Iran's economic growth rate improves from -9 to +3.7%

Jan 19, 2015 12:00 AM

Iran's economic growth rate that had fallen to -9% in 1st three months of Iranian year of 1392 (March 20 to June 20, 2013) rose to +3.7% during the 2nd three months of 1393 (June 22 to Sept 21, 2014) thanks to financial discipline of the current government.

According to the economic statistics published by the Central Bank of Iran, the country's economic growth rate was 6.7% during the first three months of 1389 (March 20 to June 20, 2010).

In the year 1384 (2005), the first year of former Iranian president's tenure, the government's oil income was $53.83 billion, but a year later thanks to the good luck of 9th government it increased to over $62 billion. In the year 2007 Iran's oil income increased even more and reached $81.6 billion and a year later it stood at $81.6 billion.

Even in the year 2009 when the Iranian oil income dropped to $62 billion it was a temporary phenomenon as in the following year, 2010 it once again climbed to $74 billion.

It is noteworthy that the year 2001 (2nd year of Ahmadinejad's tenure) was the golden year in terms of oil sales, as Iran gained $113 billion, but the peak was never repeated and the declining trend began instead.

Economic surveys show that in the years 2000 and 2001 the Iranian oil incomes increased drastically which should have also been reflected in terms of economic growth, but it led to a minus 9% growth due to the 9th and 10 government's economic conduct.

Improvement of the Iranian economy and reversing the negative economic growth trend began with coming to power of the 11th government, despite highly lowered oil incomes.

During the 1st three months of the current Iranian year of 1393 (March 20, to May 20, 2014) the country's economic growth reached 4.4% and during the 2nd three months it stood at 3.7% according to the Central Bank statistics.

Since the government of President Rouhani has managed to rid the Iranian economy of the catastrophic conditions it was faced with during the high oil income period, it is still too soon to judge about the country's economic performance given the falling oil prices and its effects on the national economy.

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