Iraq ranks as 4th largest Arab economy
Baghdad (IraqiNews.com) – Iraq has solidified its position as a major economic contributor in the Arab world, ranking as the fourth largest Arab economy (51st globally) for 2025, according to a recent CEOWORLD magazine report. Ministry spokesperson Mohammed Hanoun highlighted this as evidence of Iraq's growing regional and international economic influence.
This growing stature is supported by a significant surge in trade. In the first half of 2024, Iraq's trade volume with 11 regional countries reached $65 billion, a 10% year-on-year increase. Bilateral trade with nations like Saudi Arabia (reaching $1.3 billion in 2024) and Jordan (exceeding $1 billion after a 45.6% rise) has seen substantial growth, while UAE exports to Iraq hit $22 billion in 2024.
Further bolstering its economic role, Iraq is advancing the $17 billion Development Road project, aiming to become a key regional transport hub. The government is actively pursuing economic diversification to reduce oil dependency, strengthening commercial ties, and has even proposed an Arab council of trade ministers to enhance regional integration. These initiatives underscore Iraq's commitment to contributing significantly to Arab economic development.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
8 hours ago
- Shafaq News
Iraq tops Arab countries in Turkish imports in 2024
Shafaq News/ Iraq emerged as the top Arab importer of Turkish goods in 2024, according to official data released by the Turkish Statistical Institute (TURKSTAT). Iraqi imports from Turkiye reached $13.002B last year, covering a broad range of products, including gemstones, machinery, electrical devices, plastics, wood, vegetables, fruits, and grains. The UAE secured second place with imports worth $8.205B, while Egypt came third at $4.175B. Saudi Arabia and Morocco rounded out the list, with imports totaling $3.985B and $3.44B, respectively.
Iraq Business
15 hours ago
- Iraq Business
Turkish Firm to Double Electricity Interconnector Capacity to Iraq
By John Lee. Iraq's Minister of Electricity, Ziyad Ali Fadel, has overseen the signing of a new contract with Turkish company Alifrin to double the capacity of the Iraq-Turkey electricity interconnection line from 300 to 600 megawatts. Under the agreement, the first phase will see the supply of 300 MW via the Jazira-Kesk 400kV line in Nineveh province, with full capacity expected within a month. The Ministry has already completed all required technical preparations, including stations and transmission lines. The project will directly enhance electricity supply to northern regions and provides strategic benefits by linking Iraq's grid with the European energy network, of which Turkey is a key member. Importantly, the agreement adopts a "Take and Pay" model, meaning Iraq will pay only for consumed power-offering financial flexibility and avoiding waste. This initiative is part of the Ministry's broader strategy to diversify energy sources and reduce dependency on a single supply channel, while strengthening cooperation with neighbouring countries and the EU. (Source: Ministry of Electricity)
Iraqi News
15 hours ago
- Iraqi News
Iraq's natural resource value surpasses $16 trillion
Baghdad ( – Iraq's underdeveloped mining industry is a critical component of the country's ambitions to diversify its economy away from oil, which accounts for over 90 percent of the government's revenue. The Prime Minister's financial advisor, Mazhar Salih, confirmed on Wednesday that Iraq is moving towards diversifying its GDP sources by increasing investment in the mining industry. In a statement to the state-run news agency (INA), Salih indicated that the value of Iraq's natural resources exceeds $16 trillion. Geological statistics suggest that Iraq has massive quantities of minerals such as sulfur, phosphate, rock salt, iron, and manganese, some of which are among the largest in the world. According to studies, Iraq has the world's largest reserves of sulfur and silica. The Iraqi government reached deals with major firms to explore natural resources as part of its effort to diversify national revenue and maximize the country's utilization of resources. The Iraqi Prime Minister, Mohammed Shia Al-Sudani, said in April that Iraq is currently the world's greatest producer of sulfur and the second-largest producer of phosphate. Last month, Iraqi Minister of Industry and Minerals Khalid Battal Al-Najm laid the foundation stone for new integrated phosphate fertilizer facilities in the western Iraqi province of Anbar. The move signals the rebirth of Iraq's most significant industrial institutions after years of stagnation and destruction caused by terrorism.
