Table of Contents
Is Iraq a middle income country?
The World Bank classifies the world’s economies into four income groups — high, upper-middle, lower-middle, and low….World Bank: Iraq is one of the economies with upper middle income.
| Group | Since July 1, 2020 (new) |
|---|---|
| High income | > 12,535 |
What is the average per capita income in Iraq?
Iraq gdp per capita for 2020 was $4,157, a 26.53\% decline from 2019. Iraq gdp per capita for 2019 was $5,658, a 2.45\% increase from 2018. Iraq gdp per capita for 2018 was $5,523, a 8.79\% increase from 2017. Iraq gdp per capita for 2017 was $5,077, a 11.56\% increase from 2016.
How is the Iraq economy doing?
The economy is gradually recovering from the double oil and COVID-19 shocks of 2020. In the first half of 2021 (H1-21), GDP grew by 0.9\% year on year (y/y). This recovery outpaced the slowdown in the oil sector, down by 10\% in H1-21, as Iraq adjusted to its OPEC+ quota early in the year.
What is GDP per capita of Iraq and Kurdistan region *?
Economy of Kurdistan Region
| Statistics | |
|---|---|
| GDP | $26.5 billion (Nominal, 2015) |
| GDP growth | |
| GDP per capita | $7,000 (Nominal, 2015) |
| GDP by sector | Petroleum industry (80\% of revenues) |
Why is per capita GDP important?
GDP per capita is an important indicator of economic performance and a useful unit to make cross-country comparisons of average living standards and economic wellbeing. In particular, GDP per capita does not take into account income distribution in a country.
What is the GDP of Iraq in US dollars?
Data are in current U.S. dollars. Iraq gdp per capita for 2019 was $5,955, a 2.07\% increase from 2018. Iraq gdp per capita for 2018 was $5,834, a 12.08\% increase from 2017.
What happened to Iraq’s economy after the Gulf War?
In the following two decades, however, GDP per capita in Iraq dropped substantially because of multiple wars, namely the 1980-88 war with Iran, the 1990-1991 Gulf War. Before the outbreak of the war with Iran in September 1980, Iraq’s economic prospects were bright.
How much does agriculture contribute to the economy of Iraq?
Agriculture contributes just 3.3\% to the gross national product and employs a fifth of the labor. Historically, 50 to 60 per cent of Iraq’s arable land has been under cultivation. Because of ethnic politics, valuable farmland in Kurdish territory has not contributed to the national economy]
How much did Iraq have in foreign exchange reserves?
At the outbreak of the war, Iraq had amassed an estimated 35 billion in foreign exchange reserves . The Iran–Iraq War and the 1980s oil glut depleted Iraq’s foreign exchange reserves, devastated its economy, and left the country saddled with a foreign debt of more than $40 billion.