Iraq's GDP will reach $150bn in 2014

[TonyDownTheShore]

Iraq’s GDP will reach $150bn in 2014

03/07/2012 19:40ERBIL, June 3 (AKnews) - The Iraqi Deputy Prime Minister Ruz Nuri Shawis stated today that the country's gross domestic product will reach $150bn in 2014 from $100bn and the oil revenues constitute about 95 percent of it.

Shawis said in a speech in the Krantz Montana forum held in Azerbaijan’s capital Baku: "The Iraqi economy has witnessed remarkable shifts, in the framework of its readiness to return to the global economy, on the path of openness and freedom and the adoption of the supply and demand as essential mechanisms in the economic relations in a way that facilitates the process of integration in the international economic system."

He said according to a statement issued by his office: "Iraq has made a number of positive developments in the economic level over the past years in a number of indicators, where the GDP will increase per capita.

"Iraq has oil reserves that reach up to 143 billion barrels and estimated reserves that exceed the proven reserves, as well as large reserves of natural gas that reach up to 126.7 trillion cubic feet.

"We expect the investments in this sector to participate in the development of the oil industry in Iraq through the contract licensing rounds with dozens of major international oil companies.

"The electricity sector needs significant investment to double the generating capacity to meet local demand through the establishment of new generating stations throughout Iraq. There is a need for significant investment in this sector to meet the growing demand which is expected to double by the year 2015 to 20,000 megawatts."

With regard to the telecommunication sector he said: "The Iraqi market is the fastest growing in the region in mobile communications, although much of the infrastructure in this sector still needs considerable investment opportunities to invest in wireless and services communications for internet and landline phone."

By Abdullah Sabri

http://aknews.com/en/aknews/2/315293/

RN/DM/AKnews

[one2one]

but still no world-wide tradeable currency :

hard to figure out---IMO

:unsure: