Iran’s Economy Grows Over 5 Percent in 9 Months: Report – Business News

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According to a Wednesday report in local media, Iran’s economy grew by over 5% from March to December last year, despite continued pressure on the country from American sanctions.

Citing figures from the Government of Iran’s Statistics Agency (SCI), the report said the calculations of GDP growth were based on fixed prices reported in 2011, when the US dollar was worth about 120,000 against the Iranian rial.

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

However, the report says that Iran‘s GDP excluding oil rose 3.8% year-on-year from March to December to 45,460 trillion riyals.

The figure coincides with reports suggesting that Iran’s crude oil exports rose in the 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 intended to collapse Iran economically and force the country to give up its nuclear and defense rights.

The highest GDP growth in Iran’s economic sectors in March-December was reported for manufacturing and mining as the sector expanded by 7.1%, Fars’ report said.

Iran’s service sector grew by 5.1% over the same period, while the agricultural sector, which has been the economy’s best performer in recent years, shrank by 3.9%, he added.

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