Iran’s non-oil exports up by 20%

TEHRAN, Aug. 24 (MNA) – Iranian economy minister announced that the country’s non-oil exports have experienced a 20 per cent uplift.

Addressing a meeting of executives and entrepreneurs of Chaharmahal and Bakhtiari on Tuesday evening, Ali Tayebnia said “non-oil foreign trade turnover has soared by 20 per cent while exports of goods have risen by 35 per cent as weight regards.”

“The measured taken by the incumbent government in recent years have brought about a reasonable state of tranquility to the Iranian economy,” added the official asserting “calmness has well replaced earlier tensions and critical conditions.”

He pointed to frequent visits of economic and political activists to the country which will lead to a bright future for Iran’s economic development.

In earlier years, economic growth had declined by 6.8 per cent and inflation stood at 40 per cent while several reasons, including sanctions and falling oil prices, had put the country’s economy in troubled conditions, underlined Tayebnia.

Economy minister went on to maintain that “inflation rate has now fallen below 10 per cent and the Producer Price Index (PPI) stands at less than 3.5 per cent indicating even lower inflation rates in coming years.

Tayebnia also explained that economic growth in investment has grown by three per cent over the past two years which marks a miraculous achievement at a time when international sanctions were still effective.

“In the past 35 years, the average economic growth rate has been 3.1 percent and 2.2 percent over the past eight years while a growth rate of five percent could be achieved if oil prices had remained constant,” highlighted the official saying that falling oil prices reduced Iran’s oil revenues from 120 billion dollars in 2012 to 30 billion dollars in 2015.”

“Iran has climbed in the World Bank's ‘Doing Business’ ranking from 152 to 118 among while reaching a ranking of 70 has been defined as the medium term objective,” economy minister concluded.

HA/3750196

News Code 119193

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