Iran oil sector annual growth doubles

Iranian oil sector has witnessed a twofold increase in its annual economic growth in autumn 2023, reports country’s Finance and Economic Affairs said.

Ehsan Khandouzi, who made the statement in a press conference, added the oil industry’s growth reached 21.8% in the season from 10.8 % registered in autumn 2022, the country has largely succeeded in overcoming sanctions.

The 13th administration has made great efforts to neutralize sanctions since it took office in August 2021, the official underlined, praising the incumbent government’s economic diplomacy and attention to foreign investment.

Last week, Iran’s Plan and Budget Organization (PBO) head, Davoud Manzour, said the country’s economic growth in autumn 2023 was reported at 5.1% including the oil sector’s growth and 2.5% without oil.

According to Khandouzi, Iran’s non-oil trade with 15 neighboring states during the 11 months of the current Iranian calendar year hit US$55 billion, 2.5% higher than the figure during the corresponding period in its preceding year.

Foreign investments made since the incumbent government took over have exceeded US$11 billion, adding the oil sector has attracted US$4.8 billion, the industrial sector US$3.8 billion, the services sector US$617 million, and the agricultural sector US$580 million.