Iran’s economy grew 3.8% in Q1 fiscal year: SCI
Figures by the Statistical Center of Iran (SCI) show the country’s economy grew by 3.8% in the first quarter of the calendar year that started late March.
SCI figures published on Monday showed that Iran’s gross domestic product (GDP) had reached 1,887 trillion rials ($150.9 billion) in the three months to June 21, up from 1,818 trillion rials reported over the June quarter last year.
The SCI considers 2011, when one US dollar was equal to 12,500 Iranian rials, as the baseline year for calculation of economic growth rate in Iran. That comes as the current market price of US dollar in the country is 311,000 rials.
SCI figures showed that Iran’s GDP without oil had expanded by 4.3% year on year in May-June to reach 1,614 trillion rials.
The figures showed that the manufacturing sector was the best performer in the Iranian economy in the June quarter as the sector’s GDP rose by 4.2% compared with the same quarter last year.
The Iranian services sector grew by 3.9% in the three months to late June while the agriculture sector contracted by 0.8% over the same period, said the SCI.
Figures provided by the SCI and Iran’s central bank (CBI) and confirmed by international economic organizations show that the Iranian economy started to recover from a recession caused by American sanctions in the second half of 2020 more than a year after the sanctions were imposed.
However, the pace of economic growth decelerated starting in the last quarter of the calendar year to late March 2022.
SCI and CBI figures show Iran’s economy grew by more than 4% over the past calendar year, down from a growth figure of 5.1% reported for the three quarters to late December.
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