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Iran’s economic growth at 5.1% in 9 months to December: Report

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
A report shows Iran’s GDP rose by 5.1% to 54,970 trillion rials in the 9 months to late December.

Iran’s economy grew by over 5% in the nine months to December 21 despite continued pressure on the country because of American sanctions, says a report in the local media.

The Wednesday report by the semi-official Fars news agency said that Iran’s gross domestic product (GDP) had reached 54,970 trillion rials over March-December last year, an increase of 5.1% against the similar period in 2020.

The report cited figures from the Iranian government’s statistics agency (SCI) and said that the GDP growth calculations were based on fixed prices reported in 2011 when the US dollar was worth around 120,000 against the Iranian rial.

Currency prices have more than doubled since then and the GDP figure reported for Iran for the March-December 2021 period is currently equal to $215.5 billion.

However, the report by Fars said that Iran’s GDP without oil had increased 3.8% year on year in March-December to reach 45,460 trillion rials.

The figure is consistent with reports suggesting that Iran’s crude exports increased in third quarter of 2021 to levels not seen since 2018 when the United States imposed its sanctions on Tehran's energy trade.

The sanctions were meant to cause an economic collapse in Iran and force the country into giving up its nuclear and defense rights.

Highest GDP growth in the Iranian economic sectors in March-December was reported for manufacturing and mining as the sector expanded by 7.1%, said the report by Fars.

The Iranian services sector grew by 5.1% over the same period while the agriculture sector, a best performer of the economy in recent years, contracted by 3.9%, it added. 

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