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Moody's credit rating: Iraq will achieve economic growth of 8% over 4 years
Baghdad-Iraq-Presse -21 September / September: expected Moody's credit rating, to increase Iraq's oil production at a rate of 10% annually to reach about 5 million barrels a day by 2019, in conjunction with the non-oil growth from 2016 recovery onwards, and this will help to raise Real GDP growth rate to about 8% a year between 2016 and 2019.
She Moody's said in a statement on Monday that the Iraqi economy suffers from a lack of diversification, where oil accounts for 50% of GDP, and nearly 100% of exports, as the public sector dominated the non-oil sector, and the form of manufacturing and construction only 10% of GDP in 2014.
In 2014, real GDP in Iraq fell by 2.1%, driven by a sharp contraction in the non-oil growth, while oil production has continued to grow by about 4.5%.
Iraq and damaged government revenue because of lower oil prices since mid-2014, where oil accounts for about 90% of total revenue.
Moody's expects that the Iraq government revenues fall by 35% in 2015, compared with 2014, bringing the budget deficit to 18% of GDP.
Despite the growth of Iraqi oil exports is likely in 2016, the fiscal deficit will remain at about 15% of GDP, according to a Moody's statement.
According to Moody's, it said it would finance this deficit to raise the government's debt ratio to about 79% of GDP by the end of 2016.
Moody's expects that the declining ratio of government debt to Iraq at a later time, to less than 70% of GDP in 2019, thanks to high oil prices and production, however, government revenues will continue to be susceptible to fluctuations in prices of Alinvt.anthy (1)
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Baghdad-Iraq-Presse -21 September / September: expected Moody's credit rating, to increase Iraq's oil production at a rate of 10% annually to reach about 5 million barrels a day by 2019, in conjunction with the non-oil growth from 2016 recovery onwards, and this will help to raise Real GDP growth rate to about 8% a year between 2016 and 2019.
She Moody's said in a statement on Monday that the Iraqi economy suffers from a lack of diversification, where oil accounts for 50% of GDP, and nearly 100% of exports, as the public sector dominated the non-oil sector, and the form of manufacturing and construction only 10% of GDP in 2014.
In 2014, real GDP in Iraq fell by 2.1%, driven by a sharp contraction in the non-oil growth, while oil production has continued to grow by about 4.5%.
Iraq and damaged government revenue because of lower oil prices since mid-2014, where oil accounts for about 90% of total revenue.
Moody's expects that the Iraq government revenues fall by 35% in 2015, compared with 2014, bringing the budget deficit to 18% of GDP.
Despite the growth of Iraqi oil exports is likely in 2016, the fiscal deficit will remain at about 15% of GDP, according to a Moody's statement.
According to Moody's, it said it would finance this deficit to raise the government's debt ratio to about 79% of GDP by the end of 2016.
Moody's expects that the declining ratio of government debt to Iraq at a later time, to less than 70% of GDP in 2019, thanks to high oil prices and production, however, government revenues will continue to be susceptible to fluctuations in prices of Alinvt.anthy (1)
[You must be registered and logged in to see this link.]
