CBI puts Iran's GDP growth at 3.7%

Business Materials 14 June 2018 14:15 (UTC +04:00)

Baku, Azerbaijan, June 14

By Umid Niayesh - Trend:

Central Bank of Iran (CBI) has published a report unveiling the country’s GDP growth details for the last fiscal year, ended March 2018.

The CBI said that Iran's GDP at purchasing power parity, compared to prices of a base year to March 21, 2012, increased by 3.7 percent in the 12-month period.

According to the CBI, country's GDP (including the oil sector) reached over 6.9 trillion rials (Last year’s budget bill put the USD at 33,500 rials) in the period‎.

Iran’s GDP (excluding the oil sector) accounted for over 5.4 trillion rials, registering a growth by 4.6 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 0.9 percent in the 12-month period to March 2018 and accounted to over 1.5 trillion rials (compared to prices of a base year to March 21, 2012), meanwhile the value of industry and mining ‎ sector registered a 5.1 percent rise to over 1.65 trillion rials.

Iran's agriculture sector also witnessed a 3.2 percent growth in the 12-month period (456.02 trillion rials).

Value of the service sector reached over 3.46 trillion rials, 4.4 percent more year-on-year.

The CBI put the GDP growth rate for the preceding fiscal year (ended March 2017) at 12.5 percent, thanks to Iran’s huge oil exports following the removal of international sanctions.

The International Monetary Fund (IMF) through its latest report has anticipated a GDP growth of 4 percent for Iran in 2018 and 2019.

Meanwhile the Islamic Republic plans to achieve an economic growth of 8 percent according to a five-year plan that has started in 2017.

The Islamic Republic experienced 4.3 percent GDP growth in 2017, according to the IMF report.

The country’s GDP growth went down 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.