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Tehran, YJC. -- Iranian finance and economic affairs minister Shamseddin Hosseini has said that the country's gross domestic product (GDP) is on the verge of $1 trillion, and that the country's national economy stands at 17th place in the world.
In a meeting with Supreme Leader Ayatollah Ali Khamenei on Monday, Hosseini said that the prospect of the national economy
is promising and hopeful despite the intensified international sanctions, according to ISNA.
is promising and hopeful despite the intensified international sanctions, according to ISNA.The International Monetary Fund has said that Iran's GDP at current US$ stood at $482 billion in 2010, standing at the 25 place in the world. Iran is at the 79th place in terms of per GPD per capita.
The World Bank also estimated that Iran's GDP in 2011 was $514.059 billion.
Considering that Iran faced 1.9 percent economic contraction in 2012 and the national currency devalued by 40 percent during that year, the GDP has even decreased below $482 billion at current US$.
The GDP at current US$ is estimated by converting the rial-based GDP into US dollar using single year official exchange rate.
There is another way to calculate the GDP based on standards of living and general index of prices and is called the GDP at purchasing power parity (PPP). This method of calculation is solely used to compare countries for their share in the global production.
A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States in the year noted.
According to the International Monetary Fund, Iran's GDP at PPP was about $1 trillion in 2010. In many cases, Iranian officials announce this figure to highlight economic development indices because it is twice as much as the GDP at current prices.
Mr. Hosseini has announced the GDP at $1 trillion, while the Central Bank of Iran on July 3 released a statement in response to an analysis - which had been published by ILNA News Agency with the theme of reduction in GDP at PPP - saying that calculating GDP at PPP is not scientifically acceptable.
"Currency exchange rates are different from purchasing power parities due to some factors, including interest rates, capital inflow and outflow, and political developments. The annual economic growth should be estimated based on GDP change based on current US$," the statement said.
Meanwhile, the Central Bank of Iran announced on Monday that the inflation rate for the 12-month period ended on June 21 hit 35.9 percent. Moreover, the rial to the dollar exchange rate has halved since two years ago. The International Monetary Fund has said that Iran's economy contracted by 1.9 percent last year and is expected to shrink by 1.3 percent this year. So, the country's GDP at PPP should have been decreased sharply compared to the past two years and should be less than the figure for 2010 which was $1 trillion.
Hosseini also said that a new wave of pressures has been imposed on the national economy by the sanctions. "We should not underestimate their propaganda. Any doubt in official statistics, denying economic achievements, magnifying deficiencies, and infusing mismanagement in the society, is a psychological war which has been launched parallel with the economic war against us," he stated.
Source: Trend news
Dalga Khatinoglu
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