Iranian economy contracts 0.1% y/y in Q1 calendar year
The Iranian economy contracted slightly in the first quarter of the calendar year that started in late March, according to figures by the Statistical Center of Iran (SCI).
SCI figures published on Monday showed that Iran’s gross domestic product (GDP) had reached 24,270 trillion rials (over $23.5 billion on free market prices) in the quarter to June 21, down 0.1% from the same quarter last year.
SCI considers fixed prices reported in 2021 as the baseline for its calculation of GDP. Its figures showed that Iran’s GDP without oil had also contracted by 0.4% to reach 18,064 trillion rials year on year in the three months to late June.
It is the first time in four years that the Iranian government’s official statistics agency has reported negative growth rates for the country’s economy. The agency is more conservative in its calculation of growth rates compared to the Central Bank of Iran (CBI), which normally reports higher GDPs for the country.
SCI had reported an economic growth rate of 3% for the Iranian economy in the calendar year to late March, while the CBI had put the rate at 3.1%.
The figures released on Monday showed that Iran’s manufacturing and mining sector, which includes the country’s massive oil industry, had shrunk by 0.3% year on year in the June quarter despite the fact that the petroleum sector had expanded by 0.8% over the same period.
The figures showed that Iran’s agriculture sector had been the worst performer of the Iranian economy in the June quarter, with a contraction rate of 2.7%. That comes as the Iranian services sector expanded by 0.5% over the same period.
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