Azernews.Az

Iran’s industrial GDP growth experienced a 11.94 percent contraction during 9 months of the current fiscal year (started on March 21, 2015), said the head of Tehran Chamber of Commerce Masoud Khansari.

Khansari noted that the index of Industrial production has shown negative figures in all spheres, except for pharmaceutical and food industries.

The growth of industrial production index during the fall was 24.8 percent, compared to last year, he said.

The share of industry in Iran’s overall GDP was 11.83 percent during last year, the Statistical Center of Iran reported. The center put Iran's GDP growth at 1 percent in the first half of the fiscal year.

However, the International Monetary Fund estimated that the figure would stand between -0.5 percent and +0.5 percent in the current fiscal year. Meanwhile, the World Bank seems to be more optimistic, putting the figure at 1.9 percent during a period from March 2015-March 2016.

On the other hand, the Central Bank of Iran put the industrial GDP growth at 5 percent for last year and -2.9 percent in the preceding year.

After the West imposed tighter sanctions on Iran in 2012, the Islamic Republic’s GDP fell from above $590 billion in 2011 to about $425 billion in 2014, according to the World Bank.

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