The Iran Project

Think tank revises up GDP growth forecast

Financial Tribune- Majlis Research Center has revised up the current fiscal year’s (March 2017-18) economic growth estimate by 0.2%.

The center projects a 3.9% GDP growth for the year, largely thanks to signs of recovery detected in the construction sector, Bourse Press reported.

It expects the agriculture sector to grow by 3.8%, petroleum by 5%, industries by 4%, construction by 2.5% and services by 2.8%.

Last year’s growth has been put at 12.5% by the Central Bank of Iran and 8.3% by the Statistical Center of Iran.

Construction was the only sector that contracted last year, registering a -13.1% growth, according to CBI.

Iran’s economy emerged from recession in the fiscal 2014-15 with a 3% growth after two years of recession when the economy contracted 5.8% and 1.9% back to back, according to the Central Bank of Iran.

Growth in 2015-16 has been put at -1.6% by the Central Bank of Iran and 0.9% by SCI.

Latest statistics on Iran’s economic growth was recently published by the SCI that put Iran’s gross domestic product during the first quarter of the current Iranian year (started March 21) at 1.8 quadrillion rials ($47 billion), indicating a 6.5% rise compared with last year’s corresponding period.

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