(MENAFN) Iraq's economy is expected to decline this year despite previous predictions of a healthy growth due to the country's unstable political situation, Gulf Daily News reported.
Iraq's gross domestic product (GDP) is expected to decline by 2.7 percent this year, down from the 5.9 percent growth it was predicted to have.
Iraq, which mostly depends on oil for its economy and pumps around 3.5 million barrels per day, witnessed a growth by 4.2 percent in its oil trade last year, and despite expectation of growth by 1.5 percent this year as well, this percentage is still down compared to 6.7 percent growth it was predicted to have earlier this year
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