International Monetary Fund predicts Iran's GDP to shrink current fiscal year
Baku, Azerbaijan, Nov. 12
By Umid Niayesh - Trend: The International Monetary Fund (IMF) has predicted that Iran's real GDP growth rate will shrink by 1.5 percent in the current fiscal year (started on March 21), but it will rise to 1.3 percent in next fiscal year.
According to the IMF`s last Regional Economic Outlook covering Middle East and Central Asia which was released on November 12, the country's real GDP growth decreased by 1.9 percent in the last fiscal year (ended on March 21).
The IMF report also said that Iran's consumer price inflation will hit 42.3 percent in current fiscal year, predicting that the figure will be 29 percent in the next fiscal year.
The figure was 30.5 percent in the last Iranian fiscal year.
IMF also said that Iran's general government overall fiscal balance (includes National Development Fund but excludes Targeted Subsidy Organization) is expected to reach at -2.5 and -4.4 percent of GDP, during current and next Iranian fiscal year respectively, while the total government gross debt amount would be 6.0 and 8.8 percent of GDP respectively during current and next fiscal year.
Iran`s oil GDP predicted to shrink by 4.6 percent during the current fiscal year, while non-oil GDP will shrink by 1.2 percent.
IMF also has predicted that the country's oil GDP and non-oil GDP will stand at -2 and 1.5 percent respectively in the next Iranian fiscal year.
Iran's oil and non-oil GDP shrank by 11.9 and 0.9 percent respectively during the last Iranian fiscal year (ended on March 21).
Iran's general government total revenue (excluding grants) forecast to stand at 14.7 and 12.7 percent of the GDP during the current and next fiscal years respectively, the report said.
The figure was 16.5 percent of GDP in the last fiscal year.
IMF predicted that, Iran's general government total expenditure and net lending will stand at 17.3 and 17.1 percent of the GDP in the current and next fiscal years respectively.
Iran's last fiscal year's general government total expenditure and net lending was 19 percent of GDP, the report said.
According to the IMF`s report, Iran's crude oil and condensate production together is forecast to reach 2.5 and 2.4 mbpd during the current and next Iranian fiscal year respectively.
The figure stood at 2.8 mbpd in the last Iranian fiscal year.
Iran's oil exports have continued to decline because of tightening sanctions, the report said, adding that the country's exports are expected to continue to decline next year.