In its latest assessment of the economic situation in Iran, the World Bank has predicted that Iran's economic growth rate under the US sanctions will fall to 1.6% at the end of 1397.
Based on World Bank figures, Iran's agricultural sector will grow by 3.5% this year and services will grow by 2.9%, but the industry sector will have a negative growth of 7 percent.
The private consumption will decrease by 0.6% while the government consumption will also drop by 1.7%.
Iran's exports are predicted to drop by 11.9% this year while imports will drop by 27.1%.
The World Bank has also predicted that the inflation rate will rise to 23.8% next year.
According to the report, Iran's current account balance of GDP will remain positive this year, reaching 0.6% of GDP, but the government's financial balance will be - 4.7% of GDP.
The international body has further predicted minus 3.7% growth for Iran economy next year.
Iran's oil exports will reach 1.5 million barrels a day at the end of this year and drop to 1 million barrels a day next year, according to the World Bank.
Iran's oil production will decline from the current level of 3.3 million barrels a day this year to 2.8 million barrels per day in 1398.
The World Bank has also estimated an average oil price of $65 bpd next year, while the current account balance of Iran will drop to zero.
Iran's foreign debt is predicted to be $9.3 billion this year and $10.1 billion next year. Last year, Iranian foreign debt was reported to stand at $10.9 billion.
KI/TASNIM909450
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