Iran’s oil sector economic growth doubles despite sanctions


Iran’s oil sector witnessed a two-fold increase in its annual economic growth in autumn 2023, said the government’s economic spokesman on Tuesday.
Seyyed Ehsan Khandouzi, who made the statement in a press conference, added the oil industry’s growth reached 21.8 percent in the season, from 10.8 percent registered in autumn 2022, showing the country has largely succeeded in overcoming sanctions, reported Shana. The incumbent government 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 stood at 5.1 percent if the oil sector’s growth is included, and 2.5 percent if excluded.
According to Khandouzi, Iran’s non-oil trade with 15 neighboring states during the 11 months of the current Iranian year (starting March 21, 2023) hit $55 billion, 2.5 percent higher than the figure during the corresponding period in the preceding year.
Foreign investments made since the current administration took over has exceeded $11 billion, said the spokesman, adding the oil sector has attracted $4.8 billion, the industrial sector $3.8 billion, the services sector $617 million, and the agricultural sector $580 million.


Date archive