Tehran, Iran, January 25
By Mehdi Sepahvand –- Trend:
Iran’s economic growth rate is expected to hit 7.2 percent in the current fiscal year (to end March 20), a recent report by the Statistics Center of Iran said.
However, the non-oil sector’s growth is only expected to be 2 percent, the center reported January 25.
The circa 5 percent growth in the oil sector is due to the removal of sanctions on Iran in early 2016, which paved the way for the country’s crude export to jump from around 1 to 2.7 mbpd.
According to the report, the value added in agriculture, oil, industries, housing, and services will hit 5.7, 51.9, 1.9, -14.9, and 3.7 percent respectively.
By the end of the fiscal year, car manufacturing, petrochemicals, and the cement industry will have registered growth rates of 25, 8, and -10 percent respectively. Also, trade services, transportation services, and public services are expected to register growth rates of 1.1, 2.3 and 2.2 percent respectively.