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Economy of Iraq vs Kuwait compared: GDP & Debt

Updated on by Georank team

Iraq has a GDP of $280B compared to $160B for Kuwait, ranking 50/197 and 59/197 by economy size, respectively.

Iraq has $130B in government debt (46.5% of GDP), compared to $4.68B (2.92% of GDP) in Kuwait.

Iraq vs Kuwait GDP by year

Iraq
Kuwait
1x
Year GDP, current $
Iraq Kuwait
2024 $279,641,257,615 $160,227,273,053
2023 $268,881,051,644 $165,384,407,116
2022 $287,372,232,138 $183,502,046,694
2021 $209,691,945,713 $148,350,671,489
2020 $180,898,797,517 $111,045,470,606
2019 $233,636,097,800 $140,856,394,861
2018 $227,367,469,034 $138,646,316,351
2017 $187,217,660,051 $120,687,539,806
2016 $166,743,557,748 $109,406,674,125
2015 $166,774,104,959 $114,585,555,689
2014 $228,415,656,175 $162,650,450,685
2013 $234,637,675,129 $174,168,116,535
2012 $218,002,476,129 $174,047,662,680
2011 $185,749,664,444 $154,039,231,246
2010 $138,516,722,650 $115,416,245,242
2009 $111,657,580,326 $105,968,691,905
2008 $131,614,434,154 $147,379,737,230
2007 $88,837,057,320 $114,634,043,362
2006 $65,147,051,918 $101,557,330,723
2005 $50,065,104,668 $80,798,630,137
2004 $36,633,669,269 $59,439,090,601
2003 $21,921,569,479 $47,874,582,232
2002 $32,928,454,672 $38,135,788,414
2001 $36,176,430,129 $34,889,559,870
2000 $48,364,250,944 $37,718,743,480
1999 $36,881,601,584 $30,122,365,849
1998 $20,617,405,044 $25,943,705,784
1997 $20,764,857,056 $30,350,190,704
1996 $10,433,698,621 $31,492,373,309
1995 $12,894,029,888 $27,186,980,647
1994 $3,991,349,283 $24,848,483,838
1993 $1,031,944,881 $23,941,391,391
1992 $553,671,958 $19,858,555,215
1991 $407,796,350 $11,009,993,703
1990 $180,408,064,516 $18,427,777,778
1989 $65,831,935,484 $24,313,855,653
1988 $62,684,516,129 $20,690,322,153
1987 $56,774,193,548 $22,368,704,134
1986 $47,264,516,129 $17,903,989,745
1985 $48,425,161,290 $21,445,970,614
1984 $46,938,387,097 $21,700,082,753
1983 $40,712,903,226 $20,871,081,080
1982 $42,382,333,333 $21,577,153,356
1981 $37,823,000,000 $25,058,020,338
1980 $52,569,000,000 $28,638,868,356
1979 $37,816,457,839 $24,749,063,922
1978 $23,762,275,652 $15,503,557,496
1977 $19,838,130,715 $14,137,406,741
1976 $17,754,825,601 $13,132,252,802
1975 $13,458,516,763 $12,022,811,621
1974 $11,516,762,614 $13,006,948,296
1973 $5,134,367,778 $5,408,804,607
1972 $4,113,848,002 $4,450,537,925
1971 $3,865,346,535 $3,880,392,195
1970 $3,281,318,687 $2,873,638,851
1969 $3,007,758,797 $2,769,198,892
1968 $2,896,598,841 $2,662,798,935
1967 $2,551,522,656 $2,441,599,023
1966 $2,530,306,096 $2,391,199,044
1965 $2,335,785,506 $2,097,199,161
1964 $2,136,408,198 $2,071,668,533
1963 $1,805,901,510 $1,900,895,857
1962 $1,784,174,541 $1,828,107,503
1961 $1,671,960,965 -
1960 $1,537,252,193 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Iraq vs Kuwait by year

