Iran’s economic growth hits 4%

Business Materials 24 December 2014 11:26 (UTC +04:00)

Baku, Azerbaijan, Dec. 24

By Umid Niayesh - Trend:

Iran's economic growth based on prices in Iranian fiscal year of 1383 (March 2004-March 2005) increased by 4 percent during the first half of current fiscal year(March 21-Sep. 22) compared to the same period of last year.

The country's GDP including oil sector reached 1,023 trillion rials (about $37.787 billion based on official rate of 27,073 rials per each USD) during the 6-month period, the Central Bank of Iran (CBI) reported Dec. 24.

Iran's GDP, excluding oil sector stood at 917.5 trillion rials ($33.89 billion) during the first six months of the current fiscal year indicating a 3.5 percent growth year on year.

The Islamic Republic's GDP has registered a significant growth during the current fiscal year considering the 2.4 percent shrink during the last fiscal year's first six months compared to the preceding year.

Iran's GDP experienced a 1.9 percent fall during the last fiscal year(March 2013-March 2014) 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 1.1 percent decrease 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 0.9 percent of the total GDP growth during the 6-month period.

The sector registered a 9.2 percent growth during the period, meanwhile the figure was -13.5 percent in first half of the last fiscal year.

The growth of the mining and industry sectors respectively stood at 10.5 and 6.5 percent in the current year's first half.

Iran's agriculture sector witnessed a 3.2 percent growth in the period, meanwhile the service sector registered 2.5 percent rise.

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.

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