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FINANCIAL NEWS
Iraq’s GDP expected to expand 10% over next 3 yrs
04 Sep 2012
(MENAFN) Mudher Kasim, deputy governor of the Iraq’s central bank expected Iraq’s economy to advance 10 percent over the next three years, on the back of higher oil revenues, Reuters reported.
The holder of the world’s fourth-largest oil reserves, which produced more than 3 million bpd for the first time in three decades, seeks to double its oil output over the next three years.
Kasim also said that the central bank saw Iraq’s federal reserves stand at USD75 billion by the end of 2013, up from current USD67 billion, in case oil prices stay at present levels and exports continue to perform as estimated.
Iraq’s crude exports increased to an average 2.565 million bpd last month, according to the head of the State Oil Marketing Organisation (Somo).
Iraq depends in 95 percent of total revenue on oil exports, but still suffers from the lack of adequate infrastructure.
Kasim also predicted Iraq’s core inflation rate to stay at 6 percent level this year.
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