Iran's economic growth hits 2.5-3%

Business Materials 1 March 2015 13:29 (UTC +04:00)

Baku, Azerbaijan, March 1

By Khalid Kazimov - Trend:

Iranian Minister of Economy Ali Tayebnia said that Iran's economic growth rate is expected to hit 2.5-3 percent in the current Iranian fiscal year (March 21, 2014 to March 20, 2015).

Tayebnia said that in the past few years, the country's average economic growth hit around 3 percent, which can not bring benefit to the people, striving for more work to improve the rate.

He also noted as a negative point that Iran's economic growth is in direct relation with the country's oil revenue, Fars news agency reported March 1.

Tayebnia stated that in the first six months of the current Iranian fiscal year, the country's economic growth hit 4 percent.

He hoped that by the end of the year, a 2.5-3 percent growth will be registered.

The economy minister also said that this year, the government managed to collect 95 percent of the taxes.

Tax revenues registered a 42 percent growth this year, which is a considerable index, given the country's current economic situation, he noted.

He also predicted that the next Iranian year, starting March 21, tax revenues will increase by 30 percent to make for a little less than 50 percent of the country's national budget.

Tayyebnia also stated that in the current Iranian year, inflation rate was lowered to 15.2 percent.

The inflation rate in Iran in 2005, when ex-President Mahmoud Ahmadinejad took the government was about 10.4 percent, but in mid-2013, when Ahmadinejd handed over the office to Rouhani, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

Tayebnia said on July 19 that the government will pursue its policy to snap the country's economy out of recession.

"We are trying to revise the country's tax system" he added.