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Iran's economy can grow by over 8% if sanctions lifted: Finance Minister

Source: Tehran Times

TEHRAN - Finance and Economic Affairs Minister Ali Tayyebnia said on Monday that the Iranian economy can grow by over eight percent if the sanctions against the country are lifted. Achieving this goal requires making use of all economic capacities in the country, the Fars news agency quoted Tayyebnia as saying.

(by Jamal Rahmati, Etemaad daily)

Iran's gross domestic product grew by 4 percent in the first half of the current Iranian calendar year, which began on March 21, 2014, compared to the same period in the previous year, the Central Bank of Iran reported.

The country's GDP amounted to 1.022 quadrillion rials (about $29.3 billion) in the first half of the current year, according to the report.

In April 2014, the International Monetary Fund said Iran had achieved considerable progress in raising per capita income and living standards in previous decades.

According to the report, since the presidential election in June 2013, there have been some signs of stability. The exchange rate has appreciated markedly in the bureau/parallel market. The central bank has kept a lid on base money growth thanks to tighter credit to the banking system and some fiscal consolidation, and 12-month inflation declined to about 29 percent in January 2014.

Meanwhile, in its April 2014 report, Business Monitor said the Iranian economy is forecast to expand by 2.9 percent in 2015. However, the Iranian rial will remain sensitive to developments in nuclear negotiations over the coming quarters.

... Payvand News - 01/27/15 ... --

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