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Iraq economy likely to grow 9% in 2013
Khaleej Times - 12 January, 2013
Iraq’s economy should grow nine per cent this year as the Opec nation’s oil production expands and international reserves are expected at between $ 105 billion to $ 110 billion by the end of this year, a central bank official said on Friday.
Iraq has the world’s fourth-largest oil reserves and is producing more than three million barrels of crude per day for the first time in three decades as its industry recovers from years of war and sanctions.
“I expect the GDP will reach $ 150 billion by the end of 2013. It will be nine per cent (growth),” Acting Central Bank Governor Abdul-Basit Turki told Reuters at a banking conference in Baghdad.
The central bank has previously said it expected growth in 2012 to be around 10 per cent and reserves in December last year were around $ 70 billion.
Iraq’s oil sector generates around 95 per cent of government revenue, but the country still needs investment in other non-oil sectors and to improve its crumbling infrastructure and power generation systems.
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Khaleej Times - 12 January, 2013
Iraq’s economy should grow nine per cent this year as the Opec nation’s oil production expands and international reserves are expected at between $ 105 billion to $ 110 billion by the end of this year, a central bank official said on Friday.
Iraq has the world’s fourth-largest oil reserves and is producing more than three million barrels of crude per day for the first time in three decades as its industry recovers from years of war and sanctions.
“I expect the GDP will reach $ 150 billion by the end of 2013. It will be nine per cent (growth),” Acting Central Bank Governor Abdul-Basit Turki told Reuters at a banking conference in Baghdad.
The central bank has previously said it expected growth in 2012 to be around 10 per cent and reserves in December last year were around $ 70 billion.
Iraq’s oil sector generates around 95 per cent of government revenue, but the country still needs investment in other non-oil sectors and to improve its crumbling infrastructure and power generation systems.
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