News ID: 174019
Published: 0701 GMT December 18, 2016

Minister: Iran enjoys highest economic growth rate in region

Minister: Iran enjoys highest economic growth rate in region

Iran enjoys the highest economic growth in the region, Minister of Economic Affairs and Finance Ali Tayyebnia announced in Tehran.

He said the government has been successful in dealing with inflation as it managed to bring the inflation rate down to single digit, IRNA reported.

According to Central Bank of Iran (CBI), economic growth accelerated to about nine percent during the second quarter of the Iranian year (started March 20).

Economic growth was 5.4 percent during the first quarter of the year, the minister told reporters, adding it indicated that the country is moving in the right direction.

He further pointed to the positive economic growth in the agricultural and industrial sectors.

The minister noted that the government is pursuing a number of plans to activate the housing sector.

CBI announced on Saturday that Iran's gross domestic product in the first half of the current fiscal year (started March 20) shows a 7.4 percent growth in comparison with the same period last year.

Following sharp plunges in global oil prices last year and its adverse impacts on Iran's economic growth, the country's economic growth is doing well this year.

In addition to a major growth in added value of the oil sector, the growth in value-added has also been significant in other economic groups in the second quarter of the year compared to the first quarter, the CBI report said.

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