Iran’s GDP growth stands at 5.6%
Baku, Azerbaijan, Dec. 27
By Fatih Karimov – Trend:
Iran's GDP at purchasing power parity, compared to prices of a base year to March 21, 2012, increased by 5.6 percent during the first half of current fiscal year (March 20-Sept. 22).
The country's GDP (including the oil sector) reached 3,822.49 trillion rials (each USD makes 36,000 rials based on official rate) during the six-month period, the Statistical Center of Iran reported Dec. 27.
Meanwhile, Iran’s GDP (excluding the oil sector) amounted to 3,057.222 trillion rials, registering a growth by 6 percent.
The growth in the industry sector (including oil, mining, industry, energy and construction) stood at 4.4 percent in the period, while the service sector (including trade, hospitality, finance and credit, and transportation) registered a 7.2 percent rise, according to the center’s data.
Iran's agriculture sector also witnessed a 0.9 percent growth in the six-month period.
The United Nations forecasts that Iran's GDP growth will decrease to 5.1 percent in 2018.
The UN said in its World Economic Situation and Prospects 2018 report that in 2017, GDP growth remained relatively robust at 5.3 percent after surging by an estimated 12.5 percent in 2016 due to a strong expansion of oil production and exports.
Iran’s GDP growth is expected to remain above 5.1 percent in 2018 and 5 percent in 2019 supported by easing monetary conditions and an improving external sector, according to the UN forecasts.
The country’s GDP growth downed to -6.6 percent in 2012 under the pressure of the intensified international sanctions against Tehran due to its disputed nuclear program.
The growth revived to -1.9 and 4.3 percent in subsequent years, but decreased again to 0.4 percent in 2015, the last year of Iran under the sanctions.