########Iraq expects 9% growth in 2013 and reserves of 105-110 billion dollars

11-01-2013 | (Voice of Iraq) - Add a comment -
BAGHDAD (Reuters)

An official in the Iraqi Central Bank on Friday is expected to Iraq's economy is growing at a rate of nine percent this year, with the growth of oil production in the OPEC member country.

The official also predicted that the amount of foreign reserves between 105 billion and $ 110 billion by the end of this year.

Iraq has the fourth largest reserves of oil in the world and became produces more than three million barrels per day for the first time in three decades with the recovery of the sector after years of war and sanctions.

Said Abdul Basit Turki, Acting Governor of the Central Bank, told Reuters in a banking conference in Baghdad, "I expect that GDP up to $ 150 billion by the end of 2013. Growth will be nine percent."

The central bank has said he expects the growth rate in 2012 about ten percent, although the reserves reached in December last about 70 billion dollars.

And almost 95 percent comes from the general revenues of the Iraq oil sector, but the country still needs to invest in non-oil sectors and develop crumbling infrastructure and power generation system.

(Prepared by Abdel Moneim structure of Arab Bulletin)

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