Iran’s auto sector to rise GDP share by 70%

EghtesadOnline: The share of Iran’s auto industry in the country’s gross domestic product (GDP) is projected to rise by 70 percent in the current Iranian calendar year 1396 (March 2017-March 2018) compared to four years ago.

News ID: ۷۷۷۴۷۱

08 July 2017

Based on a strategic plan drawn out by the industry ministry, the automotive sector’s added value share of GDP will grow from 1.8 percent in Iranian calendar year 1392 to 3 percent in the current year, ISNA reported on Wednesday.

As predicted in the ministry’s plan, Iran is to improve its car and auto-part industry via improving both quality and quantity of the products, TehranTimes reported.

Iran manufactured 1.3 million cars in the past calendar year and targets to push the figure up to 1.5 million cars by the end of this year, Mehr news agency reported in early April, quoting Deputy Industry Minister Mansour Moazzami.

By producing more than one million automobiles in 2016, Iran could rank first in the world regarding output growth, according to a report released in March 2017 by the International Organization of Motor Vehicle Manufacturers.