Governor of the Central Bank of Iran (CBI) Mohammadreza Farzin giving a report at the weekly cabinet session on Wednesday pointed to a 24 percent growth in crude oil output and a 16,000-barrel-per-day (bpd) increase in gas condensate production in the first half of the current Iranian year, forecasting a 15.2 percent economic growth for the oil sector.

Iran’s gross domestic product (GDP) is expected to hit 4.3 percent by mid-March 2024, he continued.

The industrial sector’s growth will be mixed, said Farzin, adding some industries will post high growth and some will report decline.

The estimates are based on growth in main domestic industries including oil and agriculture and balance of payments (BOP).