TEHRAN - The International Monetary Fund in its latest report on Iran’s microeconomic indicators has said the increase in Iran’s oil production in 2023 exceeded expectations, IRNA reported.

The fund attributed the increase in its estimate of Iran's economic growth in the mentioned year to the higher-than-expected increase in the country’s oil production.

According to the new estimates of this international entity, Iran's economic growth in 2023 reached 5.4 percent, registering a significant increase compared to the previous year.

The International Monetary Fund had previously estimated that Iran's economic growth would reach only 3.0 percent in 2023.

In its latest quarterly report, known as World Economic Outlook, the IMF said Iran’s Gross Domestic Product (GDP) was nearly 1.6 percent more than the country’s economic growth in 2022. 

The IMF has also reviewed its forecast of Iran’s economic growth for 2024 from 2.5 percent in October to 3.8 percent.

The increase in Iran’s economic growth happens at a time when global growth has slowed to 3.1 percent. The average economic growth of the developed economies has been reported at 1.6 percent in 2023 while the figure stood at 2.6 percent in 2022.

Developing countries have also had an average growth of 4.1 percent in 2023, indicating that Iran's economy increased more than the average of its equivalents.

The West Asian economies grew by an average of 2.0 percent. In that region, Saudi Arabia recorded -1.1 percent of economic growth.

The economic growth of some other countries in 2023 was as follows: USA 2.5 percent, Germany negative 0.3 percent, France 0.8 percent, UK 0.5 percent, China 5.2 percent, India 6.7 percent, Russia 3.0 percent, Brazil 3.1 percent, Turkey 4.0 percent, and Pakistan - 0.2 percent.

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