Economy, Domestic Economy

Third Quarter Economic Growth at 2.8%

Third Quarter Economic Growth at 2.8%Third Quarter Economic Growth at 2.8%

The latest report released by the Central Bank of Iran (CBI) estimates economic growth of 2.8 percent, including the oil sector, and 2.5 percent, excluding the oil sector,  during the third quarter of the Iranian calendar year 1393 (September 23- December 21, 2014), IRNA reported on Sunday. According to the CBI report, the gross domestic product (GDP) during the aforementioned period was 2,632,437 billion rials ($94 billion at official exchange rate) at current prices, while gross fixed capital formation stood at 804,062 billion rials ($28.7 billion). Private consumption expenditure reached 1,427,211 billion rials ($51 billion) and the public sector consumption expenditure was recorded at 266,577 billion rials (9.5 billion). Changes in Consumer Price Index (CPI) of goods and services in the twelve-months period ending on December 21, 2014 was reported at 17.2 percent compared with the similar period the previous year. The figure indicated 1.9 percent change in the month of Azar (November 22-December 21) compared with the previous month and 16.7 percent compared with the similar month of the preceding year.