Requests for building construction in Iran down by 66%

Business Materials 19 May 2015 12:28 (UTC +04:00)

Baku, Azerbaijan, May 19

By Fatih Karimov - Trend: Requests for building construction in Iran dropped by 66.4 percent in autumn last year compared to the same period in its preceding year, the Statistical Center of Iran said in a report May 18.

Some 91.7 percent of the permissions issued in autumn were related to 5-story buildings.

The number of permissions issued by the Tehran Municipality was 1,907 or 8.4 percent of the total permissions issued in the country.

The number of permissions issued for constructing new buildings fell by 18.3 percent compared to summer last year, and fell by 56.8 percent compared to autumn in Iranian fiscal year 1392 (March 2013-March 2014).

The total sum of area of buildings was 11,481 square meters, a 57.8 percent fall compared to the past year. The average area of the buildings was 585 square meters.

The International Monetary Fund (IMF) forecast a 0.6 percent gross domestic product (GDP) growth for Iran in 2015 in its April World Economic Outlook.

The IMF report put Iran's GDP growth at 3 percent in 2014, while predicting a 1.3 percent GDP growth for the country in 2016.

The report also said Iran maintained its 2013 rank as the World's 18th largest economy in 2014 based on the purchasing power parity (PPP).

Edited by CN