Baku, Azerbaijan, March 4
By Fatih Karimov – Trend:
Iran's economic growth based on prices in the Iranian fiscal year of 1376 (March 1997-March 1998) increased by 7.2 percent during the first nine month of the current fiscal year (started on March 21, 2016) compared to the same period of preceding year.
Growth of the industry sector stood at 10.5 percent in the period, meanwhile the service sector (including trade, hospitality, finance and credit, and transportation) registered a 5.4 percent rise, the Statistical Center of Iran reported.
Iran's agriculture sector also witnessed a 5.7 percent growth in the 9-month period.
Earlier Mojtaba Khalesi, the deputy head of Iran’s Planning and Budget Organization said that the country’s non-oil GDP growth stood at 5 percent in first nine months of current fiscal year.
A report published by the International Monetary Fund (IMF) on Feb. 28 said, “Real GDP [of Iran] grew by 7.4 percent in the first half 2016/17, rebounding from recession in 2015/16. However, growth in the non-oil sector averaged 0.9 percent, despite the pick-up registered in the second quarter, reflecting continued difficulties in access to finance and domestic financial sector and structural weaknesses”.
IMF says that economic growth is projected to stabilize at 4.5 percent over the medium-term as the recovery broadens.
“Real GDP growth is expected to reach 6.6 percent in 2016/17 and to ease to 3.3 percent in 2017/18 as oil production remains at the OPEC target”.
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