Iran’s economy contracted by 1.9 percent last fiscal year

Baku, Azerbaijan, Aug.13

By Fatih Karimov - Trend: The Iranian economy, including the oil sector, contracted by 1.9 percent in Iranian fiscal year 1392 (March 2013-March 2014), the Central Bank of Iran (CBI) reported.

In its latest report, CBI said the Iranian economy, excluding the oil sector, contracted by 1.1 percent, Iran's Mehr news agency reported on Aug. 13.

CBI also reported that the Iranian economy contracted by 6.8 percent and 0.9 percent, including and excluding the oil sector respectively, in Iranian year 1391 (March 2012-March 2013).

The report covers data on a wide range of economic sectors, such as agriculture, oil, mining, energy, construction, services, trade, hospitality, finance and credit, telecommunication, and transportation sectors.

The country's GDP based on prices in Iranian year 1383 (March 2004-March 2005) fell to 1,972,853 billion rials in 1392 from 2,011,554 billion rials in 1391, mainly due to a decline in added value of activities in oil, trade, hospitality, industry, and finance sectors, the report said.

The agriculture sector had the highest share, i.e. 0.3 percent, of the GDP growth rate.

The U.S. exchange rate is currently about 31,000 rials in Iran.

Mohammad-Ali Najafi, advisor to Iranian president Hassan Rouhani, said on Aug. 9 that Iran's economic growth rate is expected to hit 2 percent and 4 percent in the next two years, and the inflation rate is expected to fall below 15 percent.

The World Bank said in June that Iran's GDP will grow by 1.5 percent in 2014.

Iran's GDP growth is forecasted to reach 2 percent and 2.3 percent in 2015 and 2016, respectively, the report said.

The World Bank estimated that the Iranian GDP contracted by 1.7 percent in 2013. This was preceded by a 5.6 percent shrink in 2012.

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