Iraq - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Iraq was 30.75 as of 2019. Its highest value over the past 49 years was 76.84 in 2003, while its lowest value was 0.02 in 1995.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 20.19
1971 22.99
1972 21.48
1973 24.61
1974 31.57
1975 42.57
1976 35.91
1977 40.83
1978 31.65
1979 31.16
1980 31.56
1981 62.29
1982 66.44
1983 32.93
1984 29.66
1985 29.82
1986 26.44
1987 26.13
1988 22.81
1989 22.87
1990 7.43
1991 2.50
1992 1.34
1993 0.47
1994 0.06
1995 0.02
1996 0.02
1997 42.34
1998 54.34
1999 60.68
2000 49.63
2001 61.51
2002 49.19
2003 76.84
2004 63.96
2005 61.39
2006 38.62
2007 28.19
2008 30.73
2009 39.29
2010 34.08
2011 27.75
2012 29.10
2013 27.75
2014 30.04
2015 35.08
2016 26.48
2017 25.86
2018 25.00
2019 30.75

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts