Economic growth at 5.1% in 9 months to December: Report

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 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.

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

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. 

SS