Iran's oil production rise in 2023 exceeded expectations: IMF
The International Monetary Fund in its latest report on Iran’s microeconomic indicators has said the increase in Iran’s oil production in 2023 exceeded expectations, IRNA reported.
The fund attributed the increase in its estimate of Iran's economic growth in the mentioned year to the higher-than-expected increase in the country’s oil production.
According to the new estimates of this international entity, Iran's economic growth in 2023 reached 5.4 percent, registering a significant increase compared to the previous year.
The International Monetary Fund had previously estimated that Iran's economic growth would reach only 3.0 percent in 2023.
In its latest quarterly report, known as World Economic Outlook, the IMF said Iran’s Gross Domestic Product (GDP) was nearly 1.6 percent more than the country’s economic growth in 2022.
The IMF has also reviewed its forecast of Iran’s economic growth for 2024 from 2.5 percent in October to 3.8 percent.
The increase in Iran’s economic growth happens at a time when global growth has slowed to 3.1 percent. The average economic growth of the developed economies has been reported at 1.6 percent in 2023 while the figure stood at 2.6 percent in 2022.
Developing countries have also had an average growth of 4.1 percent in 2023, indicating that Iran's economy increased more than the average of its equivalents.
The West Asian economies grew by an average of 2.0 percent. In that region, Saudi Arabia recorded -1.1 percent of economic growth.
The economic growth of some other countries in 2023 was as follows: USA 2.5 percent, Germany negative 0.3 percent, France 0.8 percent, UK 0.5 percent, China 5.2 percent, India 6.7 percent, Russia 3.0 percent, Brazil 3.1 percent, Turkey 4.0 percent, and Pakistan - 0.2 percent.
Source: Tehran Times
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
