Iran’s industry sector contracted by 1%
Baku, Azerbaijan, Nov. 2
By Umid Niayesh - Trend:
Iran's industry sector has contracted by 1.1 percent in the first half of the current Iranian fiscal year (March 21-Sept. 22), the Statistical Center of Iran reported Nov. 2.
Setting the Iranian fiscal year 1376 (March 21, 1997 to March 20, 1998) as the main one, that is 1390=1376, Iran's GDP growth reached one percent by September 22.
Iran's agriculture sector also witnessed a growth by 5.7 percent according to the report, meanwhile service sector growth stood at 0.9 percent in the period.
The International Monetary Fund put Iran's GDP growth at three 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.
According to the World Bank, Iran, following Saudi Arabia, is the second largest economy in the Middle East and North Africa (MENA) region with an estimated GDP of $406.3 billion in 2014.
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