The Gross Domestic Product (GDP) in Iraq contracted 1 percent in 2018 from the previous year.

GDP Annual Growth Rate in Iraq averaged 7.04 percent from 1991 until 2018, reaching an all time high of 54.16 percent in 2004 and a record low of -56.40 percent in 1991. This page provides - Iraq GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iraq GDP Annual Growth Rate - values, historical data and charts - was last updated on May of 2020.

GDP Annual Growth Rate in Iraq is expected to reach 4.50 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iraq GDP Annual Growth Rate is projected to trend around 3.50 percent in 2021 and 2.50 percent in 2022, according to our econometric models.

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Iraq GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.00 -3.80 54.16 -56.40 1991 - 2018 percent Yearly

Iraq GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -1.00 -3.80 54.16 -56.40 percent [+]
GDP 225.50 225.91 234.65 1.70 USD Billion [+]
GDP per capita 5510.80 5604.60 5846.50 1432.20 USD [+]
GDP per capita PPP 15564.60 15829.60 16512.90 4045.00 USD [+]


Iraq GDP Annual Growth Rate
In Iraq, oil extraction is the most important sector of the economy and accounts for 55 percent of GDP. The services sector constitutes 33 percent of the output. Within services the largest segments are: community, social and personal services (13 percent of GDP); finance, insurance and real estate services (9 percent) and wholesale and retail trade and restaurants and hotels (7 percent). Manufacturing, construction and water and electricity production and distribution account for 8 percent of the wealth and agriculture, forestry, hunting and fishing for the remaining 4 percent.