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FinancialNews


  • 22-12-22

    Fitch estimates Iraq's oil income to moderate next year

    (MENAFN) Oil income supported Iraq’s economy and budget this year but it is estimated to moderate in 2023 with decreased oil costs, Fitch Ratings stated on Wednesday.

    Iraq's budget exceed is going to surge to nearly 10 percent of its gross domestic product (GDP) this year because of surged oil income, even though political instability has restrained spending expansion somewhat, the rating agency mentioned in an announcement.

    The nation’s oil output expansion of 12 percent, which is along with OPEC+ output deal, has driven real GDP close to 10 percent, whereas nominal GDP has possible surged by 36 percent, booting the economy higher than levels amounted to in 2013-2014, it stated.

    The rating agency, on the other hand, stated that it estimates a significantly lower exceed in next year at 2.2 percent of GDP, whereas it estimates a minimum a 10 percent surge in spending, with the cost of worldwide benchmark Brent crude averaging USD85 a barrel, dropping from USD100 a barrel previously this year.

    MENAFN22122022000045014228ID1105340972

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