Iraq's economy booming as oil revenues increase

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

Iraq's economy [2] should grow nine per cent this year as oil production increases.

Reserves are expected at between $105 billion to $110 billion [3]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 [4]to be around 10 per cent and reserves in December last year were around $70 billion, reported the newswire.

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