CBI: Double-Digit GDP Growth Expected

The Central Bank of Iran said it is expecting a double-digit economic growth for the last fiscal year that ended on March 20, 2017.

Latest statistics on Iran’s GDP growth pertain to the nine months of fiscal 2016-17 and growth rate for the entire year has yet to be released by authorized bodies.

Both CBI and SCI are in charge of releasing periodical statistics on macroeconomic indices, which often differ from one another, IRNA reported.

Latest data on major industrial units’ production, as well as the number of construction permits issued in urban areas, indicate a growing trend in industrial and construction activities, members of CBI’s Money and Credit Council unanimously declared in a recent meeting while discussing Iran’s economic developments.

CBI said the Iranian economy grew 11.9% during the three quarters of 2016-17, noting that without taking the oil sector into account, the growth rate stands at 1.9%.

The oil sector expanded 65.4% during the nine-month period, thanks to higher crude production and exports following the lifting of sanctions, CBI reported.

It added that the sectors of agriculture, industries, mining and services grew by 4.2%, 5.8%, 0.2% and 2.4% respectively while construction saw a negative growth of 17.1%.  

SCI has put the nine-month GDP growth at 7.2% including the oil sector and 5% excluding it, saying the industrial, agricultural and services sectors grew by 0.5%, 5.7% and 5.4% respectively.