Iran’s economic growth to reach 3.5 percent this year, says Central Bank governor

Iran’s Central Bank Governor Mohammad Reza Farzin said the country’s economic growth is expected to reach 3.5 percent by the end of Iranian calendar year (ends on March 21, 2024).

News ID: 5095

Date: 10 September 2024 - 12:16

TABNAK, Sep, 10: According to Farzin, the country’s Gross National Product (GNP) hit 4.2 percent this spring (March 22, 2024- June 20, 2024).

He further reiterated that the country has experienced growth in sectors of agriculture and oil. However, growth in mining, industries and services are still key challenges for Iran.

Farzin continued that the country’s non-oil exports reached US$21.9 billion during the first 5 months of Iranian calendar year (March 22, 2024-August 21, 2024) showing 10 percent rise comparing to similar period in the year before.

The country’s imports hit US$26.3 billion the above-mentioned period with 5 percent rise comparing to the same period in 2023.

Mid July, The World Bank (WB), in its latest report, predicted that Iran’s economy will grow 3.2 percent in 2024 and the inflation rate will decrease to 35.3 percent.

According to the estimate of the international body, Iran’s economy experienced a five percent growth and a 40.7 percent inflation in 2023.

In addition, the World Bank has predicted that Iran's oil production this year will increase by 200,000 barrels compared to the previous year and will reach 3.2 million barrels per day.

It is expected that Iran's agricultural sector will grow only 0.9 percent this year, and the growth of the industry sector will reach 4.9 percent and the service sector will grow 2.6 percent.

Iran's inflation rate which was 40.7 percent in the previous year is also expected to fall to 35.3 percent in the current year.