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International forecasts an increase Iraqi oil production to more than five million barrels in 2019
9/27/15
BAGHDAD / Sky Press: Agency forecast global Moody's credit rating, increasing 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 GDP 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, 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 2014 ".
"In 2014, real GDP in Iraq fell by 2.1%, driven by a sharp contraction in the non-oil growth, while growth in oil production continued at 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 oil exports in Iraq, probably 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 ratio in 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 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 and government institutions 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 of the Ministry of Finance for the 2016 budget submitted to the Council of Ministers last week, has calculated the revenues derived from the export of crude oil on the basis of the average price of 45 dollars per barrel and the rate of export of 3.6 million barrels per day.
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9/27/15
BAGHDAD / Sky Press: Agency forecast global Moody's credit rating, increasing 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 GDP 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, 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 2014 ".
"In 2014, real GDP in Iraq fell by 2.1%, driven by a sharp contraction in the non-oil growth, while growth in oil production continued at 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 oil exports in Iraq, probably 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 ratio in 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 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 and government institutions 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 of the Ministry of Finance for the 2016 budget submitted to the Council of Ministers last week, has calculated the revenues derived from the export of crude oil on the basis of the average price of 45 dollars per barrel and the rate of export of 3.6 million barrels per day.
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