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EghtesadOnline: The Central Bank of Iran will change the base year for calculating Iran’s economic growth in the third quarter, said Peyman Qorbani, CBI’s deputy for economic affairs on Saturday.

“CBI will shift the base year from 2004-05 to 2011-12 for calculating Iran’s economic growth in the third quarter of the current fiscal year [ending March 20],” Fars News Agency quoted him as saying.

Qorbani noted that the base year is a measure for calculating the growth rate, which should be revised after a couple of years. Changes in the share of business sectors in the growth of domestic production are the main reason for rebasing the growth rate.

The International Monetary Fund recommends updating the base year for calculating GDP at least once every five years. The base year of the Statistical Center of Iran is 1997-98, Financial Tribune reported.

CBI Central Bank of Iran Iran economic growth Iran GDP Iran Base Year Peyman Qorbani