Iran’s gross domestic product (GDP), including oil, grew by 3.2% in the first quarter of the current Iranian calendar year (March 20 to June 21) compared to the first quarter of last year, according to the Central Bank of Iran (CBI).

Excluding oil, GDP increased by 2.5%.

The World Bank had earlier forecast Iran’s economy to grow by 3.2% in 2024, while the International Monetary Fund (IMF) raised its estimate to 3.7%.

The country’s industrial sector is expected to show the highest growth in 2024 (4.9%), followed by the services sector (2.7%) and the agricultural sector (0.9%), Tehran Times, a partner of TV BRICS reported.

The World Bank also forecasts growth in Iran’s exports of goods and services in 2024.