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Finance of Iraq

The minimum monthly wage in Iraq is 214 USD. Iraq has a government debt of 23.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Iraq is 2%. The currency of Iraq is Iraqi dinar. The plural form of the word Iraqi dinar is dinars. The symbol used for this currency is ع.د, and it is abbreviated as IQD. The Iraqi dinar is divided into fils; there are 1000 in one dinar. Each year, consumers spend around $14,003 million. The ratio of consumer spending to GDP in Iraq is 0.01%, and the ratio of consumer spending to the world consumer market is 4.04%. The corporate tax in Iraq is set at 15%. Personal income tax ranges from 3% to 15%, depending on your specific situation and income level. VAT in Iraq is 10%. In 2013, Iraq received 1300.7 million USD in foreign aid.In 2014, the foreign aid amounted to 1908 USD.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Iraq is $526,090 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Iraq was last recorded at $13,372,987. PPP in Iraq is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Iraq is 195,517 billion. Based on this statistic, Iraq is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Iraq was last recorded at $4,969,960. The average citizen in Iraq has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Iraq averaged -0.5% in 2014. According to this percentage, Iraq is currently experiencing modest decline. Countries that are experiencing modest decline may see a small reduction in personal consumption, employment rate, or personal income. A modest decline in GDP can signal a risky location for investments; however, some strong economic nations occasionally experience modest decline and are still safe investment locations.