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Business and economic intelligence for the Gulf and Iraq.

Countries

🇮🇶 Iraq

Baghdad · IQD

OPEC's second-largest producer, with an economy and budget overwhelmingly dependent on oil revenue, a very large public payroll and a private sector that remains small relative to the population.

Verified · updated 22 Sept 2026

What we watch this week

  • 4 OctOPEC+ monthly meeting sets November output.Source ↗
  • 28 OctThe US Federal Reserve decision at its 28 October meeting; most Gulf currencies are pegged to the dollar.Source ↗
  • This weekFindings of the Maysan inquiry into the attacks on Saudi Arabia's East-West pipeline.
  • This weekThe parallel-market dollar after it crossed 160,000 dinars in Baghdad and Erbil.Source ↗

Last updated 23 Sept 2026

Key indicators

$254 bn

GDP (nominal)

World Bank, World Development Indicators·2025·13 Jul 2026·About this indicator

-2.2%

Real GDP growth

World Bank, World Development Indicators·2025·13 Jul 2026·About this indicator

0.3%

Inflation (CPI)

World Bank, World Development Indicators·2025·13 Jul 2026·About this indicator

47.02 mn

Population

World Bank, World Development Indicators·2025·13 Jul 2026·About this indicator

Oil and gas

145 bn bbl

Proven crude oil reserves

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

3.86 mb/d

Crude oil production

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

3.36 mb/d

Crude oil exports

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

1.27 mb/d

Refining capacity

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

3,714 bcm

Proven natural gas reserves

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

11.1 bcm

Marketed natural gas production

OPEC Annual Statistical Bulletin·2024·2 Jul 2025·About this indicator

Labour snapshot

15.5%

Unemployment rate (total)

World Bank, World Development Indicators·2025(estimate)·13 Jul 2026·About this indicator

41.5%

Labour force participation (total)

World Bank, World Development Indicators·2025(estimate)·13 Jul 2026·About this indicator

Nationalisation programme

Ministry of Labour and Social Affairs

Iraq has no nationalisation quota programme comparable to the Gulf states; employment policy centres on public-sector hiring and periodic appointment drives, with the expatriate workforce small by regional standards.

Official source ↗

Major companies

All verified values

Key indicatorsPeriodValueSource
GDP (nominal)2025$254 bn

World Bank, World Development Indicators·2025·13 Jul 2026

GDP (nominal)2024$280 bn

World Bank, World Development Indicators·2024·13 Jul 2026

Proven crude oil reserves2024145 bn bbl

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Proven crude oil reserves2023145 bn bbl

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

GDP (nominal)2023$269 bn

World Bank, World Development Indicators·2023·13 Jul 2026

GDP (nominal)2022$287 bn

World Bank, World Development Indicators·2022·13 Jul 2026

GDP (nominal)2021$210 bn

World Bank, World Development Indicators·2021·13 Jul 2026

GDP (nominal)2020$181 bn

World Bank, World Development Indicators·2020·13 Jul 2026

GDP (nominal)2019$234 bn

World Bank, World Development Indicators·2019·13 Jul 2026

GDP (nominal)2018$227 bn

World Bank, World Development Indicators·2018·13 Jul 2026

GDP (nominal)2017$187 bn

World Bank, World Development Indicators·2017·13 Jul 2026

GDP (nominal)2016$167 bn

World Bank, World Development Indicators·2016·13 Jul 2026

GDP (nominal)2015$167 bn

World Bank, World Development Indicators·2015·13 Jul 2026

Real GDP growth2025-2.2%

World Bank, World Development Indicators·2025·13 Jul 2026

Real GDP growth2024-1.5%

World Bank, World Development Indicators·2024·13 Jul 2026

Crude oil production20243.86 mb/d

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Real GDP growth20230.5%

World Bank, World Development Indicators·2023·13 Jul 2026

Crude oil production20234.12 mb/d

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

Real GDP growth20228%

World Bank, World Development Indicators·2022·13 Jul 2026

Real GDP growth20211.5%

World Bank, World Development Indicators·2021·13 Jul 2026

Real GDP growth2020-12%

World Bank, World Development Indicators·2020·13 Jul 2026

Real GDP growth20195.5%

World Bank, World Development Indicators·2019·13 Jul 2026

Real GDP growth20182.6%

World Bank, World Development Indicators·2018·13 Jul 2026

Real GDP growth2017-1.8%

World Bank, World Development Indicators·2017·13 Jul 2026

Real GDP growth201613.8%

World Bank, World Development Indicators·2016·13 Jul 2026

Real GDP growth20152.6%

World Bank, World Development Indicators·2015·13 Jul 2026

Inflation (CPI)20250.3%

World Bank, World Development Indicators·2025·13 Jul 2026

Inflation (CPI)20242.6%

World Bank, World Development Indicators·2024·13 Jul 2026

Crude oil exports20243.36 mb/d

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Crude oil exports20233.47 mb/d

