Iraq: Current account, percent of GDP

* indicates monthly or quarterly data series
 Iraq

Current account balance as percent of GDP

 Latest value 16.80
 Year 2022
 Measure percent
 Data availability 2001 - 2022
 Average -0.54
 Min - Max -24.05 - 16.80
 Source International Monetary Fund (IMF)
For that indicator, we provide data for Iraq from 2001 to 2022. The average value for Iraq during that period was -0.54 percent with a minimum of -24.05 percent in 2004 and a maximum of 16.8 percent in 2022. The latest value from 2022 is 16.8 percent. For comparison, the world average in 2022 based on 166 countries is -2.81 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Iraq - Current account, percent of GDP - Recent values chart

Historical chart
Iraq - Current account, percent of GDP - historical chart - 2001-2022




The current account of Iraq and other countries has three components: 1) the exports of goods and services minus the imports of goods and services; 2) the difference of incomes that countries pay to each other; and 3) the difference in transfers that countries make to each other. Current account deficits are reported with a minus sign and surpluses are reported with a plus sign.

A current account deficit means that the country needs to find financing for its imports. The foreign currencies it receives from selling products abroad are not enough to pay for the products it wants to buy from other countries. The needed amounts of foreign currencies can be obtained by, for example, borrowing. For instance, in the last several years the U.S. has been borrowing money from China in order to buy Chinese products.

This is not necessarily a problem. The current account deficit starts to be a problem if it exceeds 3-4 percent of GDP for many years. Over that time, the country accumulates a significant amount of foreign debt that eventually has to be repaid.
Definition: Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.


 Related indicators Latest value Reference Measure
 Terms of trade 106.69 2021 percent
 Trade openness 62.10 2021 percent
 Financial openness -1.242 2002 index points
 Exports, percent of GDP 37.68 2021 percent
 Exports, billion dollars 78.26 2021 billion U.S. dollars
 Growth of exports -13.29 2021 percent
 Imports, percent of GDP 24.41 2021 percent
 Imports, billion dollars 50.71 2021 billion U.S. dollars
 Foreign Direct Investment, percent of GDP -0.79 2022 percent
 Foreign Direct Investment, billion dollars -2.09 2022 billion U.S. dollars
 Portfolio investment inflows, equities 0.00 2021 million dollars (current)
 Current account, percent of GDP 16.80 2022 percent
 Current account, in dollars 58.01 2022 billion U.S. dollars
 Trade balance, percent of GDP 13.27 2021 percent
 Trade balance, in dollars 57.92 2022 billion U.S. dollars
 Reserves 97.01 2022 billion U.S. dollars
 Remittances, percent of GDP 0.24 2022 percent
 Remittances 624.00 2022 million U.S. dollars
 Net errors and omissions -3,289.00 2022 million USD
 External debt 8.58 2022 percent
 Short-term external debt 5.11 2022 percent
 Short-term debt to reserves 1.19 2022 percent
 Foreign exchange reserves 143,614.00 9/2023 billion
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