Baku, Azerbaijan, Oct. 27
By Umid Niayesh - Trend:
The International Monetary Fund reported that Iran's economy is moving from contraction to modest growth. The IMF has predicted that Iran's real GDP growth rate will increase by 1.5 percent in the current fiscal year (started on March 21).
According to the IMF`s last Regional Economic Outlook covering Middle East and Central Asia which was released Oct. 27, the country's real GDP growth is forecasted to hit 1.3 percent in next fiscal year (will start on March 21, 2015).
The Islamic Republic's GDP growth decreased 1.9 percent in the last fiscal year (ended on March 21).
The IMF report also said that Iran's consumer price inflation will hit 19.8 percent in the current fiscal year, predicting that the figure will be 20 percent in the next fiscal year.
The figure was 34.7 percent in the last Iranian fiscal year.
The IMF also projected that Iran's general government overall fiscal balance (Includes central government and National Development Fund but excludes Targeted Subsidy Organization) is expected to reach at -2.1 and -2.2 percent of GDP, during current and next Iranian fiscal year respectively.
The figure stood at -2.3 percent of GDP in last fiscal year, according to the IMF.
Iran's oil GDP predicted to grow by 0.5 percent during the current fiscal year, while non-oil GDP growth rate will increase by 1.6 percent.
IMF also has predicted that the country's oil GDP will shrink by 0.3 percent in next Iranian fiscal year, meanwhile the non-oil GDP will grow by 2.5 percent.
Iran's oil and non-oil GDP shrank by 8.9 and 1.1 percent respectively during the last Iranian fiscal year (ended on March 21).
According to the IMF`s report, Iran's crude oil and condensate production together is forecast to reach 2.5 and 2.4 million barrels per day (mbpd) during the current and next Iranian fiscal year respectively. The figure stood at 2.5 mbpd in the last Iranian fiscal year.
Natural gas production of the Islamic Republic also forecasted to reach an average level of 3 millions of barrels per day equivalent during the current and next fiscal year, non-changed from last fiscal year.
Iran's general government total revenue (excluding grants) forecast to stand at 13.1 and 12.3 percent of the GDP during the current and next fiscal years respectively, the report said.
The figure was 14.6 percent of GDP in the last fiscal year.
The IMF predicted that, Iran's general government total expenditure and net lending will stand at 15.3 and 14.6 percent of the GDP in the current and next fiscal years respectively.
Iran's last fiscal year's general government total expenditure and net lending was 15.6 percent of GDP.
Edited by CN