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

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.

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