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FINANCIAL NEWS
Iraq’s oil-dependant GDP to expand by 9% in 2013
12 Jan 2013
(MENAFN) Iraqi acting central bank governor Abdul-Basit expected the country’s gross domestic product (GDP) to expand by 9 percent in 2013, Reuters reported.
The official said also estimated the central bank’s international reserves to reach between USD105-USD110 billion by the end of this year.
The estimates came as the OPEC member increases production to 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.
The central bank has previously said it expected growth in 2012 to be around 10 percent and reserves in December last year were around USD70 billion.
Iraq is heavily dependant on its oil to generate around 95 percent of the government’s revenue, and needs investment in other non-oil sectors and to improve its crumbling infrastructure and power generation systems.
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