Fitch Agency: Iraq's GDP grew by about 8%

Economy

6-09-2022, 12:08

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INA-follow-up

Fitch Credit Ratings We forecast real GDP growth of about 8% in 2022, after 3% in 2021.

The Agency said in its report, followed by the Iraqi news agency(INA), that the Higher annual average oil production will drive a 11% rebound in oil GDP in 2022, which averaged flat in 2021 despite rising production rates in 2021, after a nearly 13% decline in 2020.”

The report also mentioned that “ The Recovery of government spending and rapid lending growth, partly supported by CBI lending initiatives, will drive non-oil growth of 4% in 2022, after 8% in 2021 and -20% in 2020. Although there are still some official restrictions on economic activity related to the Covid-19 pandemic, they have largely become irrelevant in practice.”