Iran’s GDP growth hits 4.4%

Business Materials 15 March 2018 10:46 (UTC +04:00)

Baku, Azerbaijan, March 15

By Gazenfer Hamidov – Trend:

Iran's GDP at purchasing power parity, compared to prices of a base year to March 21, 2012, increased by 4.4 percent during the first nine months of current fiscal year (March 20-Dec. 22, 2017).

The country's GDP (including the oil sector) reached 5,603.05 trillion rials (each USD makes 37,700 rials based on official rate) during the 9-month period, the Statistical Center of Iran reported.

Meanwhile, Iran’s GDP (excluding the oil sector) amounted to 4,363.669 trillion rials, registering a growth by 4.7 percent.

The growth in the industry sector (including oil, mining, industry, energy and construction) stood at 3.1 percent in the period, while the service sector (including trade, hospitality, finance and credit, and transportation) registered a 7 percent rise, according to the center’s data.

Iran's agriculture sector also witnessed a 1 percent growth in the 9-month period.

The statistical center put the GDP growth at 5.6 percent in the first half of the current fiscal year ((March 20-Sept. 22, 2017).

The International Monetary Fund (IMF) through its latest report has anticipated a GDP growth of 3.8 percent for Iran in 2018.

The figure shows improvement from the international body’s announced outlook for 2017, which was 3.5 percent.

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.