Economy, Domestic Economy

Industrial Sector Grows 6.5%

Industrial Sector Grows 6.5%Industrial Sector Grows 6.5%

The industrial and mining sectors grew by 6.5 and 10.5 percents respectively during the first six months of the current Iranian year (March 21- September 22) according to deputy minister of industries, mine, and trade, Hossein Abboie Mehrizi, adding that 20% more operating licenses were issued in the first nine months compared with the similar period last year.

“Since it assumed office, President Hassan Rouhani’s government has managed to stabilize the fluctuations in the domestic industrial sector despite the limitations in terms of shortage of both national and foreign currency revenues,” ILNA quoted the official as saying.

“Adjusting the supply levels to meet the anticipated domestic demand, regulating and stabilizing the prices, and stopping the downward trend in production in some industries such as automotive, petrochemicals and basic metals,” were cited by the official as the other measures taken by the Rouhani administration since taking office in August 2013.

Noting that the export of non-oil commodities registered 18 percent growth in the first nine months of the current year, while imports have grown by 15 percent, Mehrizi said: “The import of finished products reduced by 5% during this period while import of raw and intermediate materials grew by up to 39 percent, which indicates a relative growth in the level of investments and productive activities.”

Iran experienced a 4 percent economic growth in the first half of the current Iranian year, following two years of consecutive negative growth, according to data provided by the Central Bank of Iran. President Rouhani’s election in August 2013 is marked by many experts as a turning point in Iran’s foreign policy.