News ID: 265745
Published: 0634 GMT February 16, 2020

Iran reports 14.8% growth in manufacturing despite bans

Iran reports 14.8% growth in manufacturing despite bans

Iran’s minister of industries says manufacturing activity has grown by nearly 15 percent despite growing American pressure on the country’s economy.

Reza Rahmani cited data published by the Central Bank of Iran showing that manufacturing growth had reached 2.3% in January this year from minus 12.5% in March 2018, Presstv Reported.

Rahmani made the comments in a meeting on Sunday with his deputies in the ministry of Industry, Mine and Trade (MIMT), according to a report by the semi-official ILNA agency.

“Last year the enemies touted the successive closure of the factories (in Iran), but fortunately, the plot failed due to efforts by all industrialists,” said the minister.

Iran has been under a series of unprecedented economic sanctions by the United States since November 2018, months after Washington withdrew from a major international agreement on Iran’s nuclear program.

The bans have seriously affected the government’s spending and investment in various sectors of the economy, including in the manufacturing where Iran relies on many small and large enterprises for much of its daily needs.

Rahmani said, however, that car output in Iran had also grown after a lengthy period of recession to reach 4,000 vehicles a day. That means a double increase to Iran’s average daily output compared to the recent months.

The MIMT issued a report last month showing that the total number of cars produced in Iran between late March and late December 2019 had topped 524,200, a decline of 25.6 percent compared to the similar nine-month period in 2018.

The government has adopted measures to protect industries from the impacts of the American sanctions, including by imposing tariffs on exports of raw material as well as providing credit facilities for small and medium-sized enterprises to help them survive the difficult economic situation.

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