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Economy of Iraq vs Singapore compared: GDP & Debt

Updated on by Georank team

Iraq has a GDP of $280B compared to $547B for Singapore, ranking 50/197 and 28/197 by economy size, respectively.

Iraq has $130B in government debt (46.5% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Iraq vs Singapore GDP by year

Iraq
Singapore
1x
Year GDP, current $
Iraq Singapore
2024 $279,641,257,615 $547,386,645,892
2023 $268,881,051,644 $505,439,514,078
2022 $287,372,232,138 $509,017,841,147
2021 $209,691,945,713 $436,591,382,250
2020 $180,898,797,517 $349,165,858,545
2019 $233,636,097,800 $376,161,998,830
2018 $227,367,469,034 $377,123,710,561
2017 $187,217,660,051 $343,673,334,902
2016 $166,743,557,748 $319,646,468,521
2015 $166,774,104,959 $307,998,545,269
2014 $228,415,656,175 $314,863,580,758
2013 $234,637,675,129 $307,576,360,585
2012 $218,002,476,129 $295,092,888,077
2011 $185,749,664,444 $279,356,499,090
2010 $138,516,722,650 $239,807,980,591
2009 $111,657,580,326 $194,150,283,772
2008 $131,614,434,154 $193,617,323,539
2007 $88,837,057,320 $180,941,701,358
2006 $65,147,051,918 $148,627,286,361
2005 $50,065,104,668 $127,807,848,728
2004 $36,633,669,269 $115,033,593,101
2003 $21,921,569,479 $97,646,401,096
2002 $32,928,454,672 $92,538,372,870
2001 $36,176,430,129 $89,793,790,670
2000 $48,364,250,944 $96,076,539,926
1999 $36,881,601,584 $86,286,849,755
1998 $20,617,405,044 $85,728,207,782
1997 $20,764,857,056 $100,123,787,215
1996 $10,433,698,621 $96,293,086,513
1995 $12,894,029,888 $87,812,540,788
1994 $3,991,349,283 $73,688,724,431
1993 $1,031,944,881 $60,603,815,716
1992 $553,671,958 $52,131,320,033
1991 $407,796,350 $45,466,164,978
1990 $180,408,064,516 $36,144,336,769
1989 $65,831,935,484 $30,465,364,739
1988 $62,684,516,129 $25,371,462,488
1987 $56,774,193,548 $20,919,215,578
1986 $47,264,516,129 $18,586,746,057
1985 $48,425,161,290 $19,156,532,746
1984 $46,938,387,097 $19,749,361,098
1983 $40,712,903,226 $17,784,112,150
1982 $42,382,333,333 $16,084,252,378
1981 $37,823,000,000 $14,175,228,844
1980 $52,569,000,000 $11,896,256,783
1979 $37,816,457,839 $9,296,921,724
1978 $23,762,275,652 $7,517,176,355
1977 $19,838,130,715 $6,618,585,074
1976 $17,754,825,601 $6,327,077,974
1975 $13,458,516,763 $5,633,673,930
1974 $11,516,762,614 $5,221,534,956
1973 $5,134,367,778 $3,696,213,333
1972 $4,113,848,002 $2,721,440,981
1971 $3,865,346,535 $2,263,785,444
1970 $3,281,318,687 $1,920,574,150
1969 $3,007,758,797 $1,659,893,768
1968 $2,896,598,841 $1,425,706,091
1967 $2,551,522,656 $1,238,035,816
1966 $2,530,306,096 $1,096,425,608
1965 $2,335,785,506 $974,644,096
1964 $2,136,408,198 $894,153,311
1963 $1,805,901,510 $917,608,012
1962 $1,784,174,541 $826,239,212
1961 $1,671,960,965 $764,629,788
1960 $1,537,252,193 $704,751,700

