Iran’s Central Bank says industrial growth drops 27 per cent in two years

Azerbaijan, Baku, Oct.1/ Trend R.Zamanov

The Central Bank of Iran has reported that the growth rate of the domestic industry sector fell from 10 per cent to minus 13 per cent during the past two years ending autumn 2012. A separate report by the Majlis also indicates economic growth indices have degenerated in recent years.

On Monday September 30, many Iranian newspapers published sections of the Central Nank's report about economic indicators in the third quarter of the Iranian year 1391 (March 2012-March 2013), and called the economic situation of the country in the past two years 'amazing' and 'incredible'.

Deputy Head of the Central Bank for economic affairs, Akbar Komijani, has promised to publish data relating to the national economy on time and on the due dates.

The No. 70 report of the Central Bank in which some of the former administration's reports have been revised, was the first step towards materialisation of the objectives.

A quarter of young people are jobless

According to the Central Bank's report, the unemployment rate hit 11.2 per cent in the first nine months of the past Iranian calendar year. The unemployment rate was 12.5 per cent in urban areas and was 17.7 per cent among women.

The report also said that 23 per cent of youths between 15 and 29 years of age were jobless in the nine month period. The situation was even worse among youths aged between 15 and 24 years of age. Over a quarter, (25.8 per cent) were unemployed.

The Central Bank has reported that the inflation rate for the 12 month period ending the ninth Iranian calendar month of Azar (December 21) was 27.4 per cent compared to the same period in its preceding year.

The inflation rate in the final month of autumn 1391 (November 22-December 21, 2012) was 37 per cent compared to the same period a year ago. Accordingly, prices of consumer goods and services in the same month rose by 2.5 per cent compared to the previous month.

Industrial growth drops 27 per cent in two years

On September 30, the Persian language daily, Etemad, referred to report No. 70 of the Central Bank and called the national economic situation 'worrying'. Bank statistics show a sharp fall in the industrial growth rate, the daily added.

According to the report, the industrial growth rate was a little over 10 per cent in autumn 2010. It plunged to minus 0.6 per cent in autumn 2011 and plummeted to minus 13.7 per cent in autumn 2012.

The construction sector's growth rate also fell sharply from minus 14 per cent in autumn 2011 to minus 25.5 per cent in autumn 2012.

The service sector has experienced the same situation. Just the agriculture sector has remained nearly stable between 2010 and 2012.

The Central Bank's report indicates that the economic growth rate in the third quarters of 1391 was a little below minus six per cent and the average rate during the first nine months of the year was minus 5.4 per cent including the oil sector and minus 2.4 per cent excluding the oil sector.

