AGL 37.90 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 221.24 Increased By ▲ 1.24 (0.56%)
BOP 10.85 Increased By ▲ 0.04 (0.37%)
CNERGY 7.62 Decreased By ▼ -0.23 (-2.93%)
DCL 9.50 Increased By ▲ 0.35 (3.83%)
DFML 41.51 Increased By ▲ 0.73 (1.79%)
DGKC 106.60 Increased By ▲ 1.68 (1.6%)
FCCL 37.68 Increased By ▲ 1.10 (3.01%)
FFL 18.27 Increased By ▲ 0.34 (1.9%)
HUBC 134.50 Increased By ▲ 3.61 (2.76%)
HUMNL 15.40 Increased By ▲ 0.73 (4.98%)
KEL 5.65 Increased By ▲ 0.05 (0.89%)
KOSM 7.47 Increased By ▲ 0.09 (1.22%)
MLCF 48.60 Increased By ▲ 2.66 (5.79%)
NBP 66.70 Decreased By ▼ -0.22 (-0.33%)
OGDC 228.50 Increased By ▲ 1.24 (0.55%)
PAEL 43.19 Decreased By ▼ -0.66 (-1.51%)
PIBTL 9.48 Increased By ▲ 0.10 (1.07%)
PPL 204.50 Increased By ▲ 0.95 (0.47%)
PRL 42.77 Decreased By ▼ -1.55 (-3.5%)
PTC 27.64 Increased By ▲ 0.37 (1.36%)
SEARL 106.98 Increased By ▲ 2.52 (2.41%)
TELE 9.82 Increased By ▲ 0.12 (1.24%)
TOMCL 36.24 Increased By ▲ 0.55 (1.54%)
TPLP 15.56 Decreased By ▼ -0.08 (-0.51%)
TREET 28.54 Increased By ▲ 0.45 (1.6%)
TRG 70.60 Decreased By ▼ -0.07 (-0.1%)
UNITY 34.50 Decreased By ▼ -0.04 (-0.12%)
WTL 1.79 Increased By ▲ 0.01 (0.56%)
BR100 12,395 Increased By 7.2 (0.06%)
BR30 37,705 Decreased By -1000.2 (-2.58%)
KSE100 116,712 Increased By 1585 (1.38%)
KSE30 36,783 Increased By 600.6 (1.66%)

Economic performance in Iran has shown a small contraction because of a Western ban on oil exports whose impact is spilling over into other sectors, the International Monetary Fund said on Sunday.
"The projection that we have shows small contraction in Iran economy during 2012 and an increase in inflationary pressure in the same period," the IMF''s head of Middle East and Central Asia, Masood Ahmed, told AFP in Dubai where he presented the Fund''s Regional Economic Outlook report. IMF figures released last month forecast an economic contraction in Iran of 0.9 percent this year, and mild growth of 0.8 percent in 2013.
The figures compare to 2.0-percent growth in 2011 and 5.9 percent in 2010. "This deterioration reflects both lower oil production, which is in part because of the external constraints and the spillover impact of that on the rest of the economy," he said.
According to IMF projections, Iran''s oil exports have dropped to 1.25 million barrels per day this year, compared with 2.14 million bpd last year. He pointed out that the drop took place even though "other parts of the economy have done well, such as agriculture."
"It is important to remember that the economy is quite a diversified economy in Iran. The oil as a share of the GDP is not as large as other oil exporters," Ahmed said. Agriculture contributes some 10 percent of the Islamic republic''s GDP, while industry, including oil, accounts for about 40 percent, and services amount to about half the output.
The IMF official pointed out that the projections did not take into account the sharp depreciation in Iran''s currency, the rial. "These projections were done before the very significant depreciation of the currency and the related increased uncertainty, which will likely have a further negative impact on the economic performance in the year ahead," he said. Sanctions on oil exports have caused a shortage of foreign currency in Iran, sparking the collapse last month of the rial and sending inflation soaring.

Copyright Agence France-Presse, 2012

Comments

Comments are closed.