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

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

GDP per capita in Iraq vs Singapore by year

Iraq
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Iraq Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,074 $14,464 $90,674 $150,689
2023 $5,965 $14,653 $85,412 $143,786
2022 $6,521 $14,391 $90,299 $143,095
2021 $4,868 $12,732 $80,056 $132,617
2020 $4,295 $10,574 $61,410 $101,518
2019 $5,672 $12,249 $65,952 $105,335
2018 $5,647 $12,034 $66,882 $103,963
2017 $4,759 $10,192 $61,236 $95,744
2016 $4,334 $9,079 $57,006 $89,902
2015 $4,440 $9,334 $55,646 $87,156
2014 $6,249 $13,168 $57,565 $84,555
2013 $6,650 $14,669 $56,967 $83,088
2012 $6,478 $14,402 $55,548 $82,108
2011 $5,776 $12,912 $53,891 $80,052
2010 $4,462 $12,186 $47,237 $75,401
2009 $3,715 $11,687 $38,927 $66,213
2008 $4,543 $11,657 $40,009 $67,735
2007 $3,129 $10,783 $39,433 $68,805
2006 $2,277 $10,223 $33,768 $64,061
2005 $1,762 $9,457 $29,961 $58,822
2004 $1,328 $9,290 $27,608 $54,384
2003 $818 $6,068 $23,730 $48,778
2002 $1,266 $9,682 $22,160 $45,083
2001 $1,436 $10,720 $21,700 $43,109
2000 $1,980 $10,628 $23,853 $43,781
1999 $1,560 $9,194 $21,797 $39,949
1998 $901 $7,964 $21,829 $37,560
1997 $936 $6,020 $26,376 $39,286
1996 $485 $5,034 $26,233 $36,873
1995 $619 $4,598 $24,915 $35,090
1994 $198.2 $4,560 $21,552 $33,058
1993 $53.7 $4,509 $18,290 $30,062
1992 $30.3 $3,547 $16,136 $27,022
1991 $23 $2,694 $14,502 $25,530
1990 $10,261 - $11,862 $23,815
1989 $3,791 - $10,395 -
1988 $3,707 - $8,914 -
1987 $3,436 - $7,539 -
1986 $2,940 - $6,800 -
1985 $3,088 - $7,002 -
1984 $3,066 - $7,228 -
1983 $2,743 - $6,633 -
1982 $2,942 - $6,078 -
1981 $2,700 - $5,597 -
1980 $3,868 - $4,928 -
1979 $2,871 - $3,901 -
1978 $1,863 - $3,194 -
1977 $1,609 - $2,846 -
1976 $1,489 - $2,759 -
1975 $1,166 - $2,490 -
1974 $1,031 - $2,342 -
1973 $476 - $1,685 -
1972 $394 - $1,264 -
1971 $384 - $1,071 -
1970 $337 - $926 -
1969 $320 - $813 -
1968 $319 - $709 -
1967 $290.6 - $626 -
1966 $298.2 - $567 -
1965 $284.8 - $517 -
1964 $269.4 - $486 -
1963 $235.5 - $511 -
1962 $240.7 - $472 -
1961 $232.4 - $449 -
1960 $218.9 - $428 -

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

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

Iraq's GDP per capita is $6,074, ranking 113/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Iraq ranks 115th at $14,464, while Singapore ranks 2nd at $150,689.

Economic indicators

Iraq Singapore
Gross domestic product
$280B
2024
$547B
2024
GDP rank
50/197
2024
28/197
2024
GDP growth
-1.55%
2023-2024
4.39%
2023-2024
GDP per capita
$6,074
2024
$90,674
2024
GDP per capita rank
113/197
2024
7/197
2024
GDP per capita, PPP
$14,464
2024
$150,689
2024
GDP per capita PPP rank
115/197
2024
2/197
2024
Government debt
$130B
2024
$950B
2024
Debt-to-GDP ratio
46.5%
2024
173.5%
2024
Government debt per person
$2,822
2024
$157,326
2024
Government debt per person rank
105/185
2024
1/185
2024
Average annual personal income after taxes
$5,928
2026
$52,793
2026
Market capitalization of domestic companies n/a
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
2025
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
14.6%
2024
Consumer prices inflation
-12.3%
2023-2024
2.39%
2023-2024
Unemployment rate
16.2%
2021
2.74%
2024
Population
48289334
6125852

