Iran’s economic growth reaches 3.6%
Baku, Azerbaijan, March 16
By Umid Niayesh - Trend:
Iran's economic growth based on prices in the Iranian fiscal year of 1383 (March 2004-March 2005) increased by 3.6 percent during the first 9 months of the current fiscal year (March 21, Dec. 21, 2014) compared to the same period of last year.
The country's GDP (including the oil sector) reached 8.291 quadrillion rials (about $296.1 billion based on official rate of 28,000 rials per each USD) during the 9-month period, the Central Bank of Iran (CBI) reported March 16.
Iran's GDP (excluding the oil sector) stood at 6.923 quadrillion rials ($247.25 billion) during the first nine months of the current fiscal year indicating a 3.1 percent growth year on year.
The Islamic Republic's GDP has registered a significant growth during the current fiscal year considering the 2.2 percent shrink during the last fiscal year's first nine months compared to the preceding year.
Iran's GDP saw a 1.9-percent fall during the last fiscal year (March 2013-March 2014), compared to the preceding year and amounted for 9,343 trillion rials. The figure excluding oil sector reached 7,753 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 0.8 percent of the total GDP growth during the 9-month period.
The sector registered a 8.1 percent growth during the period, meanwhile the figure was -12.9 percent in first nine months of the last fiscal year.
The growth of the mining and industry sectors respectively stood at 10.7 and 5.1 percent in the current fiscal year's first nine months.
Iran's agriculture sector witnessed a 3.5 percent growth in the period, meanwhile the service sector registered 2.3 percent rise.
During the 2012 and 2013 Iran's economy experienced 5.8 percent and 2 percent contraction, while the country's GDP growth is expected to free itself from negative growth this year.
Iran's nominal GDP also stood at $406.3 billion in 2014. The figure was $386.2 billion in 2013.
Iran's GDP growth is forecast to reach 2 percent and 2.3 percent in 2015 and 2016, respectively, according to the World Bank.
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