Baghdad (IraqiNews.com) – Iraq’s General Commission for Federal Revenues Allocation revealed on Sunday that non-oil revenues reached approximately 8.7 trillion Iraqi dinars (approximately $5.74 billion) by July 2026, compared to about seven trillion Iraqi dinars (around $4.62 billion) during the same period in 2025.
Iraq’s non-oil revenues rose by 1.7 trillion Iraqi dinars (about $1.12 billion) and at a growth rate of 23.5 percent, according to the state-run Iraqi News Agency (INA).
These revenues accounted for approximately 22 percent of total federal revenues for the same period.
The Iraqi Ministry of Finance said last week that the country’s total revenues reached approximately 39.09 trillion Iraqi dinars (nearly $30 billion) until the end of July 2026, with oil revenues accounting for about 78 percent of total state resources.
During the first seven months of 2026, Iraq’s total government spending reached 65.42 trillion Iraqi dinars (approximately $43.21 billion).
This massive expenditure, combined with a sharp decline in oil revenues due to disruptions in the Strait of Hormuz, left a major budget deficit of 26.3 trillion ($17.37 billion) to 29.2 trillion Iraqi dinars ($19.28 billion) for the January–July period.
The International Monetary Fund (IMF) and the World Bank project a severe economic contraction for Iraq in 2026, largely due to prolonged disruptions to oil production and export logistics caused by regional conflicts and the closure of the Strait of Hormuz.
However, the two international institutions expect a robust economic rebound in 2027 as energy markets stabilize and trade flows normalize.
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