Iran’s economy grew 2.7% y/y in Sep quarter: CBI
Figures by the Central Bank of Iran (CBI) show the country’s economy continued to grow in the quarter to late September.
CBI figures released on Monday showed that Iran’s gross domestic product (GDP), calculated on fixed prices announced in 2021, had increased by 2.7% in the quarter to September 21 compared to the same quarter in 2023 to reach 21,309.263 trillion rials.
Iran’s GDP without oil also reached 19,691.298 trillion rials in the September quarter, up 2.3% from the same quarter last year.
The CBI said that GDP had expanded by 29.9% considering the current prices and by 29.8% on market prices year on year in July-September to reach 54,669.753 trillion rials ($70 billion) and 55,939.057 trillion rials, respectively.
The figures showed that the GDP in the Iranian petroleum sector had increased by 8.8% year on year in the September quarter while the manufacturing and agriculture sectors had expanded by 0.8% and 2.8%, respectively, over the same period.
Iran’s services sector, which has been struggling since the start of the coronavirus pandemic in 2020, grew by 2.5% in the September quarter compared to the same quarter last year.
The CBI said that the figures may be revised in later reports issued by the bank.
However, the figures are the latest sign that the Iranian economy has been growing despite the inflationary pressures caused by foreign sanctions and issues with the global supply and demand chains.
Based on CBI reports, Iran’s economy grew by 3.1% in the June quarter and by an average of 5.22% in last year’s quarters.
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