Iraq vs South Korea: Economic Indicators Comparison

South Korea with a GDP of $1.6T ranked the 12th largest economy in the world, while Iraq ranked 50th with $224.2B. By GDP 5-years average growth and GDP per capita, South Korea and Iraq ranked 93rd vs 85th and 33rd vs 103rd, respectively.

Gross Domestic Product & Income

StatIraqSouth Korea
GDP$224.2B$1.6T
GDP growth, 1 year0.6%2.7%
GDP growth, 5-years average3.1%3%
Population38.3M51.5M
GDP per capita$5.8k$31k
GDP per capita growth-2.84%2.33%
Purchasing Power Parity conversion factor395.51860.51
Price level ratio of PPP conversion factor GDP to market exchange rate0.330.78
GDP per capita, PPP adjusted$18k$41k
GNI, Atlas method$193.6B$1.6T
GNI per capita$5k$31k
GNI, PPP adjusted$661.5B$2.1T
GNI per capita, PPP adjusted$17k$40k

Financial system and Human development

StatIraqSouth Korea
Income Tax Rate15%42%
Corporate Tax Rate15%25%
Inflation, consumer prices0.4%1.5%
Inflation, GDP deflator15.4%0.3%
Unemployment7.9%3.8%
Economic Freedom Index2174
Personal Freedom Index3.218.84
Human Freedom Index4.288.15
Property Rights Index43.982.5
Judical Effectiveness Index11.261
Business Freedom Index52.690.5
Fiscal Health Index76.696.7
Labor Freedom Index44.856.2
Investment Freedom IndexN/A70
Financial Freedom IndexN/A70
Trade Freedom IndexN/A80
Monetary Freedom Index76.482.1
Government Spending Index59.567.7
Tax Burden IndexN/A63.9
Government Integrity Index20.867.5
Corruption Perceptions Index1857
Life expectancy at birth, years70.382.6
Suicide mortality rate, per 100,000 people326.9
Mortality caused by road traffic injury, per 100,000 people20.79.8
Intentional homicides, per 100,000 people9.90.6
International tourism, number of arrivals892k15.3M

Government debt & reserves

StatIraqSouth Korea
Central government debt, % of GDP48.4%40.7%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI-7%20.1%
Gross savings, % of GDP20.1%34.7%
Gross capital formation, % of GDP12.9%30.2%
Total reserves including gold$64.7B$403.1B
Foreign direct investment net inflows-$4.9B$14.5B

Exports, imports and economic structure

StatIraqSouth Korea
Exports of goods and services, % of GDP44%44%
Imports of goods and services, % of GDP35.9%39%
Current account balance (balance of payments)$34.4B$76.4B
Revenue excluding grants, % of GDP26.3%27.8%
Grants excluding technical cooperation, BoP$1.7B$6.7M
Personal remittances received$741.7M$7.1B
Industry including construction value added, % of GDP56.1%35.1%
Agriculture, forestry and fishing value added, % of GDP2%2%
Charges for the use of intellectual property, payments BoP$7.8M$9.9B
Charges for the use of intellectual property, receipts BoP$100k$7.8B
Expense, % of GDP25.3%25.4%
Government Expenditure, % of GDP36.7%32.8%

Compare with countries close by GDP per capita

Iraq vs

CountryGDP
per capita
Population
Saint Vincent
$7.4k
110k
Thailand
$7.3k
65.9M
Serbia
$7.2k
7.02M
Libya
$7.2k
6.68M
Turkmenistan
$7k
5.85M
Peru
$6.9k
29.4M
Colombia
$6.7k
49.1M
South Africa
$6.4k
57.7M
Ecuador
$6.3k
16.6M
Belarus
$6.3k
9.41M
Fiji
$6.3k
906k
Suriname
$6.2k
563k
North Macedonia
$6.1k
2.08M
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Armenia
$4.2k
2.93M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Mongolia
$4.1k
3.08M

South Korea vs

CountryGDP
per capita
Population
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k
Brunei
$32k
429k
Spain
$30k
46.7M
Malta
$30k
465k
Cyprus
$28k
1.14M
Slovenia
$26k
2.07M
Taiwan
$25k
23.6M
Bahrain
$24k
1.49M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.7M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.4M
Saint Kitts and Nevis
$19k
55.3k