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Iranian economy grows 0.7pct in nine months

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran's economy experiences growth in a 9-month period. (file photo of capital Tehran)

The Statistical Center of Iran has announced that the Iranian economy grew 0.7 percent in the first nine months of the current Iranian calendar year (ending March 19).

The center said in a Wednesday report that the agriculture sector listed a growth of 3.2 percent while industries and services experienced negative growths of 1.2 and 0.3 percent respectively.

Iran’s economy has seen a slow but steady growth after last July’s agreement with UN Security Council members plus Germany over Tehran’s nuclear program, which saw the effective removal of sanctions against the country earlier this year.

Back in January, the World Bank predicted a major growth rate of 5.8 percent for the Iranian economy in 2016.

The bank said Iran’s economic growth will be specifically encouraged by a surge in its oil production. It said Iran’s crude output will increase by an estimated 0.5–0.7 million barrels per day (mbd) in 2016 up from the 2015 level of 2.8 mbd.

“A rebounding Iranian economy will affect neighboring countries within the Middle East and North Africa to varying degrees,” it added. “A rapid rise in Iranian oil production would dampen growth prospects in oil-exporting countries and improve them in oil-importing countries.”

The report has further emphasized that Iran’s economy will also grow to 6.7 percent in 2017 before shrinking to 6.0 percent in 2018. All forecast growth rates will be the highest in the Middle East and North Africa and among the highest in the world.

The world’s highest growth rate for 2016 will be for India at 7.8 percent followed by Bangladesh (6.7 percent) and China (6.7 percent). 

The growth rate for the world in 2016 will be 2.9 percent and for the developing countries will be 4.8 percent.

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