Iran’s gross domestic product rises to 4.2 percent in Q2
Date
9/11/2024 9:03:45 AM
(MENAFN) During the opening ceremony of the 34th Islamic banking Conference, CBI Governor Mohammadreza Farzin highlighted the recent positive trend in Iran’s economic growth. He reported that the non-oil Gross Domestic Product (GDP) had risen to 4.2 percent in the first quarter of the current Iranian calendar year, which spans from March 20 to June 20. Farzin elaborated that while this growth reflects improvements in agriculture and the oil sector, there has been a decline in growth within the mining and services sectors.
Farzin also addressed the country’s inflation rate, indicating that efforts are being made to bring it down to 30 percent by the end of the current calendar year. He emphasized the role of the Central Bank of Iran (CBI) in managing economic stability amidst political and security challenges faced over the past year. The governor credited effective leadership and national unity for achieving a stable economic situation, despite ongoing concerns and the need for continued vigilance in monetary and currency management.
Furthermore, Farzin underscored the importance of the CBI’s role in steering the economy through turbulent times. He acknowledged the impact of external shocks but expressed optimism about the current stability and progress made. He noted that, despite challenges, the management of monetary and currency variables has been successful in maintaining economic stability.
Looking ahead, Farzin projected that the country’s GDP growth is expected to reach 3.7 percent by the end of the current year. This forecast reflects a cautious but hopeful outlook on Iran's economic trajectory, emphasizing the CBI's commitment to sustaining economic progress while navigating ongoing challenges.
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