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.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge