Iraq's economy booming as oil revenues increase

Iraq's economy is booming, thanks to increased oil output

Iraq's economy should grow nine per cent this year as oil production increases.

Reserves are expected at between $105 billion to $110 billion by the end of this year, reported Reuters, citing a central bank official.

"I expect the GDP will reach $150 billion by the end of 2013. It will be nine percent (growth)," Acting Central Bank Governor Abdul-Basit Turki told Reuters.

The Central Bank had previously said it expected growth in 2012 to be around 10 per cent and reserves in December last year were around $70 billion, reported the newswire.