Page 13 - IRANRptNov18

Oil minister scoffs at Saudis
Meanwhile, on October 8, Iran's oil minister scoffed at Saudi Arabia’s claims that it can replace Iranian oil shipments lost due to the renewed US sanctions, saying they were exaggerations that the market would never believe.
"Such exaggerations might please Mr Trump, but the market will never believe them," Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news service. "These statements were made due to Mr Trump's pressure on Saudi authorities. The reality is that neither Saudi Arabia nor any other producer has such a capability," he added.
Zanganeh said that the Saudis had simply opened up "their previous reserves" to the market but had not raised their output capacity.
The Saudi statement could have a "short-term psychological effect", he added, but it would not mean much to global energy markets which had shown their concern over shortages by raising prices. If an oil price hike hits the American motorist, it might be a problem for Trump in the run-up to the US mid-term elections on November 6.
4.0 Real Economy
Iran - Main Macro Indicators
2011 2012 2013 2014 2015 2016 2017 Mar-2018
Annual GDP (y/y)
3.8 -6.6 -1.9 4.3 4.4 12.5 4.3 2.9
GDP (per capita) (USD)
6,563.55 7,719.77 7,931.07 6,007.46 5,579.25 4,899.68 5,230.09 5,492.19
GDP: Final consumption expenditure: Private (IRR bn)
2,654,281 3,208,428 4,505,167 5,262,427 5,656,000 6,236,000 7,032,000 1,908,000
GDP: Final consumption expenditure: Government (IRR bn)
578,400 713,990 868,334 1,160,266 1,301,000 1,700,000 1,952,000 665,000
GDP: Gross fixed capital formation, (IRR bn)
1,529,548 1,809,515 2,386,025 3,048,276 2,606,000 2,552,000 2,885,000 994,000
GDP: Exports, (lRR bn)
474,863 473,222 376,386 376,240 421,236 / /
GDP: Imports, (IRR bn)
496,227 449,701 345,821 281,210 265,210 / /
Source: CEIC; Central Bank of Iran
4.1 Industrial production
Iran’s industrial production fell 0.5% in the second quarter of 2018, down from 5.7% y/y in the previous quarter, CEIC data showed. Major industrial production includes oil, petrochemical products and automobiles.
13 IRAN Country Report November 2018 www.intellinews.com