CBI: Iran’s yearly economic growth reaches 4.5 percent
Date
6/23/2024 5:57:45 AM
(MENAFN) Iran's Economy demonstrated resilience and growth in the previous Iranian calendar year, with the gross domestic product (GDP) including oil expanding by 4.5 percent compared to the preceding year, as reported by the Central bank of Iran (CBI). Excluding oil, GDP saw a commendable increase of 3.6 percent, indicating robust economic activity across various sectors, according to an Iranian news agency.
The CBI's Economic Accounts Department highlighted that GDP at constant 2016 prices grew by 4.5 percent in the third quarter of the previous Iranian year compared to the same period the year before. Moreover, economic growth excluding oil for the same period reached 3.9 percent, underscoring diversified growth drivers beyond the energy sector.
An analysis of investment trends in different economic sectors revealed a significant 14.2 percent growth in the formation of fixed gross capital during the third quarter, reflecting positive momentum in infrastructure and development projects.
The sustained economic growth of 4.5 percent throughout the year underscores Iran's ongoing economic activities and expansionary policies. This growth trajectory aligns with earlier forecasts by international bodies like the World Bank, which predicted a 3.2 percent growth for Iran's economy in 2024, coupled with a projected decrease in inflation to 35 percent from 40.8 percent in 2023.
Iran's economic outlook remains dynamic, bolstered by diversification efforts and strategic investments across key sectors, aiming to strengthen economic stability and foster sustainable growth amidst global economic challenges.
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