Tehran (IP) – A report released by the Central Bank of Iran (CBI) on Saturday showed that the oil and gas industry’s economic growth in summer 2023 reached 17.8 percent.

Iran PressIran news: Based on the CBI figures, the country’s gross domestic product (GDP) grew 4.7 percent and 3.6 percent in the first half of the current Iranian calendar year (March 21-September 22) when oil was included and excluded respectively, and compared to the same period last year.

The oil and gas group’s added value also witnessed a 17.1 percent growth in the six months, according to the report.

In its recent report, the World Bank (WB) said, “Despite sanctions, Iran’s oil sector expanded, aided by the tighter global oil markets.”

Iran’s economy continued to grow moderately for the third consecutive year in the previous Iranian calendar year (March 2022-March 2023), the WB report added.

The country’s real GDP grew by 3.8 percent in 2022/23, driven by expansions in services and manufacturing.


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