Iraq - Adjusted net national income (current US$)

The latest value for Adjusted net national income (current US$) in Iraq was 178,678,000,000 as of 2019. Over the past 39 years, the value for this indicator has fluctuated between 183,949,000,000 in 2013 and 26,510,870,000 in 2004.

Definition: Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.

Source: World Bank staff estimates based on sources and methods described in "The Changing Wealth of Nations 2018: Building a Sustainable Future" (Lange et al 2018).

See also:

Year Value
1980 33,712,660,000
1981 30,253,300,000
1982 32,545,590,000
1983 30,593,360,000
1984 35,599,510,000
1985 35,865,380,000
1986 36,866,110,000
1987 44,449,190,000
1988 51,647,830,000
1989 52,115,770,000
1990 156,908,000,000
2004 26,510,870,000
2005 32,197,340,000
2006 45,508,600,000
2007 65,535,050,000
2008 103,803,000,000
2009 93,091,250,000
2010 110,979,000,000
2011 140,797,000,000
2012 169,790,000,000
2013 183,949,000,000
2014 181,003,000,000
2015 141,920,000,000
2016 139,763,000,000
2017 152,365,000,000
2018 167,543,000,000
2019 178,678,000,000

Development Relevance: Adjusted net national income is particularly useful in monitoring low-income, resource-rich economies, like many countries in Sub-Saharan Africa, because such economies often see large natural resources depletion as well as substantial exports of resource rents to foreign mining companies. For recent years adjusted net national income gives a picture of economic growth that is strikingly different from the one provided by GDP. The key to increasing future consumption and thus the standard of living lies in increasing national wealth - including not only the traditional measures of capital (such as produced and human capital), but also natural capital. Natural capital comprises such assets as land, forests, and subsoil resources. All three types of capital are key to sustaining economic growth. By accounting for the consumption of fixed and natural capital depletion, adjusted net national income better measures the income available for consumption or for investment to increase a country's future consumption.

Limitations and Exceptions: Adjusted net national income differs from the adjustments made in the calculation of adjusted net savings, by not accounting for investments in human capital or the damages from pollution. Thus, adjusted net national income remains within the boundaries of the United Nations System of National Accounts (SNA). The SNA includes non-produced natural assets (such as land, mineral resources, and forests) within the asset boundary when they are under the effective control of institutional units. The calculation of adjusted net national income, which accounts for net forest, energy, and mineral depletion, as well as consumption of fixed capital, thus remains within the SNA boundaries. This point is critical because it allows for comparisons across GDP, GNI, and adjusted net national income; such comparisons reveal the impact of natural resource depletion, which is otherwise ignored by the popular economic indicators.

Statistical Concept and Methodology: Adjusted net national income complements gross national income (GNI) in assessing economic progress (Hamilton and Ley 2010) by providing a broader measure of national income that accounts for the depletion of natural resources. Adjusted net national income is calculated by subtracting from GNI a charge for the consumption of fixed capital (a calculation that yields net national income) and for the depletion of natural resources. The deduction for the depletion of natural resources, which covers net forest depletion, energy depletion, and mineral depletion, reflects the decline in asset values associated with the extraction and harvesting of natural resources. This is analogous to depreciation of fixed assets.

Aggregation method: Gap-filled total

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts