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Iranian industry's share from GDP to reach 25%

Business Materials 28 January 2015 17:47 (UTC +04:00)

Tehran, Iran, Jan 28
By Milad Fashtami - Trend:

Iran plans to increase the share of industry in the country's gross domestic product (GDP) up to 25 percent, Iranian Industry, Mine, and Trade Minister Mohammadreza Nematzadeh said.

He said currently oil and gas account for 90 percent of Iran's GDP, but Iran has a plan to increase the industry's share," he said, Iran's Mehr News Agency reported on Jan. 28.
According to latest report published by the IMF's Middle East and Central Asia Department (MCD), Iran's real GDP growth in 2014 was around 3 percent. Iran's oil and non-oil GDP growth, respectively, stood at 7.3 and 2.5 percent in the mentioned time span.

Iran's GDP contracted by 1.9 percent in 2013. Iran's nominal GDP also stood at $406.3 billion in 2014. The figure was $386.2 billion in 2013.

Nematzadeh also said that, Iran's economy is under sanctions, but the country has made significant progress in different fields including petrochemical, energy, mineral machinery, electronics, and construction materials.

He said that Turkey and Malaysia have adopted a successful export-based industry policy, which can be a good example for all developing countries.

"We have offered the Eight Developing Countries (D-8) to invest in Iran's textile and automobile manufacturing industries," he noted.

The Iranian minister made the remarks on the sidelines of the fourth ministerial meeting of D-8 organization in Tehran.

D-8, also known as Developing-8, is an organization for development cooperation among the member countries.

The objectives of D-8 are to improve member-states' status in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level and improve standards of living.

Trade turnover among the Developing-8 countries stood at $150 billion in 2013 and is projected to hit $500 billion in 2018.

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