Small contraction in Iran economy over oil ban, IMF says
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Tehran Times - 13 November, 2012
http://gitm.kcorp.net/index.php?id=622048&news_type=Economy&lang=en

Economic performance in Iran has shown a small contraction because of a
Western ban on oil exports, the International Monetary Fund said on Sunday.

"The projection that we have shows small contraction in Iran economy during
2012 ... and an increase in inflationary pressure in the same period," the
IMF's head of Middle East and Central Asia, Masood Ahmed, told AFP in Dubai
where he presented the Fund's Regional Economic Outlook report.

IMF figures released last month forecast an economic contraction in Iran of
0.9 percent this year, and mild growth of 0.8 percent in 2013. The figures
compare to 2.0-percent growth in 2011 and 5.9 percent in 2010.

"This deterioration reflects both lower oil production, which is in part
because of the external constraints and the spillover impact of that on the
rest of the economy," he said.

According to IMF projections, Iran's oil exports have dropped to 1.25
million barrels per day this year, compared with 2.14 million bpd last year.

He pointed out that the drop took place even though "other parts of the
economy have done well, such as agriculture."

"It is important to remember that the economy is quite a diversified economy
in Iran. The oil as a share of the GDP is not as large as other oil
exporters," Ahmed said.

Agriculture contributes some 10 percent of the Islamic republic's GDP, while
industry, including oil, accounts for about 40 percent, and services amount
to about half the output.