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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The growth of manufacturing industries and the decline of the oil sector... How did Iraq's domestic

    Rocky
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    The growth of manufacturing industries and the decline of the oil sector... How did Iraq's domestic Empty The growth of manufacturing industries and the decline of the oil sector... How did Iraq's domestic

    Post by Rocky Sun 01 Aug 2021, 6:55 am


    [size=30]The growth of manufacturing industries and the decline of the oil sector... How did Iraq's domestic production fall by 4% during the first half of the year?

    2021-08-01
    [/size]
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    Yes Iraq: Baghdad

    The gross domestic product in Iraq during the first quarter of this year decreased by 4%, compared with the same period last year, but increased compared to the fourth quarter of the last year by 1.16%.
     
    The various sectors witnessed fluctuations in growth. At a time when the growth in domestic production in manufacturing industries, trade and hotels increased, crude oil and agriculture witnessed a decrease in production growth.
    The GDP at constant prices amounted to 47 trillion Iraqi dinars in the first quarter of this year, after it was 49 trillion Iraqi dinars in the same period the previous year.
     
    The crude oil sector witnessed an annual decline of 14%. The crude oil sector is considered the most important sector, as it represents 58% of the total GDP.
     
    The sectors of communications, transportation, warehousing, wholesale and retail trade, hotels, and the general government sector exceeded the 8% barrier of their contribution to the GDP, and these sectors in total accounted for more than 25% of the GDP.
     
    Three sectors achieved remarkable growth compared to last year, which are the manufacturing sector, which achieved an annual growth of 36%, the banking and insurance sector, which achieved an annual growth of 30%, and the retail and wholesale trade and hotels sector achieved an annual growth of 25%.
    As for the sectors that declined compared to the same period last year, they were mining (except oil), the rate of decline was 35%, crude oil, the rate of decline was 14%, electricity and water decreased, the rate of decline was about 5%, and the agriculture sector decreased by 3.3%.
     
    According to the economic specialist, Manar Al-Obaidi, the banking sector, transportation and communications sector is witnessing somewhat stable growth, which can raise the percentage of its contribution to the overall Iraqi GDP, and the manufacturing sector may witness growth during the coming period if the necessary tools are available for the success of this sector.
    He considered that the Iraqi state should try to reduce the contribution of the oil sector to the GDP to 50%, due to the many fluctuations in this sector and external factors that make it difficult to control and rely on this sector. In order to achieve this balance, the government must try to improve the contribution of important sectors to the GDP. Such as the mining sector, which witnessed a decline and its contribution percentage does not represent more than 0.05%, which is a low percentage despite Iraq owning a lot of exportable raw materials. To the water policy that greatly harmed agriculture.
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