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

Inflation (CPI)20234.4%

World Bank, World Development Indicators·2023·13 Jul 2026

Inflation (CPI)20225%

World Bank, World Development Indicators·2022·13 Jul 2026

Inflation (CPI)20216%

World Bank, World Development Indicators·2021·13 Jul 2026

Inflation (CPI)20200.6%

World Bank, World Development Indicators·2020·13 Jul 2026

Inflation (CPI)2019-0.2%

World Bank, World Development Indicators·2019·13 Jul 2026

Inflation (CPI)20180.4%

World Bank, World Development Indicators·2018·13 Jul 2026

Inflation (CPI)20170.2%

World Bank, World Development Indicators·2017·13 Jul 2026

Inflation (CPI)20160.6%

World Bank, World Development Indicators·2016·13 Jul 2026

Inflation (CPI)20151.4%

World Bank, World Development Indicators·2015·13 Jul 2026

Population202547.02 mn

World Bank, World Development Indicators·2025·13 Jul 2026

Refining capacity20241.27 mb/d

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Population202446.04 mn

World Bank, World Development Indicators·2024·13 Jul 2026

Refining capacity20231.27 mb/d

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

Population202345.07 mn

World Bank, World Development Indicators·2023·13 Jul 2026

Population202244.07 mn

World Bank, World Development Indicators·2022·13 Jul 2026

Population202143.07 mn

World Bank, World Development Indicators·2021·13 Jul 2026

Population202042.12 mn

World Bank, World Development Indicators·2020·13 Jul 2026

Population201941.19 mn

World Bank, World Development Indicators·2019·13 Jul 2026

Population201840.27 mn

World Bank, World Development Indicators·2018·13 Jul 2026

Population201739.34 mn

World Bank, World Development Indicators·2017·13 Jul 2026

Population201638.47 mn

World Bank, World Development Indicators·2016·13 Jul 2026

Population201537.56 mn

World Bank, World Development Indicators·2015·13 Jul 2026

Unemployment rate (total)2025 (estimate)15.5%

World Bank, World Development Indicators·2025(estimate)·13 Jul 2026

Unemployment rate (total)2024 (estimate)15.3%

World Bank, World Development Indicators·2024(estimate)·13 Jul 2026

Proven natural gas reserves20243,714 bcm

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Proven natural gas reserves20233,714 bcm

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

Unemployment rate (total)2023 (estimate)15.2%

World Bank, World Development Indicators·2023(estimate)·13 Jul 2026

Unemployment rate (total)2022 (estimate)15.4%

World Bank, World Development Indicators·2022(estimate)·13 Jul 2026

Unemployment rate (total)2021 (estimate)16.2%

World Bank, World Development Indicators·2021(estimate)·13 Jul 2026

Unemployment rate (total)2020 (estimate)15.8%

World Bank, World Development Indicators·2020(estimate)·13 Jul 2026

Unemployment rate (total)2019 (estimate)14.1%

World Bank, World Development Indicators·2019(estimate)·13 Jul 2026

Unemployment rate (total)2018 (estimate)13.5%

World Bank, World Development Indicators·2018(estimate)·13 Jul 2026

Unemployment rate (total)2017 (estimate)13%

World Bank, World Development Indicators·2017(estimate)·13 Jul 2026

Unemployment rate (total)2016 (estimate)10.8%

World Bank, World Development Indicators·2016(estimate)·13 Jul 2026

Unemployment rate (total)2015 (estimate)10.9%

World Bank, World Development Indicators·2015(estimate)·13 Jul 2026

Labour force participation (total)2025 (estimate)41.5%

World Bank, World Development Indicators·2025(estimate)·13 Jul 2026

Marketed natural gas production202411.1 bcm

OPEC Annual Statistical Bulletin·2024·2 Jul 2025

Labour force participation (total)2024 (estimate)41.6%

World Bank, World Development Indicators·2024(estimate)·13 Jul 2026

Labour force participation (total)2023 (estimate)41.6%

World Bank, World Development Indicators·2023(estimate)·13 Jul 2026

Marketed natural gas production202311 bcm

OPEC Annual Statistical Bulletin·2023·2 Jul 2025

Labour force participation (total)2022 (estimate)41.5%

World Bank, World Development Indicators·2022(estimate)·13 Jul 2026

Labour force participation (total)2021 (estimate)39.7%

World Bank, World Development Indicators·2021(estimate)·13 Jul 2026

Labour force participation (total)2020 (estimate)40.3%

World Bank, World Development Indicators·2020(estimate)·13 Jul 2026

Labour force participation (total)2019 (estimate)40.5%

World Bank, World Development Indicators·2019(estimate)·13 Jul 2026

Labour force participation (total)2018 (estimate)41.2%

World Bank, World Development Indicators·2018(estimate)·13 Jul 2026

Labour force participation (total)2017 (estimate)41.9%

World Bank, World Development Indicators·2017(estimate)·13 Jul 2026

Labour force participation (total)2016 (estimate)43.1%

World Bank, World Development Indicators·2016(estimate)·13 Jul 2026

Labour force participation (total)2015 (estimate)43%

World Bank, World Development Indicators·2015(estimate)·13 Jul 2026

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Sources

  1. World Bank, World Development Indicators · data.worldbank.org
  2. OPEC Annual Statistical Bulletin · opec.org