Iraq’s revenues top 114 trillion Dinars in nine months, economy remains oil-dependent

Shafaq News/ Iraq’s Finace Ministry  announced on Wednesday that total revenues for the first nine months of 2024 exceeded 114 trillion dinars (about 87B USD), with non-oil revenues contributing just 11% to the budget.

The ministry’s December report indicated that oil remains the cornerstone of Iraq's economy, comprising 89% of the national budget.

According to the report, total revenues for the period reached 114.35 trillion dinars, while advances and loans amounted to 15.8 trillion dinars. Oil revenues were recorded at 101.94 trillion dinars, dwarfing non-oil revenues, which stood at 12.41 trillion dinars.

Economic expert Mohammed al-Hassani criticized the overreliance on oil, describing Iraq's economy as "rentier."

Speaking to Shafaq News, he said, "Iraq has failed to implement effective customs tariffs that could boost financial revenues. Efforts to support sectors like agriculture, industry, and tourism have been timid, with each contributing no more than 4% to the gross domestic product (GDP)."

Al-Hassani called for legislative reforms to attract local and foreign private investment, including enforcing consumer protection laws, anti-monopoly regulations, and customs tariffs.