News ID: 2204
Published: 0856 GMT September 26, 2014

Iran economy attains positive growth after two years

Iran economy attains positive growth after two years

The Central Bank of Iran (CBI) said on Thursday that the economy has recorded positive growth for the first time in two years.


Latest CBI figures show the economy grew 4.6 percent in the first quarter of the current Iranian year (started March 21, 2014).

According to the data, Iran's agriculture, oil, mining and industry sectors posted positive growth rates of up to 8.1 percent during the period.

Iran's economic growth rate turned positive after the country experienced months of stagflation, suffering negative economic growth combined with rising inflation rate.

In the year to March 20, 2014, Iran's economy shrank to -1.9 percent.

Earlier this month, President Hassan Rouhani said the Islamic Republic will witness an inflation rate far below the 20 percent recorded in the year to March.

"I announce to the Iranian nation that we have fortunately put stagnation behind," Rouhani said.

The administration had earlier envisaged a 25-percent inflation rate for the current year. "In the energy sector, in oil and gas, we will witness a remarkable breakthrough this year," Rouhani noted.

Iran's inflation rate dropped to 23.2 percent in the July 23-August 22 period showing a sharp decrease compared to 40.1 percent for the same month last year.

The administration has expressed its determination to cut inflation rate down to a single digit.

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