The Central Bank of Iraq announced on Sunday that the real GDP for the first quarter of 2017 increased by 2.9%, pointing to a rise in gross domestic product as well.
The bank said in a report that the real GDP for the first quarter of 2017 rose by 2.9% to record 48.1 trillion dinars against 46.8 trillion dinars for the first semester of 2016, noting that the increase was mainly to increase the quantities of crude oil production by 2.1% compared to the year 2016.
The report added that the gross domestic product recorded at current prices during the first quarter of 2017, a remarkable rise of 23.5% compared to the same quarter of 2016 to record 53.6 trillion dinars compared to 43.4 trillion dinars for the first semester of 2016, “noting that” this is due to the rise The average price of a barrel of crude oil, recording 48.3 dollars per barrel compared to 24.9 dollars per barrel for the same period of 2016.
The price of crude oil improved during the year 2017 after falling during the last year to low levels in January to less than 20 dollars.
