Iran increases investments in construction sector by over 12 times
Baku, Azerbaijan, Oct. 23
By Umid Niayesh - Trend:
The amount of funds invested into the country's construction sector have increased by 12,5 times in the first half of the current fiscal year (started March 21) compared to the same period of last year, Fars News Agency reported on Oct.23.
Iran's Vice President Mohammad Bagher Nobakht said that some $9.13 billion (based on official USD rate at 26,760 rials) has been invested in construction sector during H1 of the current year.
Iranian government is supposed to allocate about $15 billion for the construction sector, based on the annual budget law.
Nobakht added that during the first 6 months of current fiscal year, some 400,000 new jobs were created, but there are still 2.2 million jobless people in Iran.
He also said that the investment made into the country saw a 5.7-percent increase in H1, compared to the same period of last year.
Nobakht said some financial facilities, construction of which was about $42 billion, were built in the country since Hassan Rouhani became Iran's president in August 2013.
Iran experienced a 2.2-percent and 6.8-percent economic contraction in the last two years respectively, while the inflation rate went over 39 percent in mid-2013.
The official statistics say Iran's GDP growth during last spring was 4.6 percent, while the inflation rate fell below 22 percent in the last Iranian calendar month.