Iraq has reported strong financial performance, as government data shows revenues surpass $55 billion within the first seven months of the year. The Ministry of Finance confirmed that oil and non-oil income combined to reach 72.35 trillion Iraqi dinars. This figure highlights the country’s ongoing reliance on energy exports but also shows gradual progress in other revenue sectors.
Oil income provided the largest share of revenue. The Ministry stated that revenues from oil exports alone amounted to nearly 65 trillion dinars, equal to about $49.57 billion. This figure marked a significant increase, as oil revenues rose by 90 percent compared with the previous month. The Iraq revenues surpass $55 billion milestone was mainly driven by global oil market shifts and strong export volumes.
Non-oil revenues also contributed to the total. According to official data, they reached 7.75 trillion dinars, around $5.91 billion. Although still small compared with oil income, this growth indicates that the government’s strategy to diversify revenue sources is beginning to take effect. With trade and taxation reforms underway, non-oil income is expected to rise further.
At the same time, the government reported expenditures of 64.27 trillion dinars, equal to $49.06 billion, over the same seven-month period. The balance between spending and income shows a narrow fiscal margin. This situation underlines Iraq’s vulnerability to sudden changes in oil prices. The government has based its budget on an oil price of $70 per barrel, reflecting cautious planning amid market instability.
Officials emphasized that Iraq revenues surpass $55 billion in this period despite risks of future deficits. The Prime Minister’s Advisor for Financial Affairs, Mazhar Saleh, explained that while the previous year remained stable, 2025 could face more challenges. He stressed the need for tighter monetary control to manage any shortfall.
Parliamentary committees have also pointed to the potential of non-oil revenues. The Finance Committee projected that non-oil income might climb to $22 billion by the end of the year.
In conclusion, Iraq revenues surpass $55 billion in just seven months, showing both strong oil export performance and modest growth in non-oil income.