Iraq
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Iraq Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,074 $14,464 $32,718 $52,444
2023 $5,965 $14,653 $34,076 $53,025
2022 $6,521 $14,391 $39,982 $55,043
2021 $4,868 $12,732 $34,019 $50,652
2020 $4,295 $10,574 $25,236 $41,462
2019 $5,672 $12,249 $31,708 $50,703
2018 $5,647 $12,034 $32,068 $51,371
2017 $4,759 $10,192 $29,048 $46,566
2016 $4,334 $9,079 $27,324 $41,862
2015 $4,440 $9,334 $29,882 $45,267
2014 $6,249 $13,168 $44,369 $68,337
2013 $6,650 $14,669 $49,651 $76,813
2012 $6,478 $14,402 $52,155 $82,090
2011 $5,776 $12,912 $49,170 $79,037
2010 $4,462 $12,186 $39,212 $75,184
2009 $3,715 $11,687 $37,907 $80,110
2008 $4,543 $11,657 $55,585 $90,337
2007 $3,129 $10,783 $45,709 $91,435
2006 $2,277 $10,223 $42,947 $89,075
2005 $1,762 $9,457 $36,123 $84,968
2004 $1,328 $9,290 $27,552 $77,227
2003 $818 $6,068 $22,691 $69,752
2002 $1,266 $9,682 $18,513 $59,713
2001 $1,436 $10,720 $17,374 $58,553
2000 $1,980 $10,628 $19,296 $58,703
1999 $1,560 $9,194 $15,854 $56,406
1998 $901 $7,964 $14,067 $58,344
1997 $936 $6,020 $16,977 $57,420
1996 $485 $5,034 $18,201 $56,913
1995 $619 $4,598 $16,168 $57,163
1994 $198.2 $4,560 $14,930 $53,946
1993 $53.7 $4,509 $14,318 $48,482
1992 $30.3 $3,547 $12,146 $36,149
1991 $23 $2,694 $8,147 $23,390
1990 $10,261 - $10,938 $30,763
1989 $3,791 - $10,965 -
1988 $3,707 - $9,692 -
1987 $3,436 - $10,896 -
1986 $2,940 - $9,077 -
1985 $3,088 - $11,322 -
1984 $3,066 - $11,919 -
1983 $2,743 - $11,965 -
1982 $2,942 - $12,979 -
1981 $2,700 - $15,825 -
1980 $3,868 - $19,032 -
1979 $2,871 - $17,386 -
1978 $1,863 - $11,567 -
1977 $1,609 - $11,238 -
1976 $1,489 - $11,141 -
1975 $1,166 - $10,882 -
1974 $1,031 - $12,527 -
1973 $476 - $5,532 -
1972 $394 - $4,836 -
1971 $384 - $4,486 -
1970 $337 - $3,552 -
1969 $320 - $3,695 -
1968 $319 - $3,872 -
1967 $290.6 - $3,887 -
1966 $298.2 - $4,176 -
1965 $284.8 - $4,024 -
1964 $269.4 - $4,379 -
1963 $235.5 - $4,445 -
1962 $240.7 - $4,748 -
1961 $232.4 - - -
1960 $218.9 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Iraq's GDP per capita is $6,074, ranking 113/197, compared to $32,718 in Kuwait, ranking 37/197. Adjusted for purchasing power (GDP per capita PPP), Iraq ranks 115th at $14,464, while Kuwait ranks 40th at $52,444.

Economic indicators

Iraq Kuwait
Gross domestic product
$280B
2024
$160B
2024
GDP rank
50/197
2024
59/197
2024
GDP growth
-1.55%
2023-2024
-2.56%
2023-2024
GDP per capita
$6,074
2024
$32,718
2024
GDP per capita rank
113/197
2024
37/197
2024
GDP per capita, PPP
$14,464
2024
$52,444
2024
GDP per capita PPP rank
115/197
2024
40/197
2024
Government debt
$130B
2024
$4.68B
2024
Debt-to-GDP ratio
46.5%
2024
2.92%
2024
Government debt per person
$2,822
2024
$956
2024
Government debt per person rank
105/185
2024
143/185
2024
Average annual personal income after taxes
$5,928
2026
$23,828
2026
Market capitalization of domestic companies n/a
$141B
2024
Income share by richest 10%
24.2%
2023
n/a
Income share by poorest 10%
3.7%
2023
n/a
Government expenditure, % of GDP
42.9%
2024
50.4%
2024
Consumer prices inflation
-12.3%
2023-2024
2.9%
2023-2024
Central bank interest rate n/a
3.5%
2025
Unemployment rate
16.2%
2021
2.16%
2016
Population
48289334
5100145

