Iran forecasts GDP growth of 2.5%

Business Materials 1 June 2015 13:07 (UTC +04:00)

Baku, Azerbaijan, June 1

By Fatih Karimov - Trend: Iran's gross domestic product (GDP) growth is forecast to be 2.5 percent in the current Iranian fiscal year, which began on March 21, Akbar Komijani, the deputy governor of the Central Bank of Iran said.

Speaking on the sidelines of the 25th Annual Conference on Monetary and Exchange Rate Policy, which is being held in Tehran, Komijani said that the foreign exchange rate is predicted to be reduced by 2-3 percent in the current year, Iran's Fars news agency reported on June 1.

The foreign currency exchange rate has decreased by 3.9 percent on average over the past two months, he noted.

He put the current inflation rate at 13-14 percent, adding that the producer price index has been declining, and is currently 12.9 percent.

He went on to say that the single-digit inflation rate will be realized in the next Iranian fiscal year, which will begin in March 2016.

Iranian Central Bank Governor Valiollah Seif says the administration has placed a top priority on curbing the inflation rate and boosting domestic production.

Iranian Management and Planning Organization's Director Mohammad Baqer Nobakht has announced that the inflation rate for the 12-month period ended the second Iranian calendar month of Ordibehesht (April 21-May 21) hit 14.3 percent, falling from 14.5 percent in the previous month.

The International Monetary Fund forecast a 0.6 percent GDP growth for Iran in 2015.

Edited by CN