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Iran’s SCI reports 4.2% economic growth for July-September quarter

Iran’s statistics agency says GDP rose by 4.2% in the quarter to late September.

The Statistical Center of Iran (SCI) has updated its quarterly figures on major economic indicators in the country saying the Iranian economy grew by 4.2% in the quarter to September 22.

SCI figures covered in a Saturday report by the official IRNA news agency showed that Iran’s gross domestic product (GDP) without oil had reached over 1,623 trillion rials in the September quarter, up 3.3% against the quarter to late June.

The SCI considers fixed prices reported in 2011 for its calculation of economic growth. That means that Iran’s GDP without oil was equal to nearly $135.2 billion in the quarter to September considering currency prices reported around nine years ago.

The figures showed that annual consumer price index had risen by 45.8% in September, up 338.7% on inflation figures reported in 2016.

Iran has been experiencing high but controlled levels of inflation over the past three years as the country has been struggling under the economic pressures of the American sanctions and the spread of the coronavirus pandemic.

That comes as sanctions have triggered a growth in activity in the non-oil sector of the Iranian economy as the government has reported increased number of jobs and better output levels in the manufacturing and agriculture sectors.

SCI figures showed that Iran’s jobless rate rose by 0.8% against the quarter to June to reach 9.6% in late September.

They showed that money supply had reached a total of 40,676 trillion rials (nearly $137 billion) in the September quarter, an increase of 17% against figures reported at the end of the year to late March.

Trade indicators studied by the SCI showed that Iran had imported over $12.8 billion worth of goods in the three months to late September, up 37.6% on the similar quarter last year.

Non-oil exports rose by 52.1% year on year to reach a total value of $10.98 billion in the July-September quarter, showed the figures.  

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