Iran’s non-oil GDP rises by 6.3 pct in strong rebound

Xinhua — Iran’s non-oil gross domestic product (GDP) has shown 6.3 percent growth during the past Iranian calendar year (March 2016-March 2017), the Statistical Center of Iran said, according to Tehran Times daily report on Wednesday.

The GDP growth, including the oil sector, touched 8.3 percent in the same period, the report said.

Non-oil GDP in the past Iranian year stood at 641.37 trillion rials (about 17.19 billion U.S. dollars), while the GDP including oil reached 673.09 trillion rials (about 18.04 billion dollars).

The International Monetary Fund (IMF) has forecast Iran’s GDP growth to rebound to 6.6 percent in 2016/17.

Iran’s economic growth has rebounded on the back of higher oil production, higher foreign direct investment, and a gradual improvement in domestic financial conditions.