A credit agency expects Iraq’s gross domestic product to grow by 4.1% in 2019

A credit agency expects Iraq’s gross domestic product to grow by 4.1% in 2019

Monday, December 17

A credit agency expects Iraqs gross domestic product to grow by 4.1 percent in 2019Alsumaria News / Baghdad
predicted one of the credit agencies GDP growth of Iraq by 4.1% in 2019

, said the agency “Moody ‘s ” credit rating in a report that “GDP growth in Iraq will accelerate from 2.8 this year to 4.1 percent next year 2019 , The highest level since the economic expansion of 13.1 per cent in 2016.

Iraq’s economy is expected to grow further in 2019 to its highest level in three years due to higher oil prices, which are expected to average $ 75 a barrel.

“Rising oil prices and production, as well as the expected increase in investment spending due to improved security, have boosted Iraq’s economic prospects,” the report said.

However, volatile oil prices and potential social unrest that could weaken Iraq’s economic infrastructure, as well as Iraq’s vulnerability to environmental risks, exacerbated by old infrastructure are continuing risks of growth. ”

Iraq, OPEC’s second largest oil producer , 4.6 million barrels of oil per day in November from the rebound in oil prices this year after the decline lasted three years led to a decline in prices to less than $ 30 a barrel , the first quarter of 2016 as improved security helped to boost economic activity in the country.

has helped high Prices of Iraq Aft to reduce the ratio of public debt to gross domestic product ( GDP ) , which doubled to 66 per cent between 2013 and 2016, and reduced its fiscal deficit , which peaked at 14.3 per cent of the economic output in 2016, according to the report. The

report said that “high Oil prices since mid-2017 may reverse the deterioration in the financial position of the government and boosted Iraq’s foreign currency reserves (including gold) to more than $ 58 billion at the end of September 2018.