IRAN NEWS ECONOMIC DESK

TEHRAN – Governor of the Central Bank of Iran Abdolnaser Hemmati says the economic growth rate in Iran has become positive, both with and without oil revenues.

In a post on his Instagram page on Sunday, the top banker said Iran has achieved a positive economic growth.

The great Iranian nation’s fortitude under the pressure of economic war and outbreak of the coronavirus pandemic and the efforts of the Iranian economic activists finally yielded results, Hemmati said.

“As I had already announced according to the course of indices of industrial and agricultural production as well as the growth in the credit of working capital of banks, the country’s economic growth has become positive,” the CBI governor announced.

A recent report from the CBI’s economic calculation department shows that the gross domestic product (GDP) growth rate during the first six months of the current Iranian year (March 20 – September 21) has been positive with and without petrodollars, he stated.

Iran’s economic growth excluding the oil income in the first half of the current Iranian year has increased by +1.4 percent compared to the corresponding period last year, while the economic growth with oil has risen by +1.3 percent compared with the 6-month period a year earlier, he noted.

The CBI chief finally noted that the economic growth with the inclusion of oil has stood at -2.9 percent and +5.1 percent in the last spring and summer, respectively, while the growth rate without oil income has reached -0.6 percent in the first quarter and +3.2 percent in the second quarter of this year.

Meanwhile Iran’s Trade Promotion Organization (TPO) is organizing an online 3-day Iran-Europe business forum in collaboration with the European Union (EU) which is to open today (December 14).

During this three-day event more than 60 Iranian and European officials will deliver speeches and companies from the two sides will hold online B2B meetings.

This investment conference will be run by the UN’s International Trade Center – an agency jointly managed by the United Nations and the World Trade Organization – and the TPO.

The main purpose of this event is to create a suitable environment for companies on both sides to engage in trade-economic interactions.

The Europe-Iran Business Forum, which is funded by the European Union, will be the first of its kind in two years, according to a statement by the organizers.

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IRAN NEWS ECONOMIC DESK

TEHRAN – The Statistical Center of Iran in its latest report announced the economic growth of the country in the last Iranian calendar year which ended on March 20.

According to the report, Iran’s economic growth dropped to minus seven percent last year. The growth has been calculated with oil revenues. The Statistical Center added that last year’s economic growth without oil revenues stood at minus 0.06 percent.

The report shows growth in the agro sector was 3 percent while the figure for the mines and industries sector was minus 14.7 percent and in the services sector it was minus 0.3 percent.

Meanwhile reacting to the report, deputy head of Iran’s chamber of Commerce Mr. Hossein Salahvarzi said that the global economic growth has been affected by the outbreak of the Coronavirus and Iran’s economy is not an exception.

He said the form of Iran’s economy in the future depends on how the country acts against the Coronavirus and currently the country is moving slowly.

He admitted that some believe that if Iran’s economy continues before the outbreak of the virus, they will definitely witness the expansion of poverty and inequality.

Salahvarzi reiterated that the government should adopt several scenarios for the post-Coronavirus era and it should prioritize its plans based on the public and country’s needs.

He reiterated that if the Coronavirus continues to affect the economies, the scenarios will totally differ.

He expressed hope the world would overcome the pandemic and the economies would back to their normal lives.

The World Bank expects Iran’s economy to bounce back to growth in 2021 with 2.1% in GDP expansion after having experienced an estimated 5.3% contraction this year.

In its June edition of Global Economic Prospects report, World Bank has revised down its forecast for Iran’s growth in 2020. The previous such report had estimated 0% growth in 2020.

However, the forecast for next year has been revised up, as the previous report had forecast 1% growth in 2021.

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