CBI: GDP per capita declines in Iraq in 2023

Shafaq News/ The Central Bank of Iraq (CBI) revealed that the gross domestic product (GDP) per capita decreased in 2023.

A report by the CBI showed that the GDP per capita dropped in 2023 by 22.4% to 7.6 million Iraqi dinars (about $5,500) compared to 2022, which amounted to 9.8 million dinars ($7,400).

The bank attributed the decline to the “drop in GDP at current prices to 330 trillion dinars for 2023 compared to 415 trillion dinars for 2022.”

According to an International Monetary Fund (IMF) study, Iraq ranked seventh in per capita income among Arab countries in the 2024 index, with an annual income stood at $5,880, equivalent to over 7 million dinars at the official exchange rate.

Iraq's GDP per capita growth rate was 2.8% in 2023, following a significant 7.9% increase in 2022.

The German website Statista, specializing in market and consumer data, expected the income per capita to rise to$6,824by2029.