Economy, Domestic Economy
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Economy Grew 3.7% in Summer

Economy Grew 3.7% in SummerEconomy Grew 3.7% in Summer

The Central Bank of Iran has released a report on GDP growth in the second quarter of the current fiscal year (June 22-September 22, 2014). The economy grew by 3.7% in summer, according to the report.

The economy is on a positive track, as it is stepping out of recession, Peyman Ghorbani, economic deputy governor of the CBI said on Sunday. The gross domestic product (GDP) stood at 1,023 billion rials in the first half, showing 4.0 percent growth compared to the same period last year, the official said.

During the period, the agriculture sector recorded 3.2 percent growth, oil sector 9.2 percent, industrial sector 7.2 percent, and the service sector 2.5 percent, while in the same period last year all sectors except for the agriculture recorded negative growth.

In the summer of 2013, the agriculture sector recorded 3.2 percent growth, oil sector 10.7 percent, industrial sector 7.2 percent, and the service sector 1.9 percent.

Ghorbani underscored the vital role of the banking system in the recovery process, saying that about 60 percent of the total 1,772.5 trillion rilas in banking loans was went to production units in the first seven months of the fiscal year (March 21- October 22).

The GDP amounted to 480.4 trillion rials in spring, showing 4.6% growth, according to the CBI.

Financialtribune.com