Iraq recorded a strong financial performance at the start of the year. Iraq’s revenues reach $6.51 billion, as Iraq revenues grow 6% reflects steady income growth and continued reliance on oil.
The Ministry of Finance of Iraq reported total revenues of 8.53 trillion Iraqi dinars. This equals about $6.51 billion. Iraq’s revenues reach $6.51 billion, representing a 6% increase compared to last year.
Moreover, last year’s figures reached 8.4 trillion dinars, or $6.41 billion. Therefore, the new data shows a 6% increase. This growth highlights stable income despite global economic pressures.
Additionally, oil revenues dominated the financial structure. Oil income reached 7.75 trillion dinars, or $5.91 billion. This accounted for about 83% of total national income. Clearly, Iraq still depends heavily on oil exports.
However, non-oil revenues also contributed to the total. These revenues reached 1.46 trillion dinars, or $1.11 billion. Although smaller, this segment shows gradual diversification efforts.
Furthermore, transfers from the Kurdistan Region added 120 billion dinars. This equals about $91.59 million. These funds supported the federal treasury and strengthened overall revenue flow.
At the same time, government spending remained high. Total expenditures reached 8.34 trillion dinars, or $6.36 billion. This level shows strong fiscal activity across different sectors.
Specifically, employee salaries took the largest share. Wages reached 5.87 trillion dinars, or $4.48 billion. Meanwhile, pension payments stood at 1.59 trillion dinars, or $1.21 billion.
In addition, social welfare payments reached 458 billion dinars. This equals around $349.6 million. These figures highlight the government’s focus on public support programs.
However, challenges remain clear. Iraq’s revenues reach $6.51 billion, as Iraq’s revenues grow 6%, also revealing heavy dependence on oil. This reliance exposes the economy to global oil price shocks.
Therefore, economic experts continue to call for diversification. They urge investment in non-oil sectors to ensure long-term stability. Without reform, budget deficits may increase during crises.
Overall, Iraq shows steady revenue growth. Yet, the country must reduce oil dependence to secure a more balanced economy.