Iran’s GDP grows 6.4% in spring after consecutive declines
Baku, Azerbaijan, Sept. 28
By Fatih Karimov - Trend:
Iran's GDP, including the oil sector, grew by 6.4 percent in spring this year after 8 seasons of decline.
Peiman Qorbani, Vice Governor of Iranian Central Bank (CBI) said the national economy, excluding the oil sector, grew by 4.4 percent in spring, corresponding to the first quarter of the current Iranian year, the Mehr news agency reported Sept. 28.
"The administration's top priority is to curb the inflation rate and stabilize the domestic market," he said, adding that the industry sector accounted for the lion's share of the growth.
Iran's agriculture, oil, mine and industry sectors achieved positive growth rates of up to 8.1 percent during the mentioned period, according to the CBI.
The economic growth rate in Iran turned positive after the country experienced months of stagflation, suffering negative economic growth combined with rising inflation rate.
In the last Iranian calendar year (ended March 20, 2014) Iran's economy shrank by 1.9 percent.
Earlier this month, Iranian President Hassan Rouhani said the Islamic Republic will witness an inflation rate far below 20 percent at the end of the year.
The Rouhani administration had previously envisaged a 25-percent inflation rate for the current year.