Economic growth in 2nd, 3rd quarters of 2016: 7.4 per cent

TEHRAN, Dec. 18 (MNA) – Iran’s Central Bank has announced economic growth for second and third quarters of fiscal year ending in March 21 2016 as 7.4 per cent. Figures for the same period indicates that in fixed prices and basic prices, GDP (Gross Domestic Product) had a growth of 7.4 per cent compared to the same figures in 2015. Tumbling oil prices and its negative shocks on economy in 2015 were factors to contribute to a declining growth rate; however, in 2016, the trend changed for the better, with other economic sectors following the suit of oil industry to producing more value to the exports. The report said a detailed prospectus will be published later by the CB where all figures on economic indicators will also be presented to the general public.