Baku, Azerbaijan, April 4
By Fatih Karimov - Trend:
The International Monetary Fund has said in a recent report that Iran's oil and gas exports dropped significantly in the past Iranian calendar year, which ended on March 20, compared to the preceding year.
According to the report, which was published on April 3, Iran exported $56.3 billion worth of oil, gas, and gas condensates in the past year, compared to $62.9 billion and $118 billion two and three years ago, respectively.
The International Energy Agency had previously reported that the country's oil and gas condensate exports fell to 1.07 million barrels in 2013, though the figure rose to some extent during the past three months and reached 1.41 million barrels in February.
A Reuters survey estimated last week that Iran's oil exports in March did not fall notably compared to February.
According to the IMF, Iran's economy grew by 3 percent in calendar years 1390 (March 2011-March 2012), while it contracted by 5.8 percent and 1.7 percent in 1391 (March 2012-March 2013), and 1392 (March 2013-March 2014) respectively. The IMF has estimated the country's economy would grow by 1-2 percent in the current Iranian calendar year.
The country's oil and gas condensate exports hit 2.8 million barrels per day in the past Iranian calendar year, the report said, adding that the figure was 3.2 mbpd and 4 mbpd in the past two years.
Moreover, the country's inflation rate hit 29 percent in the 12-month period ending January 2014. The figure was 45 percent in the 12-month period ending July 2013, showing a significant fall, according to the report.
Iran's inflation rate in year 1390 (March 2011-March 2012) stood at 12 percent.