MNA � According to the latest World Bank figures, at the end of the current Iranian year (ending Mar. 21, 2019) Iran's foreign debt will reduce to $ 9.3 billion while the country's oil exports are estimated at 1 million bpd next year.

In its latest assessment of the economic situation in Iran, the World Bank has predicted that Iran's economic growth rate under the US sanctions will fall to 1.6% at the end of 1397.

Based on World Bank figures, Iran's agricultural sector will grow by 3.5% this year and services will grow by 2.9%, but the industry sector will have a negative growth of 7 percent.

The private consumption will decrease by 0.6% while the government consumption will also drop by 1.7%.

Iran's exports are predicted to drop by 11.9% this year while imports will drop by 27.1%.

The World Bank has also predicted that the inflation rate will rise to 23.8% next year.

According to the report, Iran's current account balance of GDP will remain positive this year, reaching 0.6% of GDP, but the government's financial balance will be - 4.7% of GDP.

The international body has further predicted minus 3.7% growth for Iran economy next year.

Iran's oil exports will reach 1.5 million barrels a day at the end of this year and drop to 1 million barrels a day next year, according to the World Bank.

Iran's oil production will decline from the current level of 3.3 million barrels a day this year to 2.8 million barrels per day in 1398.

The World Bank has also estimated an average oil price of $65 bpd next year, while the current account balance of Iran will drop to zero.

Iran's foreign debt is predicted to be $9.3 billion this year and $10.1 billion next year. Last year, Iranian foreign debt was reported to stand at $10.9 billion.