International Monetary Fund: Significant Growth Forecast for Iran's Non-Oil GDP

The International Monetary Fund (IMF) in its latest report states that Iran's non-oil GDP growth was only 0.07% last year, but it will reach 3.5% in 2017. However, this report published on the official IMF website indicates that the total GDP growth of Iran will be halved this year compared to last year. Iran had a GDP growth of 6.5% last year, but this figure is expected to be 3.3% this year and around 4.3% in 2018. The main reason for the surge in Iran's economic growth last year was the lifting of nuclear sanctions at the beginning of the year, which led to a significant increase in Iran's oil exports, allowing the country to boost oil production back to pre-sanction levels. The IMF also states that Iran's oil and gas condensate exports last year were 2.42 million barrels per day, showing an increase of one million barrels per day compared to 2015 and 1.26 million barrels per day compared to 2014. The average daily oil exports from Iran between 2000 and 2013 were about 2.22 million barrels per day, and according to the IMF's assessment, this figure will rise to 2.5 million barrels this year and 2.59 million barrels next year. The report further states that Iran's national GDP volume reached $368.5 billion this year and will increase to $385.4 billion next year. Regarding inflation rates, the IMF notes that this indicator reached 8.9% last year but is expected to rise to 11.2% and 11% for this year and next year, respectively. The report emphasizes the need for reforms in Iran's banking system, stating that Iran's economy has not yet fully freed itself from the yoke of sanctions, but the easing of restrictions will provide a slight boost to oil investments in the Iranian economy. The U.S. still maintains part of its non-nuclear financial sanctions against Iran, and according to reports, major Western banks continue to refuse to cooperate with Iran.