Jun 16, 2022 05:19 UTC
  • Iran’s economy grew by 4.3% in year to late March: SCI

Figures by the Iranian government’s statistics agency the SCI show the country’s economy grew by 4.3% in the year to late March.

SCI figures published on Wednesday showed that Iran’s gross domestic product (GDP) had increased to 7,569 trillion rials ($199.18 billion) at the end of the past calendar year, up from 7,254 trillion rials reported in late March 2021.

The Statistical Center of Iran considers 2011, when one US dollar was equal to 38,000 Iranian rials, as the baseline year for calculation of economic growth rate in Iran.  

The agency said Iran's GDP without oil had increased by 3.5% over the year to late March to reach 6,511 trillion rials ($171.3 billion).

The manufacturing and mining sector reported the highest rate of growth compared to other sectors of the Iranian economy over the past calendar year with a 6% surge in GDP, said the statistics agency, adding that the rate covers activities in the petroleum sector as well as electricity generation and construction activities.

It said the Iranian services sector had expanded by 4.5% over the same period while agriculture had contracted by 3.7%.

The Central Bank of Iran (CBI), which uses the same GDP calculation method as the SCI, had put Iran’s GDP growth rate at 4.1% for the three quarters to late December 2021.

Both the CBI and the SCI started to report positive economic growth figures for Iran in the last quarter of 2020, nearly two years after the country went into recession because of American sanctions targeting its oil sector.

Iranian oil sales have rebounded in recent months with authorities reporting increased exports to China and elsewhere since October last year.