View Full Version : Iraqi Economy to Shrink in 2014

Investors Iraq News
10-27-2014, 07:31 PM
By John Lee.
A new report from the International Monetary Fund says that Iraq’s economy is expected to shrink by 2.7 percent this year as a result of the security crisis in the country.
This follows a 4.2 percent growth in GDP in 2013 and 10.3 percent the previous year, and would be the first contraction since the change of regime in 2003. A growth rate of 1.5 percent is predicted for 2015.
Inflation is estimated at 4.7 percent this year and 6.2 percent in 2015.
The report forecasts a slight decline in oil producton to 2.9 million bpd this year, while exports of 2.4 million bpd should remain close to last year’s level.
The IMF forecasts a slight increase in oil production to 3.0 millon bpd, but has reduced its longer-term output projection from 5.6 million bpd to 4.4 million bpd in 2019.
Non-oil GDP is expected to fall by 4.3 percent this year, then grow by 3.5 percent next year.
(Sources: IMF, Reuters)
(GDP image (http://www.shutterstock.com) via Shutterstock)

Source: Iraq-BusinessNews.com. (http://www.iraq-businessnews.com/2014/10/27/iraqi-economy-to-shrink-in-2014/)

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