Iraq GDP and GDP Per Capita: Key Numbers and Sources

Iraq's GDP was $254.4 billion in 2025, in current US dollars, according to the World Bank. GDP per capita was $5,410. Both are down on 2024, when GDP was $279.6 billion and GDP per capita was $6,074. Real output shrank 2.2% in 2025 after a 1.5% fall in 2024.

Here are the numbers people look for, each with its year and its source.

Oil sets the number

Iraq's economy is an oil economy. The World Bank put oil rents at 42.8% of GDP in 2021, the latest year it publishes that measure. Oil also supplies around 85% of government revenue. The Oil Ministry put crude exports at about 2.6 million barrels a day on average to 22 September 2026. When export volumes or the oil price move, GDP moves with them. Our piece on why the currency stayed frozen for 20 years starts from the same oil base.

What GDP per capita does and does not tell you

GDP per capita divides the country's output by its population, 47.0 million people in 2025. It is $5,410 at market prices and $14,267 in purchasing power terms, which adjusts for what money buys inside Iraq. It is output per person, not what a household earns, so read it as a size measure and not a pay figure.

What the IMF shows for 2026 and 2027

The IMF's October 2026 World Economic Outlook has Iraq's real GDP falling 16% in 2026 and rising 19% in 2027, with a current account deficit of 10.8% of GDP in 2026. The Fund puts the swing down to disrupted energy output and transport, and expects the rebound as production, exports and logistics normalize. These are the IMF's numbers, not ours. The World Bank figures above are the last full year of actual data.

Why the economy behind the dinar matters

The dinar's official rate is not a GDP readout. The Central Bank of Iraq sets it, and since October 7 it has been 1,500 per $1 for the Finance Ministry, 1,510 for banks and 1,520 for the public. The live rate and the Baghdad market price are on our Iraqi dinar rate page. What the economy gives the dinar is backing. Oil earns the dollars and the Central Bank holds them. Its reserves stood at $81.5 billion at the end of August 2026, down from $97.4 billion at the end of 2025, both counted at the old rate of 1,300 dinars per dollar.

Iraq is working through a sequence: lower the official rate and unify it to one price, take the zeros off the notes, then raise the value. The first step is done, as Has the IQD revalued? explains. Government spokesman Haider al-Aboudi has said the government and the Central Bank plan to bring the street price down to 1,550 dinars per $1, which is 155,000 per $100, and that the bank's reserves can back it. Iraq Targets One Unified Exchange Rate follows that goal. The reserves and the oil income in the table are what would carry it. We give no date.

This page is research and numbers from public sources, it is not legal, tax or financial advice, and you should take your own situation to a qualified professional before you act on any of it.

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How is Iraq's economy right now?

On the latest full-year data it is shrinking. Real GDP fell 2.2% in 2025 and 1.5% in 2024, and inflation was 0.3% in 2025, all World Bank figures. The IMF's October 2026 outlook has a larger fall in 2026 and a rebound in 2027. Reserves were $81.5 billion at the end of August 2026, against $97.4 billion at the end of 2025.

What kind of economy is Iraq?

An oil economy. Oil rents were 42.8% of GDP in 2021 by the World Bank's count, and around 85% of government revenue comes from oil. Crude exports averaged about 2.6 million barrels a day to 22 September 2026. The currency side of that story is in why the currency stayed frozen for 20 years.

What is the average income in Iraq?

We do not publish an average income figure. GDP per capita was $5,410 in 2025, or $14,267 in purchasing power terms, but that is output per person, not income. For what the dinar buys in dollars, use the Iraqi dinar rate page.

Related questions

• Iraqi dinar rate
• The Iraqi Dinar FAQ
• Has the IQD Revalued? What Iraq Actually Did
• What Backs the New Iraqi Dinar Rate?
• Devalue, Delete, Revalue

Sources

• World Bank: GDP (current US$)
• World Bank: GDP per capita (current US$)
• World Bank: GDP per capita, PPP
• World Bank: GDP growth (annual %)
• World Bank: Inflation, consumer prices
• World Bank: Population, total
• World Bank: Oil rents (% of GDP)
• IMF October 2026 World Economic Outlook figures and oil share of revenue: Shafaq News
• IMF on double-digit swings in oil producers: Iraq Business News
• Crude exports to 22 September 2026, Oil Ministry: Iraq Business News
• CBI reserves, end of August 2026 and end of 2025: Shafaq News
• CBI statement on the official rates (cbi.iq)
• Government spokesman on the 1,550 target: 964media

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