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Iran’s mining sector growth hits 1.3%

Business Materials 23 June 2015 14:51 (UTC +04:00)

Baku, Azerbaijan, June 23

By Fatih Karimov - Trend: Iran 's mining sector grew by 1.3 percent in the past Iranian fiscal year, which ended on March 20, the Statistical Center of Iran reported.

The center published a report on the Index of Industrial Production (IIP) over the past four years, according to which mining sector grew by 1.3 percent in the past Iranian fiscal year.

The IIP conveys the status of production in the industrial sector of an economy in a given period of time, in comparison with a fixed reference point in the past.

Based on the report, the industrial production contracted by 9.9 percent and 4.6 percent in Iranian fiscal years 1391 (March 2012-March 2013) and 1392 (March 2013-March 2014), but expanded by 2.8 percent in Iranian fiscal year 1393 (March 2014-March 2015).

Meanwhile, the mineral production contracted by 0.4 percent and 0.7 percent in Iranian fiscal years 1391 (March 2012-March 2013) and 1392 (March 2013-March 2014), but expanded by 1.3 percent in Iranian fiscal year 1393 (March 2014-March 2015).

The International Monetary Fund forecast a 0.6 percent gross domestic product 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.

Edited by CN

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