Wire News: It is expected that the construction sector in Iraq will grow by 5 percent until 2027
Wire News: It is expected that the construction sector in Iraq will grow by 5 percent until 2027
8-20-2023
Information/translation.
A report by the Burn Wire News economic website confirmed, on Sunday, that economic analyzes on the size of the construction market in Iraq according to the commercial and industrial sectors, infrastructure, energy, utilities and housing units could grow by 5.5 percent this year and record an average annual growth estimated at 5 percent between the years 2024 to 2027.
The report, which was translated by the information agency, stated that “the rise in average growth will be supported by the ongoing work in many stalled infrastructure projects, in addition to the positive impact of a rise in oil prices.”
He added, “This expansion will push towards the start of the new Iraqi government’s projects to develop transport, energy, oil and gas, as high oil prices and higher production lead to strengthening the financial position of the Iraqi government. According to the Ministry of Oil, the country has exported 75.6 trillion Iraqi dinars ($37.3 billion) of oil in The first five months of 2023, preceded by oil worth 115 billion Iraqi dinars in 2022.
He continued, “The rise in oil prices has led to Iraq’s foreign exchange reserves exceeding about $115 billion, as of last March. However, the slowdown in the global economy and the reduction of oil production by OPEC + could weaken economic growth in the short term in the country.”
The report indicated that there are very good opportunities with the start of new transportation, energy, oil and gas development projects for the government, which activates the country’s economic market and provides job opportunities, albeit in the short and medium term.
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