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Iran Country Profile
The signing of the Joint Comprehensive Action Plan between Iran and the P5+1 group in July 2015 concluded 18 months of negotiations. This will allow Iran to develop its nuclear industry in a way that satisfies Western powers, and in return the West will unlock the sanctions imposed on Iran. The sanctions regime was loosened as the negotiations progressed, and brought modest GDP growth of 1.5% YoY in 2014 driven by a recovery in crude oil production and oil export growth, and, more importantly, a recovery in industrial production.