TEHRAN (IP) — According to reports presented at a meeting of the Economic Coordination Headquarters, presided over by Acting President Mohammad Mokhber, Iran's oil sector has continued to experience growth in the first three months of the current Iranian calendar year, which began on March 21.

Iran PressIran news: The Central Bank of Iran (CBI) and the Planning and Budget Organization (PBO) provided updates on inflation and economic growth during the meeting. The CBI report indicated that the service sector grew by 2.7% and 3.8% over the past two years.

Notably, the oil sector saw significant growth, reaching 10% and 14.7% during the corresponding period. This was primarily attributed to an increase in crude and condensate production and exports.

The PBO report also confirmed the continuation of economic growth in the first three months of the current Iranian year, although specific figures were not provided.

The positive performance of the oil sector is a welcome development for Iran's economy, which has faced significant challenges due to the impact of U.S. sanctions and the COVID-19 pandemic. The growth in oil production and exports is likely to provide a much-needed boost to government revenues and overall economic activity.