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.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?