TEHRAN – The International Monetary Fund (IMF), in its latest World Economic Outlook Report, has positively revised its forecast for Iran's gross domestic product (GDP) growth in 2023, expecting the country’s economy to grow 2.5 percent this year.

The fund had estimated the Islamic Republic’s GDP growth at two percent for 2023, in its previous report published in April.

The entity also revised its estimation for the Islamic Republic’s economic growth in 2022, putting the country’s GDP growth for the mentioned year at 3.5 percent. In the April report, Iran's economic growth for 2022 was estimated to be 2.5 percent.

The 3.5 percent growth of Iran's economy in 2022 is equal to the average growth of the world economy this year and is higher than the economic growth of many countries, including Canada, China, Germany, South Korea, and the United States.

As announced by the Central Bank of Iran (CBI), Iran's gross domestic product (GDP) grew four percent in the past Iranian calendar year 1401 (ended on March 20).

The CBI put the GDP growth at 3.5 percent excluding oil.

According to CBI data, the GDP growth was positive in all four quarters of the previous year so that from the first quarter to the end of the fourth quarter of the said year, the economic growth rate of the country was 1.9 percent, 3.9 percent, 4.9 percent, and 5.3 percent, respectively.

EF/MA