New Iraq GDP Growth Forecast from Central Bank

Posted on 21 February 2012.

Iraq’s gross domestic product (GDP) is expected to grow by an average of at least 9.4 percent annually between 2012 and 2016, the deputy governor of the central bank, Mudher Kasim, told Reuters on Sunday.“We expect Iraq’s GDP in 2015 to jump to $360 billion from $170 billion currently … The reason will come from oil… If the oil sector is developed it will drive the country’s development engine.”

He said that excluding the oil sector the economy was expected to grow by at least 9.4 percent, and by more than 12 percent with the oil sector included.

Iraq is currently producing around 2.9 million barrels per day (bpd), but the country’s oil minister said last year he expected production to reach between 8-8.5 million bpd by 2017.