Economists: assert that the gross domestic product (GDP) growth depends on the revitalization of the various sectors

Economists: assert that the gross domestic product (GDP) growth depends on the revitalization of the various sectors

9.27.13

Economists attributed the growth of gross domestic product (GDP) in Iraq to the oil activity and of increasing its imports, as well as the contribution of the commercial sector.

This comes at a time when announced the Ministry of Planning in late August that the rate of growth of the Iraqi economy is about 9 percent during the current year.

Economic expert, Dr. Majid picture said in a statement (morning): “The growth and development process is a bone of contention in regards to getting the figures related to macroeconomics,” adding that the microeconomic still suffers from obstacles as well as the production and service sectors experiencing problems and especially the role of the electricity sector, industry, agriculture and basic services in the composition of GDP, excluding the oil sector and the trade sector.

He figurehead that the main problem for Atkmen in the growth rate of GDP caused by increased oil imports, but in the process of development and the contribution of the rest of the productive sectors in the process of configuring GDP كالقطاع agricultural, industrial and other sectors. Noted expert that the biggest part of the development process resulting from the activity oil, ie oil imports, in addition to the commercial sector, and extensive business dealings with other countries. expert explained that the growth rate of the industrial sector, which contributes to the gross domestic product is still ranging between 1.5-2.5 percent, while the agricultural, it refers to the type of improvement , noting that he is still weak in relation to the possibilities of agricultural enjoyed by Iraq and that it constitutes up to 18 percent of GDP, while it is now constitute up to 7.8 percent.

The expert saw that the rate of economic growth in Iraq, which constitute nearly 9 percent during the current year, but the overall figures do not mean anything for the basic figures relating to real production.

The Merrill Lynch U.S. has stated in a report issued by the end of November 2012, according to a poll conducted by that Iraq would be the top growth among the countries in the world in GDP and will grow in the production of the local up to 10.5 percent, followed by China with 7.7 percent.

The data showed Wall Street bank that Iraq will achieve the highest growth rate in GDP for 2012, which stood at 10.5 percent, on the contrary, the best ten economies in the world will not exceed the rate of growth, which is estimated at 5.5 percent for the same year.

In another report, the Economist Intelligence Unit predicted growth rate of the Iraqi economy of 8.2 percent in 2013. It is said that Undersecretary of the Ministry of Planning Mahdi Keywords said in a press statement: “What is shown by the Ministry of Planning of the figures related to the development of economic growth in Iraq are usually done in coordination and cooperation with the IMF, which is one of the more institutions note in measuring countries’ growth,” noting that the rate of the growth of the Iraqi economy between 8 to 9 percent.

Keywords added that the economic growth figures that have been released recently and audited by international organizations is correct, based on indicators and accurate figures and not descriptive and not speculative.

For his part, saw the economic expert on behalf of Jamil Antoine growth came  holds to increase oil production in Iraq, which amounted to more than 2.9 million barrels per day and exports amounted to more than 2.0002 million barrels per day, as well as higher global oil prices, which amounted to approximately $ 110 per barrel. “ Antoine demanded in a press statement the executive bodies employ the money resulting from oil activity for optimal investment and to the development of other sectors such as industry, agriculture, tourism and other sectors in order to contribute to the increase of domestic production in the country, and as reflected on the welfare of the Iraqi citizen.

Iraq has been launched in the month of May of 2010, the National Development Plan Five-Year 2010-2014, during a ceremony organized by the Ministry of Planning and Development Cooperation, which was attended by “morning” under the theme “Towards the Iraqi economy is diverse and sustainable”, and aims to reduce disparities and barriers between urban and rural areas and the establishment of infrastructure and the provision of social services and jobs, and increase the GDP by 9.38 percent average annual growth during the period of the plan with work on diversifying the economy, which is currently dependent on oil imports.

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