Iran cenbank reports economic growth rate of 3.6% for Sep-quarter
Initial data released by the Central Bank of Iran (CBI) show the Iranian economy grew by 3.6% year on year in the three months to September 22.
CBI figures published on Wednesday showed that the non-oil sector of the Iranian economy had expanded by 3.1% in the September quarter last year compared to the same quarter in 2021.
The CBI uses currency prices reported in 2016 as a baseline for its calculation of the gross domestic product (GDP) in Iran. One US dollar is currently worth 447,000 rials in the unofficial market in Iran, up significantly from a rate of 37,480 rials reported in late 2016.
The bank had reported an economic growth rate of 4.4% for IRan for the calendar year to late March 2022. Its Wednesday figures showed the economy had expanded by 3% in the first half of the current calendar year.
Elaborating on September quarter growth figures, the CBI said the Iranian oil sector’s GDP had grown by 10.4% compared to the same quarter in 2021.
The manufacturing and mining sector in Iran expanded by 6.9% year on year in the three months to late September while services and agriculture grew by 2.4% and 0.8%, respectively, over the period, according to the CBI figures.
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