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Iran’s GDP shrinks 3.5% in Persian Q1

Christian Fernsby ▼ | September 4, 2020
Iran’s gross domestic product (GDP) officially contracted 3.5% y/y during the first quarter of the 2020/2021 Persian calendar year (March 20 to June 20), according to the Statistical Centre of Iran (SCI).
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The economic contraction, excluding income accrued from oil products, stood at -1.7% y/y, the SCI also said.

Topics: Iran

Iran’s industry and services sectors shrank by -4.4% and -3.5% y/y, while agriculture saw a weak gain of 0.1% y/y.

Overall, the Iranian economy shrank by 6.9% in the 2019/2020 Persian calendar year, with the contraction at -0.5% excluding the oil products sector.

In that year, the agricultural sector experienced growth of 2.8% while the industry and services sectors shrank 14.7% and 0.7%, respectively.

In its June Global Economic Prospects report, the World Bank forecast that Iran’s GDP would expand 2.1% in 2021 after falling 5.3% in 2020.