News ID: 195012
Published: 0214 GMT June 18, 2017

CBI: Iran's economy grew 12.5% in year to March

CBI: Iran's economy grew 12.5% in year to March

Central Bank of Iran said on Sunday that the national economy recorded a growth of 12.5 percent in the year to March 2017 against the figure for the year earlier.

The CBI report pointed to preliminary estimates noting that gross domestic product in the year to March 2017 increased to 6,691.1 trillion rials from 5,946.7 trillion rials in the previous year based on prices for the year to March 2012.

The CBI said its data was based on official sources such as the Agricultural Jihad Ministry, Oil Ministry, the Energy Ministry as well as the Ministry of Industry, Mine and Trade.

It said the value added of oil activities accounted for 9.8 percent of the GDP growth followed by industry (0.8 percent), commercial (0.7 percent) and transportation (0.7 percent) sectors.

The report further said construction activities indicated a 0.8 percent negative growth in the period.

The value added of the oil sector reached 1,524.5 trillion rials indicating a growth of 61.6 percent from the year before. This mainly stems from an increase in the export of oil, gas condensates, refinery products and well as natural gas.

The value added of the industrial sector grew 6.9 percent and reached 781 trillion rials. Loans granted to small- and medium-sized factories played a major role in this.

Although a large share of the economic growth pertains to the oil sector, non-oil sector also recorded a positive growth.

Non-oil economic growth was minus 1.8 percent in the first quarter of last year but registered a 5.6-percent positive growth rate in the fourth quarter.

In foreign trade, preliminary estimates suggest that exports and imports of goods and services (based on prices for the year to March 2012) grew 41.3 percent and 6.1 percent from the previous year.

The value added of agricultural products also grew 4.2 percent from the previous year (compared to prices of the year to March 2012).

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