...

Iran's economic growth to hit 1 percent in H1

Iran Materials 1 September 2014 14:21 (UTC +04:00)

Tehran, Iran, Sept. 1

By Milad Fashtami - Trend:

Iran's Vice President for Planning and Strategic Supervision Mohammad Baqer Nobakht said on September 1 that the country's economic growth will reach one percent in the first half of the current Iranian calendar year (March 21 - September 22).

"The Statistical Center of Iran estimated the economic growth to reach 0.5 percent in the mentioned period but our estimation is one percent," Nobakht explained, Iran's Fars News Agency reported.

"The figure is expected to reach 2 percent by the end of the current year (March 20, 2015)," he noted.

On the other hand, IMF (International Monetary Fund) reported that Iran's economic growth rate will hit 1.5 percent in the current year.

Masood Ahmed, the director of the IMF's Middle East and Central Asia Department, said that the country's economic growth rate will increase to 1.5 percent after two years of contraction, IRNA news agency reported in August.

According to Ahmed, the inflation rate in Iran has decreased, and foreign currency exchange rates have stabilized as a result of effective policies taken by President Hassan Rouhani's administration.

He further added that the government's policies are aimed to improve monetary and fiscal policies and enhance efficiency and productivity in different sectors.

Business Monitor said in its April report that the Iranian economy will return to growth in 2014, as the improvement in relations with the West and better macroeconomic management will lead to an improved outlook for exports and increased business and consumer confidence.

Recent improvements in relations with the West bode well for the country's economy, which is forecast to expand by 2.9 percent in 2015, according to the report.

Latest

Latest