Iraq to See 8% Annual Growth in the Next 4 Year: Rating Agency, 23 SEPT
Iraqi Dinar 123 News:– On Monday, Moody’s issued a press statement economy of Iraq is suffering due to lack of expansion and its GDP is 50 percent of oil accounts but oil exports are more than 95 percent and the public sector is wrapped up in the non-oil sector. Only 10 percent of the GDP by the manufacturing of goods was recorded in 2014 and the original GDP was declined by 2.1 percent due to a sharp shrinkage in non-oil growth, but the oil production continuously raised by 4.5 percent in the same year. The continuous downfall in the global oil price damaging revenues of Iraqi government since mid 2014, at that time the oil revenue size was about 90 percent of the total Iraqi revenues.
Moody’s further said that Iraq looking forward to improve its credit rating by increasing 10 percent in its oil production annually. It would enable Iraq in getting the target of 5 million barrel oil per day by the year 2019. He also predicted that by comparing with 2014, Iraqi revenues would face a decline of 35 percent by the end 2015, which increased current year’s budget deficit at 18 percent of GDP. Moody’s statement also indicated that Iraqi oil exports would go up by the end of 2016 but Iraqi fiscal deficit for next year would remain at 15 percent of GDP. It is also said that it would increase the debt of Iraqi government at the end of 2016, at 79 percent of GDP, but it is expected that this ratio would go down in 2019 at less than 70 percent. Iraqi oil reserves were at 150 billion barrels in the year 2014 due to this reason Iraq is at 5th position in the world in oil producing countries.
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