10-02-2025
Iraq's financial revenues surpass $103 billion in 11 months
Baghdad ( – The Iraqi Ministry of Finance revealed on Monday that Iraq's financial revenues during the first 11 months of 2024 exceeded 135.32 trillion Iraqi dinars ($103.26 billion).
Data released by Iraq's Finance Ministry in February 2025 for the period between January and November 2024 revealed that revenues from oil steadied at about 88 percent, making oil the primary source of funding for the general budget.
Iraq's financial revenues generated from oil exports in the first 11 months of 2024 reached 119.33 trillion Iraqi dinars (nearly $91.06 billion), while the country's non-oil revenues amounted to 16.29 trillion Iraqi dinars ($12.43 billion), constituting 12 percent of Iraq's general budget.
The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, has previously said that the main reasons for the economy's ongoing dependence on oil are political instability, previous conflicts, and the imposition of an economic embargo on Iraq.
In an attempt to improve its financial situation, Iraq is focusing on increasing non-oil revenue through better tax collection techniques without imposing new taxes.
Iraq's economy is highly dependent on oil exports, making it vulnerable to fluctuations in the commodity's price on a worldwide scale. For instance, the 2024 budget is based on an oil price of $70 per barrel, which is lower than previous projections and takes into account the continuing instability of the oil market.
Saleh had stated that while 2024 was stable, expected income deficits in 2025 will necessitate more monetary control.
Non-oil revenue is expected to increase dramatically. The Iraqi Parliamentary Finance Committee has projected that non-oil profits might reach $22 billion by 2025. This effort to diversify revenue streams in the face of declining oil prices is notable.
According to forecasts, non-oil revenue will increase dramatically. Non-oil profits might reach $22 billion by 2025, according to estimates from the Iraqi Parliamentary Finance Committee. This is a significant effort to diversify revenue streams in the face of declining oil prices.
