"Moody's" expects high growth of Iraq's economy 8% over 4 years

I expected Moody's credit rating, to increase Iraq's oil production at a rate of 10% annually to reach about 5 million barrels a day by 2019, in conjunction with the non-oil growth from 2016 recovery onwards, and this will help to raise real GDP growth rate to about 8 % per year between 2016 and 2019.

She Moody's said in a statement, that the Iraqi economy suffers from a lack of diversification, where oil accounts for 50% of GDP, and nearly 100% of exports, as the public sector dominated the non-oil sector, and the form of manufacturing and construction only 10% of GDP GDP in 2014.

In 2014, real GDP in Iraq fell by 2.1%, driven by a sharp contraction in the non-oil growth, while oil production has continued to grow by about 4.5%.