Iran's economic growth to continue after US JCPOA pullout – Deputy minister
Tehran, Iran, May 20
By Kamyar Eghbalnejad - Trend:
An Iranian deputy economy minister has forecast a major growth rate of 5.5 percent for the Iranian economy in the current fiscal year following US President Donald Trump’s withdrawal from the 2015 nuclear deal between Tehran and world powers.
“US withdrawal from the JCPOA (Joint Comprehensive Plan of Action) could be a key factor in the economic growth of the country,” Mehr news agency quoted Hossein Mirshojaeian Hosseini as saying on May 20.
Iran’s economic growth could be affected by the US pullout from the deal, but it not clear in what way this could happen, he added.
It is estimated that Iran's economic growth in 2018 will reach 4 to 4.5 percent, Mirshojaeian said, forecasting a 5 to 5.5 percent growth for the country’s economy.
Iran’s growth last year came courtesy of the recovery in oil production following the lifting of US-led sanctions, which boosted the government’s earnings.
Oil production and exports have more than doubled since early 2016 but further rises are unlikely because the country’s fields are producing at nearly their peak capacity.
The country witnessed “strong improvements” in economic indicators, including GDP which is estimated at 4.2 percent for 2017, according to Central Bank Governor Valiollah Seif.
The GDP growth in the previous year was at a “phenomenal” rate of 12.5%, mostly due to the oil sector following the rise in production and exports, he told in his statement to Euromoney conference on Iran in Paris.
All sectors of the Iranian economy registered positive growth in 2017, during which 650,000 jobs were created and the country attained a single-digit inflation rate after a quarter of century.