The GDP composition for Iraq in 2023 shows that services accounted for 34.97%, closely followed by mining, manufacturing, and utilities at 33.75%. The wholesale and retail trade sector, along with restaurants and hotels, contributed 10.9%, while transport, storage, and communication made up 10.21%. Smaller contributions were observed from the construction sector at 6.05% and agriculture, hunting, forestry, and fishing at 4.11%. In recent years, these sectors have shown varying year-on-year trends, with significant fluctuations noted in the services and mining sectors. The five-year CAGR highlights moderate annual growth across these sectors.
Looking forward, the Iraqi economy's dependency on oil-related activities suggests potential volatility due to global oil price fluctuations. Diversification efforts into sectors such as services and technology could stabilize the economy and achieve sustainable growth, while geopolitical factors will continue to impact the GDP composition.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 34.97 | 2016 | |
| 2 | 2 Mining, Manufacturing, Utilities | 33.75 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 10.9 | 2016 | |
| 4 | 4 Transport, storage and communication | 10.21 | 2016 | |
| 5 | 5 Construction | 6.05 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 4.11 | 2016 |
