0536 GMT October 23, 2019
The production index of Iran’s large industrial factories rose 4.9 percent during March 21-September 22, 2017, said a deputy head of the Central Bank of Iran (CBI) in Tehran on Wednesday, IRNA reported.
Peyman Qorbani, the deputy CBI head for economic affairs, said the increase indicates that unlike the same period the previous year, which oil exports accounted for the country’s economic growth, this year, overseas sales of non-oil products played the major role in the development of the country’s financial system.
He added the index grew 4.5 percent and 5.3 percent in spring and summer, respectively, which shows that the country has managed to climb out of recession in the six-month period to September 22, 2017, relying on its industrial growth.
Shifting to the recession the domestic housing sector was suffering from during the past few years, Qorbani said private sector’s investment in the field of construction in urban areas has witnessed considerable growth the same six-month duration.
He noted that for instance, construction in Tehran Province, alone, grew 34.8 percent.
Qorbani said the rise of this index in Iranian metropolises and other urban areas stood at 7.9 percent and 5.3 percent, respectively. He put overall increase of the index at 12.6 percent.
He added during October 23-November 21, 2107, the number of housing contracts in the Iranian capital of Tehran increased 18.1 percent compared to figure for the previous year.
“This shows that domestic housing sector’s growth has been higher than the rise in the inflation rate, which raises hope in ending recession in the sector alive.”
He said the government seeks to create non-inflationary prosperity in the domestic housing sector and never intends to recreate the same bubble that was formed in Iran’s economy in 2006 and 2007.