Iraq's economy booming as oil revenues increase

Iraq's economy booming as oil revenues increase
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Published January 13th, 2013 - 08:42 GMT via SyndiGate.info

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

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