Iraq's anticipated decline in government spending relative to GDP: Statista analysis

Shafaq News / The German data specialist site "Statista" anticipated a decline in government spending as a percentage of Iraq's Gross Domestic Product (GDP) in the coming years.

According to a report published by the website, the percentage of government spending to GDP for the year 2023 reached 49.95%, marking the highest government spending in the past five years.

The report indicated an expected decrease in this percentage over the next five years, with projections indicating it will decrease to 48.29% in 2024, 45.28% in 2027, and 44.49% in 2028.

The Gross Domestic Product (GDP) refers to an economic indicator measuring the monetary value of all goods and services produced within a country's borders over a specified period. It is noteworthy that GDP is not an indicator of social welfare or overall wealth.