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Iran’s 3-month economic growth hits 2%

Business Materials 17 May 2016 12:09
Iran’s economic growth stood at 2 percent for the three month period between December 22 and March19, corresponding to the last quarter of the Iranian fiscal year
Iran’s 3-month economic growth hits 2%

Tehran, Iran, May 17

By Mehdi Sepahvand - Trend:

Iran's economic growth stood at 2 percent for the three month period between December 22 and March19, corresponding to the last quarter of the Iranian fiscal year.

The announcement was made by government spokesman Mohammad Baqer Nobakht during a press conference in Tehran, Trend correspondent reported from the event May 17.

"That includes oil revenues, but excluding oil, the growth rate stood at 1.6 percent," Nobakht said.

Iran's crude export started to rise in January when the country was freed from sanctions.

Nobakht went on to explain that in the agriculture group, growth improved from 3.3 to 5.5 percent compared to the preceding quarter.

Industry jumped from -4.4 percent to 0.6 percent, with industry and mining subdivision surging from -1.3 to 3 percent and the mining subdivision from -7.3 to 9.9 percent, he further said.

According to the spokesman, growth in the oil and gas extraction group grew from -9 to 16.5 percent compared to the preceding quarter.

"Growth in the group of other mines plunged from -2.7 to -7.5, however," he said, adding, "The procurement of water, electricity, and natural gas improved from -1.1 to 7.9 percent."

"Housing improved from -21.7 to -16.5, services from 0.4 to 0.8, wholesale, hotels and restaurants from 0.3 to 1, and business from 0.6 to 1 percent."

Nobakht added that in the meantime, growth in the education, health, and social assistance group improved from 7.7 to 8.8 compared to the previous three-month period.

Iran's GDP (including the oil sector) will reach $386.1 billion in 2016, The International Monetary Fund (IMF) forecasted in April.

The country's current-year economic growth is predicted to hit around five percent.

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