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Economy of Iraq predicts to grow 9 % in 2013

16 Jan 2013
The economy of Iraq must grow 9 % this year as the OPEC nation’s oil production expands and international reserves are forecasted at between $ 105-$ 110 by the end of this year, an official from the central bank said on Friday. Iraq has the fourth-largest oil reserves across the world and is producing more than 3 million barrels of crude per day for the first time in three decades as its industry recovers from years of war and sanctions. Abdul-Basit Turki, the current bank governor expressed to the media at a banking conference in Baghdad that he expects the GDP will reach $ 150 bn by the end of 2003. It will be 9 % growth. The central bank has earlier said that it made an expectation about the growth in 2012 to be around 10 % and reserves in December last year were around $ 70 bn. The oil sector of Iraq generates almost around 95 % of government revenue, but the country is still in need of investment in other non-oil sector and for improving its crumbling infrastructure and the power generation systems. Source: [Arabian Business]
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