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Iran’s GDP growth hits 4.6%

Business Materials 25 September 2014 13:36 (UTC +04:00)

Baku, Azerbaijan, Sept. 25

By Umid Niayesh - Trend:

Iran's GDP based on prices in Iranian fiscal year of 1383 (March 2004-March 2005) increased by 4.6 percent in spring (March 20- June 21) in comparison with the same period last year.

The country's GDP including oil sector reached 480.49 trillion rials (about $18 billion based on official rate of 26,659 rials per each USD) during the 3-month period, the Central Bank of Iran (CBI) reported Sept. 25.

Iran's GDP, excluding oil sector stood at 428.01 trillion rials during the first three months of the current fiscal year (March 20- June 21) indicating a growth by 4.4 percent year on year.

The Islamic Republic's GDP has registered a significant growth during the current fiscal year considering the 4.1 percent shrink during the last fiscal year's first quarter compared to the preceding year.

Iran's GDP experienced a fall by 1.9 percent during the last fiscal year (ended on March 21) compared to the preceding year and amounted for 1,972.85 trillion rials.

The figure excluding oil sector reached 1,774.11 trillion rials, indicating a decrease by 1.1 percent year on year.

The CBI report covers data on a wide range of economic sectors, such as agriculture, oil, mining, energy, construction, services, trade, hospitality, finance and credit, telecommunication, and transportation sectors.

The growth of the Islamic Republic's oil sector shared 6.1 percent of the total GDP during the 3-month period, meanwhile the figure was -21.9 percent in first quarter of the last fiscal year.

The growth of the mining and industry sectors respectively shared 10.5 and 10 percent of the total GDP in the current year's first quarter.

The World Bank said in June that Iran's GDP will grow by 1.5 percent in 2014.

Iran's GDP growth is forecast to reach 2 percent and 2.3 percent in 2015 and 2016, respectively, the report said.

The World Bank estimated that the Iranian GDP contracted by 1.7 percent in 2013. This was preceded by a 5.6 percent shrink in 2012.

Earlier the CBI reported that the Iranian economy, including the oil sector, contracted by 1.9 percent during the last fiscal year (March 2013-March 2014).

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