TEHRAN- Iran's gross domestic product (GDP) including oil grew 3.2 percent in the first quarter of the current Iranian calendar year (March 20-June 21), compared to the first quarter of last year, according to the Central Bank of Iran (CB).

According to the CBI Economic Accounts Department, GDP to the base price (fixed prices in 2016), the figure excluding oil increased by 2.5 percent, IRNA reported.

As previously announced by the CBI, Iran's GDP grew 4.5 percent in the previous Iranian calendar year compared to a year earlier. The figure excluding oil increased by 3.6 percent.

In addition, the country’s economic growth without oil included in the mentioned period reached 3.9 percent.

The realization of 4.5 percent economic growth in the previous Iranian calendar year indicates the continuation of the growing trend of economic activities in the country.

Earlier, the World Bank (WB), predicted that Iran’s economy would grow 3.2 percent in 2024 and the inflation rate would decrease to 35 percent.

According to the estimate of the international body, Iran’s economy experienced a five percent growth and a 40.8 percent inflation in 2023.

The bank has forecast that the industrial sector in Iran will take the lead in 2024, experiencing a 4.9 percent growth, followed by the services and agricultural sectors with a 2.7 and 0.9 percent growth.

In addition, the World Bank has predicted that Iran’s export of goods and services will exceed 7.1 percent in 2024 compared to the preceding year.

Also, the bank expects that import of products into the country will experience a 1.8 percent growth in 2024 compared to a year earlier.

The balance of Iran’s current accounts will also experience positive growth and reach 2.7 percent of the GDP in 2024.

In late February, the International Monetary Fund (IMF) reported the Iranian economic growth in 2023 to be 5.4 percent.

The head of Iran’s Plan and Budget Organization (PBO) said the country’s 5.4 percent economic growth in 2023 was the second-highest rate in the world.

IMF also increased its estimate of Iran’s economic growth in 2024, citing a higher-than-expected surge in the country’s oil production.

The IMF, in its report published on February 22, forecast a 3.7 percent economic growth for Iran in 2024 while the figure in its October prediction was 2.5 percent.

The IMF data showed that Iran’s economic growth reached 5.4% in 2023 while the international agency had predicted a three percent growth for the country in the previous year.

EF/MA