CBI: yearly expansion in Iran’s oil sector reaches 14.7 percent
Date
7/23/2024 4:18:47 AM
(MENAFN) The governor of the Central Bank of Iran (CBI), Mohammadreza Farzin, reported that the country's oil sector saw a substantial growth of 14.7 percent in the previous Iranian calendar year, which ended on March 19. This increase in the oil sector was a significant contributor to Iran's overall economic performance.
At the CBI’s 64th general assembly, Farzin highlighted that the Gross Domestic Product (GDP) based on fixed prices from 2016 for the year showed a growth rate of 5.0 percent. This robust growth was largely driven by the oil sector, which expanded by 14.7 percent. In addition, other sectors also showed positive performance: the industrial sector grew by 4.5 percent, the services sector by 3.8 percent, and the agricultural sector by 0.2 percent. When excluding oil, the country’s GDP increased by 3.6 percent.
The CBI’s Economic Accounts Department reported that the GDP based on fixed prices for the third quarter of the previous year reflected a 4.5 percent increase compared to the same period the previous year. Economic growth excluding oil during this period was 3.9 percent. Furthermore, the investment in various economic sectors, measured in fixed prices from 2016, experienced a significant 14.2 percent growth in the third quarter compared to the same period the previous year.
This data underscores a continued positive trend in Iran's economic activities, reflecting an ongoing recovery and expansion. The World Bank's recent forecast aligns with this outlook, projecting a 3.2 percent growth for Iran's economy in 2024, with a decrease in the inflation rate to 35.3 percent. This follows a year where the World Bank estimated a 5 percent economic growth alongside a 40.7 percent inflation rate for 2023. The bank anticipates that the growth of Iran's non-oil sector, which was 3.8 percent last year, will slightly decrease to 3.0 percent in the current year. Similarly, the oil sector, which experienced notable growth of 17.1 percent in the previous year, is expected to grow by 5.0 percent this year.
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