Iraq Reports 5% Non Oil GDP Growth in 2024; Anticipates 4% Growth in 2025

Baghdad, May 5, 2025 
Iraq's Finance Minister, Taif Sami, announced that the country's non-oil Gross Domestic Product (GDP) grew by 5% in 2024, with projections indicating a 4% growth in 2025. 

The growth is largely attributed to significant advancements in the agricultural sector and increased public investment. The International Monetary Fund (IMF) corroborated these findings, highlighting the positive trajectory of Iraq's non-oil economy.

Despite a budget deficit of approximately 5 trillion Iraqi dinars ($3.8 billion) in 2024, the figure was below initial forecasts, representing about 1.5% of the GDP. The Finance Minister emphasized that this deficit level does not adversely affect public debt, aligning with IMF assessments.

While the non-oil sector shows promising growth, the oil sector's performance remains contingent on global oil prices and OPEC+ production decisions. The Iraqi government continues to focus on economic diversification to reduce reliance on oil revenues.