP per capita of $5,410, ranking 119/197, a GDP per capita based on purchasing power parity (PPP) of $14,464, ranking 115/197, and a median annual after tax income of $6,782, ranking 94/197.

Iraq GDP rankings by year

GDP
GDP per capita
GDP per capita, PPP
1x
Year Rank
GDP GDP per capita GDP per capita, PPP
2025 52 108 -
2024 50 109 106
2023 49 106 107
2022 47 100 105
2021 52 108 107
2020 52 111 114
2019 49 104 110
2018 49 104 107
2017 53 107 115
2016 53 109 119
2015 54 109 117
2014 48 99 91
2013 47 95 83
2012 47 93 83
2011 51 99 89
2010 55 107 89
2009 55 110 89
2008 55 100 90
2007 56 111 91
2006 59 119 89
2005 59 121 88
2004 62 123 83
2003 70 142 101
2002 59 117 70
2001 56 110 63
2000 52 93 62
1999 54 103 63
1998 69 125 68
1997 66 126 84
1996 82 149 94
1995 77 140 95
1994 110 173 93
1993 149 185 92
1992 156 184 103
1991 160 183 115
1990 20 33 -
1989 34 49 -
1988 33 51 -
1987 33 51 -
1986 34 53 -
1985 33 49 -
1984 34 50 -
1983 35 52 -
1982 35 46 -
1981 36 51 -
1980 32 43 -
1979 32 42 -
1978 37 48 -
1977 38 49 -
1976 37 48 -
1975 42 57 -
1974 46 58 -
1973 54 78 -
1972 54 81 -
1971 53 75 -
1970 52 80 -
1969 53 63 -
1968 52 57 -
1967 52 64 -
1966 49 57 -
1965 50 59 -
1964 50 58 -
1963 52 62 -
1962 50 58 -
1961 51 58 -
1960 51 63 -

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

GeoRank.org/economy/iraq | CC BY

Compared with 2000, in 2025 Iraq is ranked 52nd out of 179 by GDP (unchanged), 108th by GDP per capita (down from 93rd), and 106th by GDP per capita PPP (down from 62nd).

Economic indicators

Iraq Rank
Gross domestic product
$254B
2025
54/197
GDP growth
-2.16%
2024-2025
189/194
GDP per capita
$5,410
2025
119/197
GDP per capita, PPP
$14,464
2024
115/197
Government debt
$137B
2025
52/185
Debt-to-GDP ratio
53.9%
2025
95/185
Government debt per person
$2,917
2025
108/185
Average annual personal income after taxes
$6,782
2026
94/197
Income share by richest 10%
24.2%
2023
134/169
Income share by poorest 10%
3.7%
2023
25/169
Government expenditure, % of GDP
42.7%
2025
44/195
Consumer prices inflation
0.3%
2024-2025
174/195
Unemployment rate
16.2%
2021
15/196
Population
48531417
34/197

Government spending, deficit, and debt by year

Spending
Debt
Deficit/surplus
1x
Year % of GDP
Government spending Government debt Government deficit/surplus
2025 42.7% 53.9% -6.41%
2024 41.7% 45.2% -3.45%
2023 41.2% 42.1% -1.14%
2022 33.9% 39% 8.1%
2021 36.3% 54.7% -0.38%
2020 41.9% 72.5% -12.8%
2019 34.7% 41.7% 0.83%
2018 31.1% 44.4% 7.69%
2017 35.5% 55.9% -1.52%
2016 42.4% 60.3% -14.4%
2015 43.5% 48.3% -12.8%
2014 43.8% 27.6% -5.63%
2013 48.2% 32% -6.06%
2012 42.9% 34.8% 4.09%
2011 43.4% 40.7% 4.74%
2010 49.6% 53.5% -4.18%
2009 61.1% 87.4% -14.9%
2008 57.3% 74.2% -0.86%
2007 44% 117.1% 9.98%
2006 50.3% 143.2% 10.7%
2005 63.2% 227.3% 4.07%
2004 91.5% 344% -35.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2004–2025, retrieved 2026-07-08).

GeoRank.org/economy/iraq | CC BY

This chart shows Iraq's government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 22 years, Iraq recorded a fiscal deficit in 14 of them, with an average annual deficit equal to 3.17% of GDP. In 2025, government spending reached $109B (42.7% of GDP), with a deficit of 6.41%.

The national debt reached $137B, ranking 52nd out of 185 countries by total size, with a debt-to-GDP ratio of 53.9%, ranking 95th.

Inflation rate by year

1x
Year Inflation
2025 0.3%
2024 2.61%
2023 4.36%
2022 4.99%
2021 6.04%
2020 0.57%
2019 -0.2%
2018 0.37%
2017 0.18%
2016 0.56%
2015 1.39%
2014 2.24%
2013 1.88%
2012 6.09%
2011 5.6%
2010 2.43%
2009 6.87%
2008 12.7%
2007 -10.1%
2006 53.2%
2005 37%
2004 27%
2003 33.6%
2002 19.3%
2001 16.4%
2000 4.98%
1999 12.6%
1998 14.8%
1997 23.1%
1996 -16.1%
1995 387%
1994 448%
1993 207.7%
1992 83.6%
1991 181%
1990 -
1989 -
1988 -
1987 -
1986 -
1985 -
1984 -
1983 -
1982 -
1981 -
1980 -
1979 -
1978 4.61%
1977 9.17%
1976 12.8%
1975 9.52%
1974 7.7%
1973 4.89%
1972 5.19%
1971 3.6%
1970 4.36%
1969 5.74%
1968 2.2%
1967 3.29%
1966 1.98%
1965 -0.46%
1964 -0.09%
1963 3.95%
1962 1.29%
1961 0.92%
1960 3.48%

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

GeoRank.org/economy/iraq | CC BY

Over the past 20 years, Iraq has had an average annual inflation rate of 5.11%. In 2025, inflation was 0.3%. The bar chart above shows consumer price inflation by year.

