IMF Sees Iran’s GDP Rising 4-4.5% Due to Oil Revenues

International Monetary Fund’s (IMF) First Deputy Managing Director stated that GDP of Iran is expected to increase up to 4-4.5 percent amid higher profits from oil export and decreased costs of financial transactions.

WASHINGTON (Sputnik) – The GDP of Iran is expected to increase up to 4-4.5 percent amid higher profits from oil export and decreased costs of financial transactions, International Monetary Fund’s (IMF) First Deputy Managing Director David Lipton said in a statement.

"Higher oil exports, along with lower costs of trade and financial transactions, as Iranian banks reconnect to the international financial system, would help support the economy, with real GDP growth projected at 4 –4.5 percent over the medium term," Lipton stated.

The IMF director noted that the implementation of the nuclear agreement with the P5+1 group of international mediators, including Russia, the United States, China, the United Kingdom, France and Germany, also bodes well with the country’s economic outlook.

In July, Iran signed a historic deal to ensure the peaceful nature of its nuclear program in exchange for the easing of sanctions.