Iraqi economy fell by 2.3%

Posted by on Oct 28, 2013 | Leave a Comment

September 30, 2013

Suggested by the Ministry of Planning’s economic growth dropped by 2.3% from the rate recorded last year to 8.2%.

The economists have warned Iraq suffered its economy at risk because of its reliance on revenues of oil alone, and that the continued deterioration of the security to the injury of the economy paralyzed and declining investment, as expressed dealers and retailers, in Baghdad for fear of the impact of security implications and the Syrian crisis on the economic situation, and higher prices for food and consumer goods which reflected negatively on the citizens.

The agent said the Ministry of Planning Mahdi Keywords in a press statement that “the release of the data on the evolution of economic growth is usually in coordination and cooperation with the International Monetary Fund, which is one of the most noted institutions in measuring the growth of countries.”

He pointed out that “the growth of the Iraqi economy between 8 and 9%.”

The bank “Merrill Lynch” American has stated in a report issued by the end of last November, that the GDP growth in Iraq is the highest among the world’s record 10.5%, followed by China with 7.7%.

The Iraqi government has announced 19 of the current month of September for a five-year plan to diversify the economy and develop the industrial sector, rather than relying on crude oil revenues and only focus on the industry.

The plan, covering the period from 2013 to 2017 to invest about 357 billion dollars, in development projects across the country, and focus on five sectors are construction, services, agriculture, education, transport and communications, energy, and will come about 79 percent of these investments from the government and the rest from the private sector Oil will remain the largest source of revenue in that period, and experts predict that oil revenues amounting to 662 billion dollars in the next five years.

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