Spending and national debt comparison by year

Iraq
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Iraq Kuwait
Government spending Government debt Government spending Government debt
2024 42.9% 46.5% 50.4% 2.92%
2023 41.2% 42.1% 48.3% 3.13%
2022 33.9% 39% 39.6% 2.95%
2021 36.3% 54.7% 48.3% 7.2%
2020 41.9% 72.5% 62.9% 10.2%
2019 34.7% 41.7% 50.3% 10.5%
2018 31.1% 44.4% 51.1% 14.3%
2017 35.5% 55.9% 51.9% 19.6%
2016 42.4% 60.3% 54.1% 9.88%
2015 43.5% 48.3% 55.4% 4.6%
2014 43.8% 27.6% 45% 3.43%
2013 48.2% 32% 38.4% 3.09%
2012 42.9% 34.8% 38.2% 3.6%
2011 43.4% 40.7% 39.7% 4.64%
2010 49.6% 53.5% 45.5% 6.16%
2009 61.1% 87.4% 42.9% 6.65%
2008 57.3% 74.2% 40.9% 5.38%
2007 44% 117.1% 30.4% 7.05%
2006 50.3% 143.2% 32.3% 7.79%
2005 63.2% 227.3% 28.8% 10.2%
2004 91.5% 344% 35.3% 13.9%
2003 - - 38.2% 17.2%
2002 - - 42.8% 21.3%
2001 - - 41.4% 23%
2000 - - 29.9% 21.4%
1999 - - 44.5% 25.5%
1998 - - 51.7% 25.6%
1997 - - 43.8% 24.3%
1996 - - 42.8% 26.5%
1995 - - 52% 34.9%
1994 - - 57.8% 37.7%
1993 - - 58.2% 28.8%
1992 - - 77.6% 27.9%
1991 - - 208.9% 45.3%
1990 - - 122.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Iraq's government spending was $120B, accounting for 42.9% of its GDP, while Kuwait spent $80.8B, or 50.4% of GDP.

Debt-to-GDP ratio is 46.5% in Iraq and 2.92% in Kuwait, ranking 117/185 and 184/185, respectively.

Government deficit by year

Deficit/surplus
Iraq

Kuwait
1x
Year Deficit/surplus, % of GDP
Iraq Kuwait
2024 -4.14% 23.8%
2023 -1.14% 28.2%
2022 8.1% 30%
2021 -0.38% 9.98%
2020 -12.8% 0.14%
2019 0.83% 13%
2018 7.69% 17.5%
2017 -1.52% 15.3%
2016 -14.4% 13.1%
2015 -12.8% 16.6%
2014 -5.63% 30%
2013 -6.06% 40.6%
2012 4.09% 40.7%
2011 4.74% 38.8%
2010 -4.18% 31.9%
2009 -14.9% 31.3%
2008 -0.86% 21.3%
2007 9.98% 37.1%
2006 10.7% 28%
2005 4.07% 38.9%
2004 -35.4% 32.5%
2003 - 27.2%
2002 - 31%
2001 - 45.2%
2000 - 52.5%
1999 - 28.2%
1998 - 19.5%
1997 - 29.5%
1996 - 24.3%
1995 - 11.7%
1994 - 1.76%
1993 - -3.12%
1992 - -28.1%
1991 - -145%
1990 - -50%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Iraq's government deficit, the difference between spending and revenue, was $11.6B, equivalent to 4.14% of GDP. This compares to Kuwait's surplus of $38.1B, or 23.8% of GDP.

Over the past 21 years, Iraq recorded a fiscal deficit in 13 of those years, while Kuwait ran a deficit in 0 years. On average, Iraq posted an annual deficit equal to 3.05% of GDP, compared to surplus of 25.6% of GDP for Kuwait.

