13 June 2024 - 13:39
  • News ID: 642949
Oil Sector Records Incredible Rate of Growth

SHANA (Tehran) - Iran’s oil sector growth stood at 20.3 percent last year, consequently played a significant role in gross domestic production (GDP) growth, helping the overall economy to become larger.

Data released by the Statistical Center of Iran (SCI) show that Iran’s economic growth stood at 5.7 and 3.4 percent respectively including and excluding the oil sector in the last Iranian calendar year which ended on March 20 2024.   

Industries and mine, services and agriculture sectors' rate of growth reached 6.9, 5.7 and minus 2.2 percent last year, SCI’s data show.

The important thing is that rising oil production and exports have played an increasingly bigger role in the country’s economic growth during the 13th administration in office, so that in the fourth quarter of last year oil sector’s share of GDP reached 16.2 percent, the highest contribution to the economic growth when compared with the share of other sectors.  

Iran’s economic growth in the year of 1401, stood at 5.1 percent and 4.8 percent respectively with and without oil sector share.

Oil sector’s 20.3 percent growth indicates that it has been the driving force of the  economy last year and has been able not only to realize its budgetary obligations but to offset the negative performance of some of other sectors in view of impacting GDP growth.

News ID 642949


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