Owji’s X post highlights oil sector’s top position in Iran economic growth ranking

SHANA (Tehran) – Iranian Oil Minister Javad Owji’s post on X, formerly called Twitter, highlighted the oil sector’s 16.4 percent economic growth in spring 2023, the highest rate in the country.

Despite the ratcheting up of brutal sanctions, the oil group stood top among other economic sectors with a 16.4 percent growth and enforced the Leader’s decree in the first season of the [Iranian calendar] year of “Inflation Control and Production Growth” thanks to divine grace and round-the-clock efforts of devoted oil industrialists, the minister wrote.

The Central Bank of Iran (CBI) has reported that the economy grew by 6.2% in the first three months of the Iranian calendar year (March 21 to June 21).

Figures released by the CBI showed that the gross domestic product (GDP), the broadest measure of economic activity, reached 3,802.1 trillion rials or about $90 billion in spring, up 6.2% compared to the same period last year.

The non-oil sector of the economy expanded by 5.2% in the first quarter, compared to the same period last year, the data showed, IRNA reported.

The CBI uses 2016 as the base year for its calculation of GDP data.

In spring, the oil and gas sector boasted the highest growth rate at 16.4%, followed by the services sector at 6.2%, industries and mining at 3.7%, and agriculture, forestry and fishing at 2.2%.

This indicates an improvement in the value-added growth of all economic sectors compared to spring of last year.

News ID 630439


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