Iran’s GDP Growth: A Promising Trend in Q1
Economic Growth Continues
Iran’s GDP growth stands at 3.2% in Q1, indicating a promising trend in the country’s economy. According to the Central Bank of Iran (CBI), the figure excluding oil increased by 2.5 percent, IRNA reported. This growth is a continuation of the growing trend of economic activities in the country, which saw a 4.5 percent GDP growth in the previous Iranian calendar year compared to a year earlier.
World Bank Predictions
In addition, the World Bank has predicted that Iran’s economy will grow 3.2 percent in 2024. The international organization forecasts that the industrial sector will take the lead, experiencing a 4.9 percent growth, followed by the services and agricultural sectors with 2.7 and 0.9 percent growth, respectively. Furthermore, the bank expects that Iran’s export of goods and services will exceed 7.1 percent in 2024 compared to the preceding year.
Inflation Rate and Current Accounts Balance
Moreover, the World Bank has predicted that the inflation rate will decrease to 35 percent in 2024. In addition, the balance of Iran’s current accounts will experience positive growth and reach 2.7 percent of the GDP in 2024. This is a promising sign for the country’s economy, indicating a stable and growing trend.
International Predictions and Iran’s Performance
Iran’s GDP growth soared to 5.4 percent in 2023, ranking second globally according to the IMF. Furthermore, the organization revised its forecast for Iran’s economic expansion in 2024 upward. This adjustment stems from an unanticipated boost in the nation’s oil output. Consequently, the country’s financial outlook appears increasingly promising. Meanwhile, the surge in petroleum production has become a pivotal factor in propelling Iran’s fiscal trajectory forward.
Other Positive Signs
In addition to the promising GDP growth, other signs point to a robust economy. For instance, Iran’s export of goods and services is expected to increase, and the current accounts balance will experience positive growth. These indicators suggest that the country is on track for continued economic growth.
In conclusion, Iran’s GDP growth standing at 3.2% in Q1 is a promising sign for the country’s economy. With the industrial sector leading the growth and increasing exports, the country’s economic outlook appears positive. As international organizations such as the World Bank and IMF continue to predict stable growth, Iran is expected to maintain its momentum in the coming years.
Source: Tehran Times