CBI: Iran’s economic growth reaches 12.5%
Baku, Azerbaijan, June 18
By Fatih Karimov – Trend:
Iran's GDP at purchasing power parity, compared to prices of a base year to March 20, 2012 increased by 12.5 percent during the last fiscal year (ended on March 21, 2017).
The country's GDP (including the oil sector) reached 6,691.1 trillion rials (about $209 billion based on official rate of 32,000 rials per each USD) during the one-year period (based on prices in the Iranian fiscal year of 1390), the Central Bank of Iran (CBI) reported June 18.
Meanwhile Iran’s GDP saw a 1.6-percent fall during the former fiscal year (March 2015-March 2016), according to the report.
Iran’s GDP (excluding the oil sector) accounted for 5,166.6 trillion rials, registering a growth by 3.3 percent.
The CBI report covers data on a wide range of economic sectors, such as agriculture, oil, mining, energy, construction, services, trade, hospitality, finance and credit, telecommunication, and transportation sectors.
Value growth of the oil sector stood at 61.6 percent in the one-year period to March 2017, meanwhile the industry sector registered a 6.9 percent rise.
Growth of the agriculture and mining sectors respectively stood at 4.2 and 2.1 percent in the last fiscal year.
Iran's construction sector shrunk by 13.1 percent in the period, meanwhile the service sector registered 3.6 percent rise.
Earlier on May 2, the International Monetary Fund (IMF) forecasted that Iran’s GDP growth will stand at 3.3 percent in 2017.
“Iran’s nominal GDP would stand at $368.5 billion in the current year,” IMF said in its outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) report.
IMF says Iran is expected to see non-oil growth accelerate from 0.75 percent in 2016 to almost 3.5 percent in 2017.