Turkish engineers develop fiber that kills coronavirus in minutes
Turkish engineers develop fiber that kills coronavirus in minutes
Georgia, Turkey have significant prospects for co-op in agriculture, forestry
Georgia, Turkey have significant prospects for co-op in agriculture, forestry
Turkey's central bank holds key policy rate steady at 19%
Turkey's central bank holds key policy rate steady at 19%
Loading Bars
EU-UK trade plunges after Brexit: Eurostat
UK records another 2,596 coronavirus cases, 34 deaths
UN Security Council approves ceasefire monitors for Libya
North Macedonia vaccinates some 35,000 citizens
Raul Castro resigning from Cuba’s Communist Party
Azerbaijani IT company working on creating new network, server infrastructures
Georgian Economy Ministry to form expert council on Namakhvani HPP
Relations between Russia, Azerbaijan attain degree of strategic alliance - Federation Council Chair of Russian Federal Assembly
Turkish engineers develop fiber that kills coronavirus in minutes
Uzbekistan’s gold and foreign exchange reserves drop to $32.6 billion
Iran’s petrochemical output to reach $40b: Oil Minister
Relations within CIS IA to make comprehensive partnership ties more profound among member states - Chair of Azerbaijani Parliament (PHOTO)
Azerbaijani gymnasts win set of awards at Trampoline Hopes Cup tournament
Russia to permanently ban entry for eight US officials
Liabilities of Azerbaijan's Kapital Bank increase in 1Q2021
Azerbaijan's Kapital Bank completes 1Q2021 with profit
Azerbaijan’s production of oil and gas condensate down
Big share of Azerbaijan's GDP in Q1 2021 accounts for industrial sector
Azerbaijan announces date of next coupon payments on SOCAR bonds
Uzbekistan, Kyrgyzstan increase trade turnover
Azerbaijani insurance company to increase volume of payouts
Georgia, Turkey have significant prospects for co-op in agriculture, forestry
Georgian 'Mambo Frost' company exports its products to Azerbaijan
Fighter aircraft crashes in Kazakhstan
Russia adds 8,995 COVID-19 cases
Head of EU Delegation to Azerbaijan summoned to Azerbaijani MFA
Georgian budget to save funds thanks to low-interest rate on new Eurobonds
Azerbaijan discloses number of COVID-19 vaccinated citizens
Azerbaijan confirms 2,163 more COVID-19 cases, 2,251 recoveries
Frequency of regular flights between Georgia and Israel increases
Azerbaijani president, first lady sign obituary on famous film director’s death
Georgia not to revise 2021 budget
Volume of cargo exported by Azerbaijan via sea in 2021 disclosed
Raisina dialogue: Indo-Pacific epicentre of strategic competition, says Australia PM
Azerbaijan records sharp increase in cargo movement by air
Remittance inflows from Azerbaijan to Georgia show growth
Decrease in apartment prices in Georgia not expected - analyst
US investors aim to finance Georgian startups
Azerbaijan expanding network of seismic stations (PHOTO)
Turkmenistan prioritizes promotion of domestic goods to world markets
Kazakhstan boosts trade with Tajikistan despite COVID-19
Azerbaijan shows footage from Memer village of Gubadli district (PHOTO/VIDEO)
Nominal income of Azerbaijani population drops for Q12021
Foreigners show interest in making investments in Georgia
Azerbaijan's Azertutun company to be privatized - decree
Kazakhstan to amend rules for use of unmanned aircraft systems
Dozens of vehicles to be put up for state property auction in Azerbaijan
Next volume of ADA University’s Baku Dialogues Journal published
FAO working on approving Country Program Framing with Turkmenistan
U.S. housing starts increase more than expected in March
Photo capturing reaction to relative's death in Armenian attack on Azerbaijani Ganja named ‘Media Photo of Year’ in Turkey
Nokia expanding its activities in Georgia
SIEMENS AG modernizing thermal power plants in Uzbekistan’s Tashkent
Georgia shares data on dried fruit exports
Uzbekneftegaz JSC implementing modernization of unit at Uzbekistan's Shurtan Headings
Azerbaijan sees increase in inflation rate for Q12021
Turkmenistan leads in aviation oil exports to Georgia
Volume of Azerbaijan's 1Q2021 railway cargo traffic revealed
Russia's Yandex to launch e-grocery delivery in Paris then London
Kansas City revenue falls 3.5% as COVID-19 hits volumes
India To Spend $200 Million In Next 5-7 Years To Promote Hydrogen Use
Georgian Railway plans to issue Eurobonds in June 2021
Turkmenistan sees increase in number of registered business entities
Russian Hevel Energy Group commissions solar plant in Kazakhstan
UK PM Boris Johnson To Finalise "Roadmap 2030" With India: High Commission
India, France sign agreement for cooperation on Gaganyaan mission
Amazon announces $250 million fund for small, medium businesses in India
Sputnik V covid vaccine deliveries to India to begin this month
Anglo Asian Mining lowers gold output in Azerbaijan
International airport being built in Uzbekistan's Samarkand
Iran top OPEC oil producer for March 2021
Total assets of Azerbaijan's Kapital Bank increase
Japan provides loan to Uzbekistan within socio-economic dev't
Iran expects increase in production
Azerbaijan restoring roads in Tartar damaged during Second Karabakh War (PHOTO)
Memorandum of Understanding on co-op between Azerbaijan and OIC in field of statistics approved
COVID-19 affects trade turnover between Switzerland, Azerbaijan - ambassador
President of Afghanistan holds meeting with Nizami Ganjavi International Center (PHOTO)
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Iran has to take advantage of regional markets - Chamber of Commerce
Russia discloses volume of Sputnik V vaccine to be supplied to Azerbaijan
Azerbaijan shares data on cancelled tender, quotation poll results
Iran, Qatar may connect their power networks
Azerbaijan reveals 2M2021 data on cargo movement via TRACECA
Georgia sees increase in production of nuts and grapes
Meetings held in Azerbaijan with representatives of state bodies to switch to G-Cloud
Azerbaijan Airlines’ Supervisory Board holds first meeting (PHOTO)
China to invest in development of Iranian ports
Production of wheat and potato in Georgia increases
Switzerland sees potential in strengthening co-op with Azerbaijan in energy field
Uzbekistan interested in import of livestock from Kyrgyz Republic
Turkmenistan receives new industrial oil inflow
Uzbekistan discloses processing capacity of sunflower seeds by 2022
Azerbaijan talks reconstruction of several fish farms
VTB Group concludes deal for acquisition of Kazakhstan's KAZ Minerals
SOCAR boosts exports of oil, petrochemical and gas-chemical products
State Tax Service of Azerbaijan talks tax fees for online services
Passenger transportation indicators plummet in Kazakhstan
Azerbaijan's 1Q2021 GDP slightly decreases
Azerbaijani president, first lady view renovation, restoration work in Baku's Pirshaghi settlement (PHOTO)
All news