Iran's economic growth slowing down

TEHRAN,Iran, Feb.18

Trend:

Iran's economic growth during the current economic year (started March 21,2019 ) was negative and dropped to – 7.6 percent , said the head of Tehran Chamber of Commerce Masoud Khansari, Trend reports via IRNA.

"Meanwhile, economic growth in the agriculture sector was 3.2 percent and in the construction sector - 9.6 percent," said Khansari.

"The country's industrial and mining sector had -16.6 percent growth while the investment in country's gross domestic product (GDP) has reduced by 18 percent compared to the previous years," he added.

Khansari pointed out that foreign investments into Iran have been an issue due to sanctions, while the domestic investments have shrunk in the current Iranian year.

"The productivity growth in past 40 years was zero percent but in current year the productivity in industrial sector was 8.9 percent," he said.

"The producer price index (PPI) was 60 percent while the bank advances growth was 26 percent that indicates a 24 percent liquidity drop that would eventually reduce production," he said.

"There are some imported goods that are still held at the customs including sanitary, cosmetics and cars, and releasing them would help the business environment," he added.