Iran's state bodies contradict each other on GDP figures
Baku, Azerbaijan, Jan. 17
By Fatih Karimov – Trend:
Central Bank of Iran (CBI) and the country’s Statistical Center has made different statements about the country’s GDP growth in the first half of current fiscal year (March 20-Sept. 22, 2017).
The CBI said that Iran's GDP at purchasing power parity, compared to prices of a base year to March 21, 2012, increased by 4.5 percent in the 6-month period.
Meanwhile the statistical center put the figure at 5.6 percent in a report released December 2017.
According to the CBI country's GDP (including the oil sector) reached 3,539.1 trillion rials (each USD makes 36,500 rials based on official rate) in the period.
The statistical center set the figure at 3,822.49 trillion rials for the same span of time.
Iran’s GDP (excluding the oil sector) accounted for 2,747.9 trillion rials, registering a growth by 4.1 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 5.8 percent in the 6-month period to Sept. 22, 2017 and accounted to 791.1 trillion rials (compared to prices of a base year to March 21, 2012), meanwhile the value of industry and mining sector registered a 4.5 percent rise to 810.94 trillion rials.
Iran's agriculture sector also witnessed a 4.2 percent growth in the six-month period (332.76 trillion rials).
Value of the service sector reached 1,689.46 trillion rials, 3.8 percent more year-on-year.
This CBI put the GDP growth rate for the last fiscal year at 12.5 percent, thanks to Iran’s huge oil exports following the removal of international sanctions.
The World Bank has forecasted that Iran’s economic growth will reach 4 percent in 2018.
The WB recently said in its Global Economic Prospects report that Iran’s economic growth is projected to reach 4 percent in 2018 and 4.3 percent in 2019.
Iran’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 stood at -1.3 percent in 2015, the last year of Iran under the sanctions, and then surged to 13.4 percent in 2016, however it downed again to 3.6 percent in 2017, according to the WB.