Insurance and financial services in Iraq
Iraq: Insurance and financial services was 0.1% in 2024. ◆ Volatile
Insurance and financial services in Iraq, 2005–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Iraq recorded 0.1% for insurance and financial services in 2024. That is the lowest value across all 20 years on record.
The figure is down 55.1% on the previous year and down 85.3% over ten years.
Over the whole period, insurance and financial services in Iraq peaked at 2.2% in 2007 and was at its lowest, 0.1%, in 2024.
Iraq ranks 179th of 190 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Iraq, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 2005 | 0.8% | — |
| 2006 | 0.4% | -50.3% |
| 2007 | 2.2% | +464.3% |
| 2008 | 0.3% | -87.6% |
| 2009 | 0.2% | -38.4% |
| 2010 | 0.7% | +301.7% |
| 2011 | 1.6% | +135.3% |
| 2012 | 1.1% | -33.6% |
| 2013 | 0.9% | -15.5% |
| 2014 | 0.9% | +3.9% |
| 2015 | 1.2% | +24.9% |
| 2016 | 0.8% | -28.3% |
| 2017 | 0.8% | -6.1% |
| 2018 | 0.7% | -8.5% |
| 2019 | 0.9% | +23.6% |
| 2020 | 0.7% | -24.0% |
| 2021 | 0.2% | -74.5% |
| 2022 | 0.2% | -3.4% |
| 2023 | 0.3% | +84.1% |
| 2024 | 0.1% | -55.1% |
Iraq compared with similar countries
- Iraq's 0.1% is below the median for upper middle income countries, which is 1.8%, 8% of the median. (53 countries reporting)
- Iraq's 0.1% is below the median for Middle East, North Africa, Afghanistan & Pakistan, which is 2.4%, 6% of the median. (20 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Iraq changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2007 | +464.3% | 0.4% | 2.2% |
| 2010 | +301.7% | 0.2% | 0.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 0.8% | 0.2% | 2.2% | 5 |
| 2010s | 1.0% | 0.7% | 1.6% | 10 |
| 2020s | 0.3% | 0.1% | 0.7% | 5 |
Countries ranked near Iraq
- 176 Myanmar 0.2% compare
- 177 Lesotho 0.2% compare
- 178 North Macedonia 0.1% compare
- 180 Sao Tome and Principe 0.1% compare
- 181 Tonga 0.1% compare
- 182 Papua New Guinea 0.1% compare
More economy & growth data for Iraq
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.44 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.56 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 438.70 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0016 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 9.53 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -7.65 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -42.61 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0274 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita -166.13 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -10.28 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Iraq?
- Insurance and financial services in Iraq was 0.1% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Iraq?
- The highest recorded value was 2.2% in 2007.
- What is the lowest insurance and financial services recorded in Iraq?
- The lowest recorded value was 0.1% in 2024.
- How does Iraq rank for insurance and financial services?
- Iraq ranks 179th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Iraq?
- Over the last ten years it is down 85.3%. The long-run trend across the full record is volatile.
- Where does this Iraq data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 20 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.