The World Bank expects Iran’s economy to expand by 2.2% this year despite continued pressure of the US sanctions on the country’s economy.
A source in the Iraqi foreign ministry has confirmed the Arab country will pay $2.76 billion worth its energy debts to Iran as part of a recent understanding with US authorities.
Iran hopes its trade with Brazil could double within few years to reach an annual target of $10 billion, according to a senior businessman who watches over trade between the two countries.
Iran’s consumption of steel has increased significantly in the two month to late May compared to the same period last year amid a surge in demand for domestically-produced steel in the country’s manufacturing sector.
Iran has added at least 15 ships to its merchant fleet in the Caspian Sea amid growing trade ties with Russia and other countries located to the north of Iran.
Figures by the United States Department of Agriculture (USDA) show that wheat output in Iran is going to increase by 10% this year.
Iran and Indonesia have signed a preferential trade agreement (PTA) that will allow the two Muslim countries to reduce tariffs on exports and imports of certain goods and products.
Iran has set a target to reach an average economic growth rate of 8% between 2023 and 2028 as part of a new vision plan unveiled by the government.
Figures by the Statistical Center of Iran (SCI) show the country’s annual inflation rate rose by 1.8% to 47.6% in the calendar month to late April.
Iran expects a major surge in demand for electricity this summer amid efforts to control rising consumption in the country’s household and manufacturing sectors.