Iraq’s National Economy (2023):
GDP (billion $) |
254,4 |
Real GDP Growth Rate (%) |
-2,2 |
GDP per capita ($) |
5.870 |
Export (billion $) |
115 |
Import (billion $) |
85 |
Rate of Unemployment (%) |
NA |
Foreign exchange reserves (billion $) |
112,3 |
External debt (public) (billion $) |
15,9 |
External debt /GDP (%) |
22,7 |
Budgetary deficit/GDP (%) |
7,7 |
Consumer price inflation (%) |
4,4 |
Major Trade Partners: China, India, Türkiye, U.S.A., South Korea, UAE, Iran
Major Export Items: Crude oil and oil products.
Major Import Items: Machinery, Motor vehicles, cereals, iron and steel
Bilateral Commercial and Economic Relations
Major Exports to Iraq: Jewelery items, machinery, furniture, textiles, milling products, plastic products, construction materials, iron and steel products, garments, food products.
Major Imports from Iraq: Crude oil, jewellery, copper and copper products.
Number of Iraqi tourists visiting our country: 1.051.721 (2023 / Ministry of Culture and Tourism of the Republic of Türkiye)
Weekly flights: 17 flights per week from Istanbul to Baghdad, 17 flights per week from Istanbul to Erbil, 4 flights per week to Basrah, 3 flights per week to Najaf.
Bilateral Cooperation Mechanisms:
- Joint Economic Commission (JEC): The latest and 19th of the JEC meetings was held in Baghdad on 21-22 November 2023.
- Business Council: Türkiye-Iraq Business Council was established in 2001. The Turkish side co-chairmanship of the Council is carried out by Halit Acar (Acarsan Holding), and the Iraqi side co-chairmanship is carried out by Cafer Resul El-Hamadani (President of the Federation of Iraqi Chambers of Commerce). Within the scope of the official visit of President Erdoğan to Iraq on April 22, 2024, the Turkey-Iraq Economic Forum Round Table meeting was held in Baghdad, organized by DEIK. During the visit, a Memorandum of Understanding was also signed between DEIK and the Federation of Iraqi Chambers of Commerce.
- Land Transport Joint Commission: The latest meeting was held in Baghdad, on May 23, 2017.
- Turkey-Iraq Business Forum: It was launched by former Minister of Trade, Ms. Ruhsar Pekcan, and Iraqi Minister of Trade, Dr. Mohammed Hachim Al-Ani, on 20 June 2019. Türkiye-Irak Business, Investment and Contracting Forum was held in İstanbul, on November 19, 2021.
- Joint Economic and Trade Commission (JETCO): During the visit of President Erdoğan to Iraq on April 22, 2024, a Memorandum of Understanding was signed between Türkiye and Iraq regarding the establishment of JETCO. First meeting of JETCO was held in Istanbul on 2-3 December 2024, between the Ministries of Trade of the two countries.