Iran’s economic growth reaches 8.3%

Baku, Azerbaijan, May 30

By Fatih Karimov – Trend:

Iran's GDP at purchasing power parity, compared to prices of a base year to March 21, 1998 increased by 8.3 percent during the last fiscal year (ended on March 21, 2017).

The country's GDP (including the oil sector) reached 673.1 trillion rials (about $20.7 billion based on official rate of 32,450 rials per each USD) during the one-year period (based on prices in the Iranian fiscal year of 1376), the Statistical Center of Iran reported May 30.

Meanwhile Iran’s GDP (excluding the oil sector) accounted for 641.3 trillion rials, registering a growth by 6.3 percent.

Value growth of the industry sector (including mining, industry, energy and construction) stood at 11.3 percent in the period, meanwhile the service sector (including trade, hospitality, finance and credit, and transportation) registered a 7.1 percent rise, the Statistical Center of Iran said.

Iran's agriculture sector also witnessed a 5 percent value growth in the 12-month period.

Earlier on May 2, the International Monetary Fund (IMF) forecasted that Iran’s GDP growth will stand at 3.3 percent in 2017.

“Iran’s nominal GDP would stand at $368.5 billion in the current year,” IMF said in its outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) report.

IMF says Iran is expected to see non-oil growth accelerate from 0.75 percent in 2016 to almost 3.5 percent in 2017.