Central Organization for Statistics...

Growth GDP by (10.9%) during the year of 2008

A preliminary estimation of the Central Organization of Statistics in the Ministry of Planning and Development Cooperation revealed  for a significant rise in Gross Domestic Product for the year of 2008 by (44.2%) compared to the year 2007 at current prices, while the rate of annual increase at constant prices reached (10.9%) compared with the previous year.

   A press release issued by the Central Organization for Statistics attributed this increase in gross domestic product, which represents the value of production of final goods and services generated during the year, that is the total value added of resident producers during the year to rise the output of the crude oil activity at a rate of increase reached (50.4%) at current prices and (18.0%) at constant prices for the year of 2007 ... pointed out that the quantities of produced oil increased from (742.079) million barrels in 2007 to (850.239) million barrels in 2008, at rate of increase reached (14.6%) .. the exported quantities of crude oil witnessed an increase by (13.3%) in the year of 2008 from the year of 2007 .. In addition, the average price of produced barrel was witnessed a remarkable increase at rate of (35.8%) in the year of 2008 compared to the previous year, when the barrel price increasing from (65.4) USD in the year of 2007 to (88.8) USD during the year of 2008 as a result of rise oil prices in the first half of the year of 2008 that the barrel price reached of a to record levels in excess of the barrier (100) dollars per barrel.
 
   The statement added... That crude oil activity has contributed at rate of (53.7%) in GDP at current prices in the year of 2007, but it increased to (56.0%) in 2008, while the proportion of its contribution at constant prices in the year of 2007 was (41.6%), rose to (44.3%) in the year of 2008.
 
   With regard to the contribution of other economic activities, The statement issued by the Central Organization for Statistics demonstrated That activities of agriculture, industry and services contributed in the composition of the gross domestic product at constant prices for the year of 2008 reached (7.5%) for agriculture, (2.4%) for industry and (17.6%) for the services, so the activity of social and personal development services occupied the second level after oil activity in terms of its contribution in products.
 
   It should be noted that GDP is an important indicator of the national accounts indicators because it reflects of economic performance efficiency of the country... since the growth is reflected on the development of the gross national income, which reflects the level of the social welfare development of individual.