Iranian President Hassan Rohani says his government succeeded in reducing the rate of inflation from over 40 percent to 17 percent within 16 months.

The Mehr News Agency reported on Wednesday December 24 that Hassan Rohani told a gathering of BIrjand residents that the country is becoming economically prosperous.

He credited his government’s policies and measures for the inflation rate decline of more than 20 percentage points.

He added that the economy, which had been shrinking under the former administration, has now shown growth of four percent in the past six months.

In September, the Economic Minister announced that the economy had finally begun to grow after two years of shrinking.

The restructuring of government subsidies and the imposition of international sanctions on Iran put serious pressure on the Iranian economy in recent years. Rohani’s government took power in August of 2013 with promises to remedy the economic situation.