Spending and national debt comparison by year

Iraq
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Iraq Singapore
Government spending Government debt Government spending Government debt
2024 42.9% 46.5% 14.6% 173.5%
2023 41.2% 42.1% 14.8% 172.8%
2022 33.9% 39% 15% 154.3%
2021 36.3% 54.7% 15.6% 141.7%
2020 41.9% 72.5% 24.1% 148.2%
2019 34.7% 41.7% 14% 127.9%
2018 31.1% 44.4% 13.9% 109.4%
2017 35.5% 55.9% 13.6% 107.6%
2016 42.4% 60.3% 15.3% 106.3%
2015 43.5% 48.3% 14.4% 102.2%
2014 43.8% 27.6% 12.6% 97.7%
2013 48.2% 32% 10.9% 98.2%
2012 42.9% 34.8% 9.83% 106.7%
2011 43.4% 40.7% 9.66% 103.1%
2010 49.6% 53.5% 10.2% 98.7%
2009 61.1% 87.4% 15.9% 101.7%
2008 57.3% 74.2% 14% 97.9%
2007 44% 117.1% 9.01% 87.8%
2006 50.3% 143.2% 12.3% 86.5%
2005 63.2% 227.3% 12.4% 92.7%
2004 91.5% 344% 14.1% 95.7%
2003 - - 15.6% 99.1%
2002 - - 15.9% 96.3%
2001 - - 18.2% 94.5%
2000 - - 16.1% 82.3%
1999 - - 15.9% 85.3%
1998 - - 18.1% 84.6%
1997 - - 14.5% 70.8%
1996 - - 18.1% 71.3%
1995 - - 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

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

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

In 2024, Iraq's government spending was $120B, accounting for 42.9% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 46.5% in Iraq and 173.5% in Singapore, ranking 117/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Iraq

Singapore
1x
Year Deficit/surplus, % of GDP
Iraq Singapore
2024 -4.14% 4.44%
2023 -1.14% 3.47%
2022 8.1% 1.21%
2021 -0.38% 1.13%
2020 -12.8% -6.73%
2019 0.83% 3.77%
2018 7.69% 3.68%
2017 -1.52% 5.24%
2016 -14.4% 3.25%
2015 -12.8% 2.86%
2014 -5.63% 4.6%
2013 -6.06% 5.96%
2012 4.09% 7.34%
2011 4.74% 7.96%
2010 -4.18% 5.68%
2009 -14.9% -0.09%
2008 -0.86% 3.59%
2007 9.98% 7.12%
2006 10.7% 2.16%
2005 4.07% 2.56%
2004 -35.4% 2.06%
2003 - 0.68%
2002 - 2.23%
2001 - 1.2%
2000 - 4.59%
1999 - 5.2%
1998 - 2.41%
1997 - 5.66%
1996 - 1.98%
1995 - 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

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

GeoRank.org/economy/iraq/singapore | 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 Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 21 years, Iraq recorded a fiscal deficit in 13 of those years, while Singapore ran a deficit in 2 years. On average, Iraq posted an annual deficit equal to 3.05% of GDP, compared to surplus of 3.39% of GDP for Singapore.

