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Since the partial relief of sanctions in early 2016, Iran has increased its oil production by almost 20% (up to 3.8-3.9 mb/d) and has been exempt from OPEC supply cuts. Inflation dropped below 10% for the first time since 1990 (down from +30.8% in 2012) as import costs eased after the sanctions lifting. External trade has also regained momentum (e.g. additional +EUR536mn or +26% in imports from Germany in 2016).

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