Iraq boasts the fourth highest GDP among Arab nations

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Iraq boasts the fourth highest GDP among Arab nations

With a GDP of more than $255 billion, Iraq ranks fourth among Arab countries, according to the Inter-Arab Investment Guarantee Corporation (IAIGC), a Cairo-based Arab League subsidiary situated in Kuwait. Iraq’s economy still relies heavily on oil, with at least 40% of its GDP coming from it.

In 2023, the GDP of the Arab world will be mostly composed of Saudi Arabia and the United Arab Emirates, whose economies continue to be the most powerful in the area.

Saudi Arabia is the world’s largest oil producer, with a GDP of around $1.069 trillion in current dollars last year, or 31.3 percent of the GDP of all Arab nations.

IAIGC estimates that the GDP of the United Arab Emirates will reach $509.2 billion in 2023, or approximately 14.9% of the GDP of the Arab world.

Egypt’s GDP of $398.4 billion in 2023 placed it third among Arab countries.