Iraq | Oil rents (% of GDP)

The "Oil Rents (% of GDP)" indicator measures the revenue generated from the extraction of oil as a percentage of a country's Gross Domestic Product (GDP). Specifically, it calculates the difference between the value of crude oil production at world prices and the total costs of production,Iraq's oil GDP growth has been among the high rates, maintaining high levels, as the country's economy relies heavily on oil, accounting for more than 40% of GDP. However, there was a significant drop in 2020, falling to 27%, before returning to around 43 % in 2021.