Iran’s annual GDP growth stands at 11.1%

July 26, 2017

TEHRAN- Iran’s Government Spokesman Mohammad Baqer Nobakht put the country’s growth of gross domestic product (GDP), including oil sector, at 11.1 percent in the past Iranian calendar year (ended on March 20, 2017).

In a press conference on Tuesday, the official also put Iran’s non-oil GDP growth at 6.4 percent in the past year, Fars news agency reported.

He said these figures were released after the Statistical Center of Iran changed the base year from Iranian calendar year 1376 (March 97-March 98)to 1390 (March 2011-March 2012), while the GDP growth, including oil sector, had been announced 8.3 percent and non-oil GDP growth was put at 6.3 percent before that change.

Meanwhile, the Central Bank of Iran (CBI) had previously put the country’s GDP growth at 12.5 percent in the past year.

The International Monetary Fund has forecasted that Iran’s real GDP growth is expected to rebound to 6.6 percent in 2016-17.

According to an IMF executive board report released on February 27, Iran’s economic growth rebounded over the course of 2016/17 on the back of higher oil production. Real GDP grew by 7.4 percent in the first half 2016/17, rebounding from recession in 2015/16.


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