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Global credit institution expects Iraq's oil production to 5 million barrels in 2019
9/21/2015
Moody's global credit rating forecast, 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 the output growth rate real GDP to about 8% a year between 2016 and 2019.
Iraq currently exports about 3.1 million barrels.
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%. "
and damaged government in Iraq revenue because of the decline in oil prices since mid-2014, where oil accounts for about 90% of total revenues.
and expects Moody's that the government in Iraq revenues fall by 35% in 2015, compared with 2014, bringing the budget deficit to 18% of GDP (GDP).
Although oil exports in Iraq, growth 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
and expects that the decline of government debt in Iraq ratio 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 vulnerable to oil price fluctuations.
and Moody is a holding company, founded by John Moody in 1909, and the economic research, financial and evaluation of private institutions and government in terms of financial strength and credit, Wu-controlled institution to approximately 40% of the credit ability of the world to assess market analyzes.
The draft Ministry of Finance to balance in 2016 submitted to the Council of Ministers last week, the revenues derived from export of crude oil has been calculated on the basis of the average price of 45 dollars per barrel and the rate of export of 3.6 million barrels a day.
She draft budget that speculative revenue for Iraq from sales of oil for the year next in 2016 estimated at $ 59 billion, equivalent to 83% of federal budget revenues.
According to figures contained in the draft that the oil revenues and mineral wealth is estimated at 69 Trliuna and 773 billion and 400 million Iraqi dinars, equivalent to about 83% of the total revenue conjecture 84 trillion dinars and add to it Amounts Estimated obtained from the loans and the other to cover the deficit in the budget.
This is equivalent to oil revenues worth USD 59 billion and $ 130 million.
as reported by the Ministry of Finance accounts slightly higher deficit next year's budget in 2016 by 1.5% from last year's budget in 2015, which was 25 percent.
According to the draft budget that the total expenditure of more than 113 trillion dinars, which is low by about six trillion dinars from the budget last year, which was 119 trillion dinars The 2016 budget deficit ratio stood at 26.5%, or about 30 trillion Danar.anthy
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9/21/2015
Moody's global credit rating forecast, 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 the output growth rate real GDP to about 8% a year between 2016 and 2019.
Iraq currently exports about 3.1 million barrels.
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%. "
and damaged government in Iraq revenue because of the decline in oil prices since mid-2014, where oil accounts for about 90% of total revenues.
and expects Moody's that the government in Iraq revenues fall by 35% in 2015, compared with 2014, bringing the budget deficit to 18% of GDP (GDP).
Although oil exports in Iraq, growth 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
and expects that the decline of government debt in Iraq ratio 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 vulnerable to oil price fluctuations.
and Moody is a holding company, founded by John Moody in 1909, and the economic research, financial and evaluation of private institutions and government in terms of financial strength and credit, Wu-controlled institution to approximately 40% of the credit ability of the world to assess market analyzes.
The draft Ministry of Finance to balance in 2016 submitted to the Council of Ministers last week, the revenues derived from export of crude oil has been calculated on the basis of the average price of 45 dollars per barrel and the rate of export of 3.6 million barrels a day.
She draft budget that speculative revenue for Iraq from sales of oil for the year next in 2016 estimated at $ 59 billion, equivalent to 83% of federal budget revenues.
According to figures contained in the draft that the oil revenues and mineral wealth is estimated at 69 Trliuna and 773 billion and 400 million Iraqi dinars, equivalent to about 83% of the total revenue conjecture 84 trillion dinars and add to it Amounts Estimated obtained from the loans and the other to cover the deficit in the budget.
This is equivalent to oil revenues worth USD 59 billion and $ 130 million.
as reported by the Ministry of Finance accounts slightly higher deficit next year's budget in 2016 by 1.5% from last year's budget in 2015, which was 25 percent.
According to the draft budget that the total expenditure of more than 113 trillion dinars, which is low by about six trillion dinars from the budget last year, which was 119 trillion dinars The 2016 budget deficit ratio stood at 26.5%, or about 30 trillion Danar.anthy
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