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Planning: 12.3% decrease in gross domestic product for the current year
Economy News _ Baghdad
On Sunday, the Ministry of Planning announced that the GDP for the first quarter of 2020 decreased by 13.3%.
The central statistics agency of the ministry said in a report seen by the "Economy News", that "the total output at the current basic prices for the first semester of the year 2020 amounted to 53,129 billion dinars, equivalent to $ 44.9 billion."
He added that "the gross domestic product for the first semester of 2020 decreased from the first semester of 2019 by 12.3% at current basic prices and 1.7% at constant prices."
He pointed out that "the total output for the first half of 2020 also decreased from the fourth quarter of 2019 at a rate of 20.9% at current basic prices and 10% at constant prices."
She pointed out that "the reasons for the decline are due to the decrease in the output of the oil activity due to the low oil prices, and the decrease in the output of the agricultural activity due to the seasonality, in addition to the decrease in the construction and construction activity due to its dependence on the investment budget," noting that "the economic crisis that Iraq witnessed due to Virus Covid-19 impact Significantly lower GDP. "
The gross domestic product is defined as the value of production of final goods and services achieved within a year and is an important indicator of national accounts because it reflects the efficiency of the country's economic performance for the past period.
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