Balance of trade

Iraq Rank
Current account balance
$8.37B
2024
27/190
Current account balance, % of GDP
+2.99%
2024
47/190
Goods imports
$74.3B
2024
46/189
Goods exports
$101B
2024
39/189
Service imports
$30.2B
2024
41/189
Service exports
$10.2B
2024
68/189
Imports of goods and services, % of GDP
37.4%
2024
108/182
Exports of goods and services, % of GDP
39.8%
2024
82/193

Iraq top 10 trading partners

Iraq's biggest trading partner accounting for 32.8% of all exports and imports is China, with a trade balance between the two of -$10.5B: Iraq exports $0 worth of goods and services to China and imports $10.5B.

Below is the list of the top 10 trade partners of Iraq.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 China $10.5B 32.8% $0 $10.5B Animal & marine products Metals
2 UAE $5.66B 17.7% $129M $5.54B Raw materials & minerals Raw materials & minerals
3 South Korea $2.9B 9.07% $0 $2.9B Animal & marine products Machinery & equipment
4 United States $2.43B 7.59% $0 $2.43B Animal & marine products Machinery & equipment
5 Japan $1.56B 4.86% $0 $1.56B Animal & marine products Metals
6 Italy $912M 2.85% $28K $912M Animal & marine products Metals
7 India $804M 2.51% $0 $804M Animal & marine products Machinery & equipment
8 France $747M 2.33% $58K $747M Raw agricultural goods Metals
9 Iran $601M 1.88% $172K $600M Chemicals & pharma Raw materials & minerals
10 Indonesia $532M 1.66% $0 $532M Animal & marine products Wood & paper products

Top 10 exports

Iraq Rank
Raw materials & minerals $84.4B 12/193
Transport & tourism services $5.39B 73/191
Business & finance services $1.65B 75/189
Manufacturing & construction services $922M 49/166
Government & miscellaneous services $282M 47/187
IT & IP services $142M 101/185
Chemicals & pharma $66.2M 119/193
Animal & marine products $21.9M 140/192
Raw agricultural goods $6.31M 163/193
Processed food, beverages & tobacco $1.39M 179/192

Top 10 imports

Iraq Rank
Transport & tourism services $18.3B 38/191
Raw materials & minerals $10.4B 53/193
Metals $10.3B 36/193
Machinery & equipment $10.2B 68/193
Business & finance services $5.27B 50/189
Chemicals & pharma $1.84B 93/193
Raw agricultural goods $1.46B 72/193
IT & IP services $1.4B 60/185
Textiles & consumer goods $981M 101/193
Processed food, beverages & tobacco $724M 122/193

Economic freedom indices

Iraq Rank
Economic freedom 15.6 196/197
Property rights 8.3 171/182
Government integrity 20.2 159/182
Judicial effectiveness 5.8 173/182
Tax burden 85.5 55/182
Government spending 65.3 112/180
Fiscal health 95.7 32/181
Business freedom 42.8 151/182
Labor freedom 60.6 46/182
Monetary freedom 68.6 141/180
Trade freedom 40 179/181
Investment freedom 10 171/181
Financial freedom 10 176/181

Economic freedom by year

1x
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
2026 - 5.8 85.5 - 95.7
2025 - 7.1 - - -
2024 - 7.3 - - -
2023 - 19 - - -
2022 - - - - -
2021 - 11 - 65.3 94.7
2020 - 11.2 - 59.5 76.6
2019 - 12.3 - 52.8 13.3
2018 - 11.4 - 45.4 11.9
2017 - 15.9 - 36.1 11.3
2016 - - - 29.7 -
2015 - - - 43.8 -
2014 - - 95.5 40.3 -
2013 - - - - -
2012 - - - - -
2011 - - - - -
2010 - - - - -
2009 - - - - -
2008 - - - - -
2007 - - - - -
2006 - - - - -
2005 - - - - -
2004 - - - - -
2003 - - - - -
2002 15.6 - 10 10.2 -
2001 17.2 - 10 10.2 -
2000 17.2 - 10 10.2 -
1999 17.2 - 10 10.2 -
1998 17.2 - 10 10.2 -
1997 17.2 - 10 10.2 -
1996 17.2 - 10 10.2 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

GeoRank.org/economy/iraq | CC BY

Iraq is ranked 162/163 for economic freedom with a score of 15.6, compared to 139/140 and a score of 17.2 in 1996.

Other economic metrics

Iraq Rank
Services, % of GDP
52.3%
2025
126/191
Industry, % of GDP
45.4%
2025
8/194
Agriculture, forestry, and fishing, % of GDP
3.41%
2025
124/193
GNI, Atlas method
$267B
2025
52/194
GNI per capita, PPP
$14,290
2025
115/191
Total reserves including gold
$101B
2024
30/177
Net foreign direct investment
$8.09B
2024
18/189
Net inflows of foreign direct investment
-$7.65B
2024
185/193
Net outflows of foreign direct investment
$439M
2024
59/193
Servicing debt to the IMF, % of GNI
1.22%
2024
109/121
Poverty at national poverty lines
17.5%
2023
110/176
Gross capital formation, % of GDP
19.1%
2024
133/179

Compare Iraq vs other countries

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/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 (2004–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2014–2023, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.