Iraq: Top 5 Arab economy in 2024
Shafaq News/ Five Arab countries, including Iraq, accounted for 72% of the region's GDP, which surpassed $3.6 trillion in 2024, according to a new report from the Arab Investment & Export Credit Guarantee Corporation ("Dhaman") released on Sunday.
The UAE, Saudi Arabia, Egypt, Iraq, and Algeria emerged as the leading contributors to the Arab economy, the report showed.
The forecast for 2025 suggests a 4.1% growth in the Arab economy, driven by strong performances in 14 countries, including nine oil producers, which together make up around 78% of the total GDP.
Despite economic challenges, the analysis highlights a boost in oil and gas export revenues, though crude oil production dropped by 4%, with uneven growth across the region.
Iraq continues to play a central role in the Arab economy, with its reliance on oil exports alongside government efforts to diversify income sources and increase investments in other sectors.
Per capita income in the Arab world reached $7,557 in 2024, with a modest increase expected to $7,602 in 2025. The population surpassed 467 million, growing by 2%.
Inflation in the region climbed to 12% last year, but is expected to ease to 8.5% in 2025. Unemployment rose to 9.7%.
Arab foreign trade saw a 3.6% increase, reaching $3.3 trillion, thanks to a 1% rise in exports and a 7% jump in imports.
Foreign exchange reserves across Arab countries grew by 3.7%, reaching $1.2 trillion, enough to cover imports for more than eight months.
The region's government debt decreased to 48.3% of GDP, with further reductions expected, dropping to 47.6% in the coming year.
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