Iran Economy Grew 8.3%

Financial Tribune - Iran’s economy grew 8.3%  in the last fiscal year (March 2016-17) compared to the year before, the Statistical Center of Iran's latest report shows.

The strong growth is associated for the most part with ramped up production and export of oil and related products after international sanctions imposed against Iran over its nuclear program were lifted in January 2016 as part of the landmark nuclear deal the government of President Hassan Rouhani signed with world powers in the preceding year. In exchange for the sanctions removal, Iran agreed to limit the scope of its nuclear works.

Without taking the oil sector growth into consideration, the economy expanded by 6.3%, SCI said.

Government data show Iran's crude oil production reached 3.8 million barrels per day by the end of last fiscal year from around 3 million bpd in the previous year. Under sanctions, crude output fell to 2.5 million barrels daily and exports were limited to just above 1 million bpd to a few customers in Asia.

The International Monetary Fund in its latest World Economic Outlook said Iran growth is projected at 3.3% for 2017, which will rise to 4.3% in 2018. The fund put the country's growth for 2016 at 6.5%.