Iraq’s 2023 fiscal report: decline in revenues, surge in expenditure

Shafaq News/ Iraq’s 2023 fiscal report reveals a 16% decline in revenues, driven by a 19% drop in oil revenues compared to 2022, while non-oil revenues surged by 39%.

According to the official report, the total oil revenues for 2023 stood at 117 trillion Iraqi dinars, down from 153 trillion dinars in 2022.

Conversely, non-oil revenues reached 11.25 trillion dinars for 2023, marking an increase from the 8 trillion dinars recorded in 2022.

On the other hand, government expenditures climbed to 142 trillion Iraqi dinars in 2023, including 24 trillion in investment expenses.

The 2023 expenses rose to 106.7 trillion dinars, a notable 11.5% increase from the 95.7 trillion dinars reported in 2022.

The salary bill experienced an 8% uptick, reaching 47 trillion dinars in 2023, compared to 43 trillion Iraqi dinars in 2022.

The report concluded that the deficit for Iraq in 2023 amounted to 11 trillion dinars, in stark contrast to the 29 trillion dinar surplus achieved in 2022.