Iran’s oil sector annual growth doubles despite sanctions

Iran’s oil sector has witnessed a twofold increase in its annual economic growth in autumn 2023, the country’s Finance and Economic Affairs said on Tuesday.

As IRNA reported, 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.

The 13th administration 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 including the oil sector’s growth and 2.5 percent without oil.
According to Khandouzi, Iran’s non-oil trade with 15 neighboring states during the 11 months of the current Iranian calendar year (starting March 21, 2023) hit $55 billion, 2.5 percent higher than the figure during the corresponding period in its preceding year.

Foreign investments made since the incumbent government took over have 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.