Iran’s economy flourishing apace: IMF report

Business Materials 29 May 2010 11:37 (UTC +04:00)

The International Monetary Fund predicted that in 2010 Iran's GNP would increase to $30 billion, inflation would be one-digit, forex reserves would rise by $5 billion and money growth would halt at 14.5 percent.

Fars news agency cited the IMF May 2010 report, "Regional Economic Outlook: Middle East and Central Asia", which forecasted a positive economy for Iran in 2010.

3.3 percent growth in non-oil economy

According to the report Iran's growth in 2010 will be 3 percent. This growth was 1.8 percent in 2009.

In the non-oil sector Iran will grow 3.3 percent in 2010 which is more that the year before which was 2.7 percent.

$30 billion increase in Iran's GNP in 2010

The report stated that GNP growth in 2009 was over $330.5 billion; however, in 2010 it will soar up to $360 billion.

Production and export of oil from Iran will stay put compared to the year before

The IMF report foresees that statistics related to Iran's oil sector will remain the same in 2010. Production will be around 3.7 million barrels a day. Last year Iran exported some 2.1 million barrels a day and the report states that the figure will stay the same in 2010.

Iran's inflation rate will be one-digit for the first time

According to the report a significant decrease in the inflation rate is one of the characteristics of the Iranian economy in 2010.

In the past two years due to various reasons including the increase in global prices and the depreciation of the greenback inflation stood at 25.4 and 10.3 respectively: however in 2010 this rate will fall to 8.5 percent for the first time.

$5 billion increase in forex reserve

The report predicts Iranian forex reserves will increase $5 billion and reach 88.5 in 2010. The Iranian forex reserve was $79.6 billion in 2008 and $83.6 billion in 2009.

Iran ranks fourth in the Middle East and Central Asia after Saudi Arabia, Algeria and Libya with $ 408 billion, $147.2 billion and $102 billion, respectively.