Baku, Azerbaijan, March 13
By Fatih Karimov – Trend:
Iran's economic growth based on prices in the Iranian fiscal year of 1390 (March 2011-March 2012) increased by 11.6 percent during the first 9 months of the current fiscal year (March 20- Dec. 20, 2016) compared to the same period of the preceding year.
The country's GDP (including the oil sector) reached 4.999 quadrillion rials (about $154.2 billion based on official rate of 32,417 rials per each USD) during the 9-month period, the Central Bank of Iran (CBI) said on March 13.
Meanwhile Iran's GDP (excluding the oil sector) registered a growth by 1.9 percent during the first 9 months of the current fiscal year.
The CBI report covers data on a wide range of economic sectors, such as agriculture, oil, mining, energy, construction, services and industry sectors.
The Islamic Republic's oil sector registered a 65.4 percent growth during the 9-month period, meanwhile the growth of the mining and industry sectors respectively stood at -0.2 and 5.8 percent in the current fiscal year's first 9 months.
Iran's agriculture sector witnessed a 4.2 percent growth in the period, and the service sector registered 2.4 percent rise.
The country’s construction sector registered the lowest growth and shrank by 17.1 percent in the 9-month period.
A report published by the International Monetary Fund (IMF) on Feb. 28 said that real GDP of Iran grew by 7.4 percent in the first half 2016/17, rebounding from recession in 2015/16. However, growth in the non-oil sector averaged 0.9 percent, despite the pick-up registered in the second quarter, reflecting continued difficulties in access to finance and domestic financial sector and structural weaknesses.
IMF says that economic growth is projected to stabilize at 4.5 percent over the medium-term as the recovery broadens.
“Real GDP growth is expected to reach 6.6 percent in 2016/17 and to ease to 3.3 percent in 2017/18 as oil production remains at the OPEC target”.
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