CBI: 4-5% Growth Expected

Iran’s economy is expected to experience a 4-5% growth in the current fiscal year to March 20, 2018, Central Bank of Iran’s Vice Governor Akbar Komijani said. “Since we have exhausted growth in the oil sector, the bulk of this year’s growth will be on the back of increased non-oil exports,” he was quoted as saying by Mehr News Agency.

According to CBI, Iran’s economy grew 12.5% in March 2016-17 compared to the preceding year.

The strong growth came amid higher oil production following the removal of international sanctions against Iran over its nuclear program as of January 2016.

GDP growth, excluding oil, stood at 3.3% as the oil sector registered a dramatic 61.6% growth last year.

Iran’s economy emerged from recession in the fiscal 2014-15 with a 3% growth after two years of recession when the economy contracted 5.8% and 1.9% back to back. Growth for March 2015-16 stood at -1.6%, CBI said.