Iran: Country’s Economy Remains Stable Despite Re-Imposition of US Sanctions

Published October 27th, 2019 - 10:00 GMT
Total value of the country's exports stood at $24.4 billion in the first seven months of this year
Total value of the country's exports stood at $24.4 billion in the first seven months of this year. (Shutterstock)
Highlights
Iran’s economic situation has left behind the last year’s turbulence and it is witnessing stability now.

Iran's Finance and Economic Affairs Minister Farhad Dejpasand has said that the country's economic indicators show that economic conditions have improved a year after the re-imposition of the unilateral US sanctions.

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Speaking in the northeastern province of Khorasan Razavi, Iran's Finance and Economic Affairs Minister Farhad Dejpasand said that the country’s economic situation has left behind the last year’s turbulence and it is witnessing stability now.

He said that last summer, as many as 840,000 jobs were created in the country, adding that in some provinces like Khorasan Razavi the unemployment rate dropped to 3.6%, which indicated an improvement in the economic situation compared to last year.

Dejpasand said that the total value of the country's exports stood at $24.4 billion in the first seven months of this year (beginning on March 21 2019) despite all the pressures and all-out sanctions, while putting the value for the same period last year at $27.5 billion, indicating a decline in the value of the exports due to the drop in the oil exports.

He added that during the first seven months, the total weight of exported goods rose by 17.7% while the total value of the exported goods dropped by 11.3%.

The minister said that the decline in the value of exported goods was due to amending the basic export prices, otherwise, the export figures for the period were higher at least 20% than the same period last year.

He added that imports of basic necessities into the country in the first seven months of this year also increased by about 22% in value and 19% in weight compared to the same period last year.

He also pointed out that the total imports of goods into the country in the first seven months of this year amounted to $25.2 billion, indicating a slight drop compared to the same period last year which was $25.6 billion.

The economy minister added that despite all the evil acts and pressures on Iran, the figures show an increase in economic activity in the country, which, in turn, shows a positive trend has begun.

A report by recently published on Bloomberg revealed that the US maximum pressure campaign against Iran has failed citing an IMF's projection that Iran's economy will rebound despite the sanctions.


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