Iraqi economy set to gain significant growth
Iraq's GDP is forecast grow at least 9.4 percent per year on average between 2012 and 2016, as the country benefits from the large oil revenues, informed the interim governor of the Central Bank, Mudher Kasim. "We believe that Iraq's GDP in 2015 will jump to $360 billion dollars from the current $170 billion ... the reason will come from oil," said the governor.
Iraq, which has the fourth largest oil reserves in the world, produces about 2.9 million barrels per day (bpd). The oil minister said last year that production should reach about 8 million bpd in 2017.
With the high oil prices due of fears of Iranian supply disruptions, the debt crisis in the Euro area and growing political unrest in the Middle East, Iraq had oil income of $83 billion in 2011, exceeding estimates. (Source: english.nuqudy.com)