Iran’s projected 7% GDP growth not driven by oil

TEHRAN TIMES - Iran’s Finance and Economic Affairs Minister Masoud Karbasian praised the country’s current gross domestic product (GDP) growth saying, “What makes this growth important is that, it is not driven only by oil income.”

According to Karbasian, although this year’s GDP is going to be less than last year’s 12.5 percent but considering the fact that the country’s oil exports have not increased much since last year, the expected seven percent GDP growth is quite satisfactory.

 “The country’s GDP is projected to reach seven percent by the end of the current Iranian calendar year (March 21),” the official added.

Iran’s oil exports rose significantly during the last Iranian calendar year (March 20, 2016- March 20, 2017) since the west-imposed sanctions on the country were lifted and Iran regained most of its lost oil market share.

In July 2017, Iranian government spokesman Mohammad Baqer Nobakht announced that the country’s GDP growth, including oil sector, stood at 11.1 percent in the past Iranian calendar year, while non-oil GDP growth stood at 6.4 percent in the same time.

Date : Saturday 6 January 2018 / Subject : Economic News / Source : Tehran Times