By John Lee.
According to a report from the International Monetary Fund (IMF), the external outlook for Iraq has worsened since the latest Article IV consultation assessment (May-June), mainly owing to a further weakening of global oil prices.
The analysis finds:
"Lower capital spending on the back of falling oil revenue is expected to contract non-oil economic activity by 8 percent in 2015, after a contraction of close to 9 percent in 2014.
"Overall real GDP should nonetheless grow by 1.5 percent thanks to an increase of oil production by 10 percent.
"In 2016, real GDP growth should increase to 10.6 percent thanks to the projected 20 percent increase in oil production, despite flat non-oil GDP."
(Growth image via Shutterstock)