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Iran's industrial sector climbs out of recession

Staff Writer | June 24, 2017
Deputy Minister of Industries, Mining and Trade Mohsen Salehinia has declared that a longstanding recession plaguing the Iranian industrial sector is now a thing of the past.
Iran car industry
Iran   CBI and SCI both publish periodic statistics
Salehinia cited the Central Bank of Iran's recent report that put the growth in the domestic industrial sector at 6.9% in the last Iranian year (March 2016-17) as well as another report by the Statistical Center of Iran that shows the sector grew by 6.5% over the same period compared to the year before.

CBI and SCI both publish periodic statistics on Iran’s economy, but the two bodies’ data often differ from one another, as they use different base years to calculate their data.

As reported by Shatanews, the ministry’s official news portal, Salehinia said Iran's industrial sector contracted by 10.5% and 1.7% in 2012-13 and 2013-14 fiscal years respectively. The sector expanded 7.6% in 2014-15 but again posted negative 0.3% growth in 2015-16.

He added that the sector grew 2.2%, 4.4%, 6.8% and 12.1% respectively in the four quarters of the last fiscal year, showing a steady upward trend.

Salehinia attributes last year's strong growth record mainly to the remarkable 37% expansion in auto manufacturing sector.

Unofficial data show total car production hit 1.25 million during the 12-month period.

Automakers are aiming at a production rate of 3 million units per year over the next eight years, 30% of which are to be exported, the Industrial Development and Renovation Organization of Iran said.