The World Bank announced on Tuesday that the Iranian economy has achieved strong growth for the fourth consecutive year, driven primarily by a significant recovery in the oil sector despite ongoing economic sanctions.

In its Spring 2024 report, the World Bank revealed that Iran's economy expanded by 5% in real GDP from April to December 2023 compared to the same period the previous year. This growth marks a continuation of the positive economic trends observed over the past three years. 

The report mentioned that the oil sector played a crucial role in this economic expansion, showing a robust growth rate of 16.3% during the first nine months of the 2023/2024 fiscal year. The increase in oil production and exports was instrumental in driving the overall economic performance.

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The non-oil sector also demonstrated resilience with a 3.5% growth rate driven by strong domestic demand and a boost in exports. The services sector contributed notably to this growth, reflecting a steady economic recovery.

The report also noted that moderate rainfall, supported by government initiatives, had a positive impact on agricultural production, albeit the growth was minimal.

However, the construction sector faced challenges that tempered its growth. The sector grew by 3.1%, hindered by issues such as limited financing and rising production costs.

Overall, the growth observed continues a positive trend from previous years, indicating a period of recovery and resilience in the Iranian economy despite the strain imposed by US sanctions.