The Iranian economy grew 12.5% in the last Persian calendar year (ended March 20), Central Bank of Iran (CBI) data shows, the Iranian Banker Journal reported on June 18.
The impressive growth was driven by expanded oil sales, which presently make up 30% of Iran’s overall GDP. However, the Statistical Center of Iran, the other official body which compiles Iranian GDP data, calculated that the economic expansion only measured 8.3%.
Overall GDP growth, minus oil exports, stood at 3.3%, the CBI report said, adding that oil registered an expansion of 61.6%.
The central bank also said that the industrial sector grew 6.9% against the 4.6% contraction seen in the previous Persian year.
The agricultural sector expanded by 4.2%, buoyed by good growing conditions.
A downturn in property purchases had a knock-on effect in the construction sector, which contracted by 13.1%.
Government and private purchasing grew 3.8% and 3.7%, respectively, the report added.
Imports and exports saw a bumper year, with 6.1% and 41.3% expansions, respectively. Oil and petrochemicals gave exports a big boost.
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