Iran says heading toward 8% economic growth in 5 years

Business Materials 3 October 2015 17:51 (UTC +04:00)

Tehran, Iran, October 3

By Mehdi Sepahvand -- Trend:

Iranian Minister of Economy Ali Tayebnia has said the country is going to materialize an economic growth of eight percent in five years.

Addressing the Iran Transportation and Urban Development Summit, Tayebnia said thanks to the country's economic policies, Iran's ranking according to the Global Competitive Index has improved by nine, Fars news agency reported October 3.

The business environment in Iran has also improved by 22 in the global ranking, he said.

The economy minister further pointed out that while three years ago Iran's economic growth had stood at -0.6 percent and the following year at -1.9 percent, last year it reached three percent under the President Hassan Rouhani's administration.

He further said in the spring this year, the number of people employed in the agricultural, industrial, and service sectors increased.

When it received office in 2013, the Rouhani administration was facing an inflation rate greater than 40 percent.

Now the inflation is standing at 15.1 percent. The Producer Price Index has also dropped to 9.3 according to the most recent report.

Tayebnia said while the government follows its anti-inflation programs, its main objective is to gain economic growth.

The eight-percent objective was set by Supreme Leader Ayatollah Ali Khamenei this year.