403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Iran's gross domestic product sees 3.2 percent increase in Q1
(MENAFN) Iran's gross domestic product (GDP), including the oil sector, experienced a 3.2 percent growth in the first quarter of the current Iranian calendar year (March 20-June 21) compared to the same period last year, as reported by the Central bank of Iran (CBI). When excluding oil, the GDP grew by 2.5 percent, based on fixed prices from 2016. This continues the positive trend seen in the previous Iranian calendar year, where overall GDP grew by 4.5 percent and by 3.6 percent when excluding oil. Notably, economic growth without oil in the mentioned period reached 3.9 percent, underscoring the country's ongoing economic expansion.
This growth indicates a sustained increase in economic activities in Iran. The World Bank has projected that Iran’s economy will grow by 3.2 percent in 2024, with a reduction in the inflation rate to 35 percent. The World Bank also estimates that Iran's economy grew by 5 percent in 2023 with an inflation rate of 40.8 percent. Looking ahead to 2024, the bank forecasts that Iran's industrial sector will lead the way with a 4.9 percent growth, followed by the services sector at 2.7 percent and the agricultural sector at 0.9 percent. Additionally, Iran's export of goods and services is expected to increase by over 7.1 percent, while imports are anticipated to grow by 1.8 percent.
The balance of Iran’s current accounts is projected to experience positive growth, reaching 2.7 percent of GDP in 2024. This aligns with the International Monetary Fund's (IMF) earlier report, which stated that Iran's economic growth in 2023 was 5.4 percent, marking the second-highest rate in the world. These figures suggest a resilient economic performance, driven by a mix of factors including oil revenues, industrial growth, and an improving balance of trade.
Iran's economic outlook seems cautiously optimistic, with both the World Bank and IMF highlighting strong growth despite challenges. The emphasis on growth across various sectors, particularly the industrial sector, reflects a diversification of the economy beyond oil. This positive trend, combined with forecasts of increased exports and a more balanced current account, paints a picture of an economy that is gradually stabilizing and expanding, despite external and internal pressures.
This growth indicates a sustained increase in economic activities in Iran. The World Bank has projected that Iran’s economy will grow by 3.2 percent in 2024, with a reduction in the inflation rate to 35 percent. The World Bank also estimates that Iran's economy grew by 5 percent in 2023 with an inflation rate of 40.8 percent. Looking ahead to 2024, the bank forecasts that Iran's industrial sector will lead the way with a 4.9 percent growth, followed by the services sector at 2.7 percent and the agricultural sector at 0.9 percent. Additionally, Iran's export of goods and services is expected to increase by over 7.1 percent, while imports are anticipated to grow by 1.8 percent.
The balance of Iran’s current accounts is projected to experience positive growth, reaching 2.7 percent of GDP in 2024. This aligns with the International Monetary Fund's (IMF) earlier report, which stated that Iran's economic growth in 2023 was 5.4 percent, marking the second-highest rate in the world. These figures suggest a resilient economic performance, driven by a mix of factors including oil revenues, industrial growth, and an improving balance of trade.
Iran's economic outlook seems cautiously optimistic, with both the World Bank and IMF highlighting strong growth despite challenges. The emphasis on growth across various sectors, particularly the industrial sector, reflects a diversification of the economy beyond oil. This positive trend, combined with forecasts of increased exports and a more balanced current account, paints a picture of an economy that is gradually stabilizing and expanding, despite external and internal pressures.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment