Iran economy attains positive growth after two years

A file photo of the Central Bank of Iran (CBI)

The Central Bank of Iran (CBI) says country’s economy has attained positive growth for the first time in two years.

New figures released by the CBI on Thursday show the economy expanded 4.6 percent in the first quarter of the current Iranian calendar year (started March 21, 2014).

According to the data, Iran’s agriculture, oil, mine and industry sectors posted positive growth rates of up to 8.1 percent during the period.

Iran’s economic growth rate turned positive after the country experienced months of stagflation, suffering negative economic growth combined with rising inflation rate.

In the last Persian calendar year (ended March 20, 2014) Iran’s economy shrank to -1.9 percent.

Earlier this month, Iranian President Hassan Rouhani said the Islamic Republic will witness an inflation rate far below 20 percent at the end of the year.

“I announce to the Iranian nation that we have fortunately left behind stagnation,” Rouhani said.

The Rouhani administration had previously envisaged a 25-percent inflation rate for the current year.

“In the energy sector, in oil and gas, we will witness a remarkable breakthrough this year,” Rouhani noted.

Iran’s inflation rate dropped to 23.2 percent in the Persian calendar month of Mordad (July 23-August 22) showing a sharp decrease compared with the 40.1-percent figure in the same period last year.

The Iranian administration has expressed its determination to reduce the existing inflation rate to a one-digit level.

By Press TV


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