Rouhani's advisor forecasts 6% economic growth
Baku, Azerbaijan, Oct. 4
By Khalid Kazimov– Trend:
An Iranian presidential aide has forecasted that the country’s economy would witness up to six percent growth over the current calendar year (started March 20).
Masoud Nili, an economic advisor to President Hassan Rouhani, said that the country’s economic growth is expected to reach somewhere between 5-6 percent over the current Iranian calendar year, IRNA news agency reported.
Earlier on Oct.3 the International Monetary Fund suggested that Iran’s GDP growth for the current calendar year is expected to reach 4.5 percent.
According to the report, the real GDP rebounded strongly over the first half of the year as sanctions eased post-JCPOA implementation.
“Oil production and exports rebounded quickly to pre-sanction levels, helping cushion the impact of low global oil prices. Increased activity in agriculture, auto production, trade and transport services led to the recovery in growth in the non-oil sector. Real GDP is projected to grow by at least 4.5 percent in 2016/17,” the report said.
The prudent monetary and fiscal policies adopted in recent years, along with favorable international food prices, allowed CPI inflation (Inflation measured by consumer price index) to decline to a low of 6.8 percent (y/y, point-to-point) in June 2016.
Although point-to-point inflation has risen to 9.5 percent in September, IMF estimates inflation is expected to average 9.2 percent in 2016/17.