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Iran reports 5.1% growth in manufacturing in March-August

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)
Government figures show manufacturing activity in Iran picked up by 5.1% in March-August.

Figures by the Iranian industries ministry (MIMT) show the country’s manufacturing sector expanded by 5.1% in the five calendar months to August 22 compared with the same period last year.

MIMT’s deputy for coordination of business environment Mehdi Niazi announced the figure in an interview with the IRIB News late on Monday.

Niazi added that the manufacturing index in the local Iranian stock market had also risen by 6.7% over the March-August period against the same period in 2021.

An analysis of MIMT figures published on Tuesday pointed to increases in output for 13 major manufactured products over the five months to late August.

The analysis by the semi-official Tasnim news agency showed that Iran’s car output had increased by 5.7% in March-August compared with the same period last year to reach 369,600 units.

It said paper production had increased 6.8% to 486,900 metric tons (mt) over the period, while home appliances production surged by 20.7% to stand at 598,700 units.

The report also indicated there had been declines in output of some Iranian manufactured products over the five months to late August compared with the same period last year, including a 25.5% drop in cooking oil production at 645,900 mt and a fall of 5.4% in the output of industrial oil at 298,900 mt.

Iran has reported continued growth in its manufacturing sector since 2018 when the United States imposed sanctions on the country’s oil sector.

The growth has led to increased exports of manufacturing products from Iran while enabling the Iranian government to create hundreds of thousands of new jobs across the country.

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