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The food basket and care increased the citizen’s share of the GDP.
Economic 10/17/2024
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The gross domestic product is a key criterion for evaluating economic performance, and it expresses the monetary value of all final goods and services produced within a country or region during a specific period of time. Two economic experts see the increase in the gross domestic product as a welfare for the citizen and a reduction in poverty rates, pointing to the positive developments in the social welfare program, the food basket, and the continuation of support in the general budget.
The Prime Minister's financial advisor, Dr. Mazhar Muhammad Salih, said in an interview with Al-Sabah: "There are two main factors that caused the significant improvement in the Iraqi citizen's share of the gross domestic product, which is close to $6,000 annually," indicating that "the high economic growth for 2024 came after the financial and health crisis that occurred at the beginning of 2020 and extended until 2021."
He added that "the non-oil GDP increased between last year 2023 and the current year 2024 by 6%," noting that it is a high percentage that exceeded expectations after implementing the National Development Plan for the years 2024/2028, which aimed to achieve a 7% increase in the GDP.
Saleh continued, "The second factor is the increase in oil production, which reached 5.4 million barrels of crude oil per day, in addition to the increase in oil prices during the past two years, with an average of between $75 and $83 per barrel."
While the academic and economic researcher, Dr. Abdul Karim Al-Issawi, pointed out to “Al-Sabah” that “the term per capita income is calculated by dividing the country’s gross domestic product by its population, and it is viewed as an indication of enabling the individual to obtain his needs of consumer and entertainment goods through spending on local production,” indicating that “it expresses through its size the amount of well-being for society as a whole.”
He added, "There are many observations on the per capita income rate, as it often does not reflect the true picture of the nature of the income distribution system among residents in the country," indicating that "there is a difference when calculating it in a country with a capitalist character and another with a socialist character or a country whose local production depends on the economic and financial participation of the productive commodity and service sectors that contribute to the formation of the country's gross domestic product." Al-Issawi continued, "However, if the source of the per capita income rate is based on a single commodity, such as Iraq, where the extractive sector constitutes rates reaching half of Iraq's gross domestic product, then the Iraqi citizen's income rate is subject to the prices of crude oil in the world," noting that "because of this, we notice that the income rate of this citizen fluctuates from one year to another."
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