October 12, 2021 | banking

World Bank: Iraq's GDP Growth By 0.9% On An Annual Basis


Baghdad / NINA / - The World Bank announced: 'The gross domestic product in Iraq grew by 0.9% on an annual basis in the first half of 2021,' expecting an improvement in the debt-to-GDP ratio.

The World Bank stated in a report, that “economic growth in Iraq is gradually recovering after the downturn associated with the pandemic last year, due in part to the rise in non-oil activity,” expecting that “improving global oil market conditions will enhance growth in the medium term and shift financial public balances and external surpluses from 2021, and the recent rise will be reflected in debt.”

It added, 'Iraq's GDP grew in the first half of 2021, by 0.9% on an annual basis, and the non-oil economy grew by more than 21% in the first half of 2021 (on an annual basis) due to the strong performance in the service sectors,' noting 'This recovery has outpaced a slowdown in the oil sector, with a 10% drop in the first half of 2121, as Iraq adjusted to its OPEC+ quota early in the year.

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