IMF: Iran’s GDP to reach $386 billion by year-end
Baku, Azerbaijan, Apr. 26
By Fatih Karimov - Trend:
Iran's GDP (including the oil sector) will reach $386.1 billion in 2016, The International Monetary Fund (IMF) forecasted.
Iran's economy will see a four-percent growth rate in 2016, but it will fall to 3.7 percent in 2017, the IMF said Apr. 25.
The Islamic Republic experienced zero percent GDP growth in 2015. Meanwhile the country plans to register an economic growth of eight percent according to a five year plan that will begin in March 2017.
The country's oil sector will experience a 16.9 percent growth in 2015, following the last year's stagnation thanks to removal of international sanctions and increase of the oil exports.
Iran's oil sector grew by 6.1 percent in 2014, but the figure dropped to 0.6 in 2015, according to the IMF.
The IMF also foresees a 2.5 percent growth for Iran's non-oil sector by year-end. The sector experienced a 4.1 percent growth in 2014, and no growth in 2015.
It is expected that the removal of international sanctions last January will be mostly in favor of oil sector rather than the country's non-oil industry.