Iran developing non-oil sector of economy

Business Materials 13 June 2020 13:54 (UTC +04:00)
Iran developing non-oil sector of economy

BAKU, Azerbaijan, June 13

By Elnur Baghishov-Trend:

Iran's non-oil sector of economy grew by 1.1 percent in the last Iranian year (from March 21, 2019 through March 20, 2020), Director General of the Central Bank of Iran (CBI) Abdolnasser Hemmati wrote on his instagram page, Trend reports.

The agricultural sector grew by 8.8 percent, Hemmati wrote adding that the industrial and mining sectors grew by 2.3 percent.

The head of CBI noted that the service sector declined by 0.2 percent at the end of last Iranian year (as of February 19, 2020) due to the spread of coronavirus.

"Iran's oil revenues declined by 38.7 percent, and overall, the growth of Iran's economy decreased 6.5 percent," he said.

“It is expected the non-oil sector in Iran will continue to develop this year as well,” the director general said.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals. As a result of sanctions, Iran's revenues fell by $50 billion a year.