Iraq central bank bullish on GDP

Iraq's gross domestic product is expected to grow by an average rate of at least 9.4 percent annually between 2012 and 2016 as the oil-producing country benefits from larger windfalls in oil revenues, a senior central bank official said on Sunday. Iraq, which has the fourth-biggest oil reserves in the world, is currently producing around […]

Aseel Kami reports for Reuters:

Iraq's gross domestic product is expected to grow by an average rate of at least 9.4 percent annually between 2012 and 2016 as the oil-producing country benefits from larger windfalls in oil revenues, a senior central bank official said on Sunday.

Iraq, which has the fourth-biggest oil reserves in the world, is currently producing around 2.9 million barrels per day (bpd). Iraq's oil minister said last year he expected production to reach between 8-8.5 million bpd by 2017.