Inflation comparison by year

Inflation
Iraq

Kuwait
1x
Year Consumer prices inflation
Iraq Kuwait
2024 -12.3% 2.9%
2023 4.36% 3.64%
2022 4.99% 3.98%
2021 6.04% 3.42%
2020 0.57% 2.1%
2019 -0.2% 1.09%
2018 0.37% 0.54%
2017 0.18% 2.17%
2016 0.56% 3.2%
2015 1.39% 3.27%
2014 2.24% 2.91%
2013 1.88% 2.68%
2012 6.09% 3.26%
2011 5.8% 4.84%
2010 2.88% 4.5%
2009 6.87% 4.61%
2008 12.7% 10.6%
2007 -10.1% 5.48%
2006 53.2% 3.06%
2005 37% 4.14%
2004 27% 1.25%
2003 33.6% 0.96%
2002 19.3% 0.89%
2001 16.4% 1.3%
2000 4.98% 1.81%
1999 12.6% 2.99%
1998 14.8% 0.13%
1997 23.1% 0.68%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Iraq has recorded an average annual inflation rate of 9.86%, compared with 2.94% in Kuwait. In 2024, inflation was -12.3% in Iraq and 2.9% in Kuwait.

Top exports between countries

Iraq
Export category Export value
Kuwait
Export category Export value
Machinery & equipment $615M
Animal & marine products $115M
Textiles & consumer goods $28.4M
Chemicals & pharma $25M
Raw agricultural goods $14M
Processed food, beverages & tobacco $13M
Raw materials & minerals $11.3M
Metals $5.29M
Wood & paper products $1.95M
Precious metals & jewellery $992K

Balance of trade

Iraq Kuwait
Current account balance
$8.37B
2024
$46.7B
2024
Current account balance ranking
24/190
2024
15/190
2024
Current account balance, % of GDP
+2.99%
2024
+29.1%
2024
Goods imports
$74.3B
2024
$33.4B
2024
Goods exports
$101B
2024
$77.5B
2024
Service imports
$30.2B
2024
$28.1B
2024
Service exports
$10.2B
2024
$12.2B
2024
Imports of goods and services, % of GDP
33.2%
2024
38.3%
2023
Exports of goods and services, % of GDP
37.5%
2024
57.7%
2023

Economic freedom indices

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

Iraq Kuwait
Economic freedom 15.6 59.9
Economic freedom ranking 196/197 100/197
Property rights 8.3 42
Government integrity 20.2 47.9
Judicial effectiveness 5.8 43.4
Tax burden 85.5 97.7
Government spending 65.3 36.2
Fiscal health 95.7 99.9
Business freedom 42.8 57.4
Labor freedom 60.6 49.2
Monetary freedom 68.6 68.7
Trade freedom 40 75.8
Investment freedom 10 50
Financial freedom 10 50

Economic freedom comparison by year

Iraq
Kuwait
1x
Year Economic freedom index
Iraq Kuwait
2026 - 59.9
2025 - 59.9
2024 - 58.5
2023 - 56.7
2022 - 58.3
2021 - 64.1
2020 - 63.2
2019 - 60.8
2018 - 62.2
2017 - 65.1
2016 - 62.7
2015 - 62.5
2014 - 62.3
2013 - 63.1
2012 - 62.5
2011 - 64.9
2010 - 67.7
2009 - 65.6
2008 - 68.1
2007 - 66.4
2006 - 66.5
2005 - 64.6
2004 - 63.6
2003 - 66.7
2002 15.6 65.4
2001 17.2 68.2
2000 17.2 69.7
1999 17.2 69.5
1998 17.2 66.3
1997 17.2 64.8
1996 17.2 66.1

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Iraq is 15.6, ranking 196/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Iraq Kuwait
Services, % of GDP
45.8%
2024
55.9%
2024
Industry, % of GDP
51.6%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
3.39%
2024
0.49%
2024
GNI, Atlas method
$277B
2024
$200B
2024
GNI per capita, PPP
$14,530
2024
$63,270
2024
Total reserves including gold
$101B
2024
$50.7B
2024
Total reserves ranking
28/177
2024
41/177
2024
Net foreign direct investment
$8.09B
2024
$9.71B
2024
Net inflows of foreign direct investment
-$7.65B
2024
$615M
2024
Net outflows of foreign direct investment
$439M
2024
$10.3B
2024
Servicing debt to the IMF, % of GNI
1.22%
2024
n/a
Poverty at national poverty lines
17.5%
2023
n/a
Gross capital formation, % of GDP
28.2%
2024
17.7%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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.