Meeting of the senior members of the German-Iranian Chamber of Industry and Commerce
11.07.2024
Iran’s Exports to EU-27 Maintain a Stable Course
18.07.2024Iran’s economy to growth 3.2 percent
According to the new report from the World Bank, Iran’s economy will grow by 3.2 percent in 2024, and the inflation rate will decrease to 35.3 percent.
Iran’s economy is growing for a fourth consecutive year aided by the recovery in the oil sector. According to the Iran Economic Monitor (IEM) report, which is a product of the World Bank’s Global Practice, Iran’s GDP which was 5 percent last year will reach 3.2 percent in 2024. The IEM forecast that the growth of Iran’s non-oil sector which was 3.8 percent in 2023, will reach 3.0 percent in the current year. Iran’s oil sector, which experienced a rise of 17.1 percent in the previous year, will also grow by 5.0 percent in the current year.
According to this report, the declining rate of inflation in Iran will continue. Even though in 2023 Iran’s inflation was above 40 percent for the fourth consecutive year (41 percent in 2023), this year it will shrink to 35 percent and will decrease to 30 percent by 2026.
The unemployment rate is also decreasing in this report. Unemployment has decreased from 9.6% in 2020 to 8.1% in 2024.