Inflation comparison by year

Inflation
Iraq

Singapore
1x
Year Consumer prices inflation
Iraq Singapore
2024 -12.3% 2.39%
2023 4.36% 4.83%
2022 4.99% 6.13%
2021 6.04% 2.32%
2020 0.57% -0.17%
2019 -0.2% 0.57%
2018 0.37% 0.44%
2017 0.18% 0.58%
2016 0.56% -0.53%
2015 1.39% -0.52%
2014 2.24% 1.03%
2013 1.88% 2.36%
2012 6.09% 4.58%
2011 5.8% 5.25%
2010 2.88% 2.83%
2009 6.87% 0.59%
2008 12.7% 6.64%
2007 -10.1% 2.11%
2006 53.2% 0.97%
2005 37% 0.43%
2004 27% 1.66%
2003 33.6% 0.51%
2002 19.3% -0.39%
2001 16.4% 1%
2000 4.98% 1.36%
1999 12.6% 0.02%
1998 14.8% -0.27%
1997 23.1% 2%

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

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

Over the past 28 years, Iraq has recorded an average annual inflation rate of 9.86%, compared with 1.74% in Singapore. In 2024, inflation was -12.3% in Iraq and 2.39% in Singapore.

Top exports between countries

Iraq
Export category Export value
Singapore
Export category Export value
Metals $78.2M
Machinery & equipment $36.2M
Processed food, beverages & tobacco $21.1M
Chemicals & pharma $20.9M
Raw materials & minerals $7.26M
Weapons & explosives $2.78M
Miscellaneous $2.02M
Textiles & consumer goods $996K
Raw agricultural goods $303K
Animal & marine products $271K

Balance of trade

Iraq Singapore
Current account balance
$8.37B
2024
$96B
2024
Current account balance ranking
24/190
2024
8/190
2024
Current account balance, % of GDP
+2.99%
2024
+17.5%
2024
Goods imports
$74.3B
2024
$435B
2024
Goods exports
$101B
2024
$583B
2024
Service imports
$30.2B
2024
$351B
2024
Service exports
$10.2B
2024
$396B
2024
Imports of goods and services, % of GDP
33.2%
2024
143.6%
2024
Exports of goods and services, % of GDP
37.5%
2024
178.8%
2024

Economic freedom indices

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

Iraq Singapore
Economic freedom 15.6 84.4
Economic freedom ranking 196/197 1/197
Property rights 8.3 89.2
Government integrity 20.2 86.1
Judicial effectiveness 5.8 58.3
Tax burden 85.5 89.5
Government spending 65.3 93.4
Fiscal health 95.7 80
Business freedom 42.8 90.6
Labor freedom 60.6 77
Monetary freedom 68.6 83.5
Trade freedom 40 95
Investment freedom 10 90
Financial freedom 10 80

Economic freedom comparison by year

Iraq
Singapore
1x
Year Economic freedom index
Iraq Singapore
2026 - 84.4
2025 - 84.1
2024 - 83.5
2023 - 83.9
2022 - 84.4
2021 - 89.7
2020 - 89.4
2019 - 89.4
2018 - 88.8
2017 - 88.6
2016 - 87.8
2015 - 89.4
2014 - 89.4
2013 - 88
2012 - 87.5
2011 - 87.2
2010 - 86.1
2009 - 87.1
2008 - 87.3
2007 - 87.1
2006 - 88
2005 - 88.6
2004 - 88.9
2003 - 88.2
2002 15.6 87.4
2001 17.2 87.8
2000 17.2 87.7
1999 17.2 86.9
1998 17.2 87
1997 17.2 87.3
1996 17.2 86.5
1995 - 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Iraq is 15.6, ranking 196/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Iraq Singapore
Services, % of GDP
45.8%
2024
73%
2024
Industry, % of GDP
51.6%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
3.39%
2024
0.03%
2024
GNI, Atlas method
$277B
2024
$451B
2024
GNI per capita, PPP
$14,530
2024
$126,190
2024
Total reserves including gold
$101B
2024
$384B
2024
Total reserves ranking
28/177
2024
9/177
2024
Net foreign direct investment
$8.09B
2024
-$96.7B
2024
Net inflows of foreign direct investment
-$7.65B
2024
$152B
2024
Net outflows of foreign direct investment
$439M
2024
$55.3B
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
22.2%
2024

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/singapore | 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 (1995–2026, 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.