Iran’s gross domestic product (GDP) reached 50,568 trillion rials (more than $42.14 billion at free market prices) in the six months ended September 22, an increase of 0.1% year-on-year, according to SCI data released on Monday.
The SCI reported that Iran’s GDP, excluding oil, contracted by 0.5% year-on-year in the six months to the end of September to 38,189 trillion rials, based on constant 2021 prices.
According to Press TV, the figures show that Iran’s economy has returned to positive growth after contracting 0.1% in the June quarter, the first negative growth in four years.
Growth continues despite a harsh US sanctions regime that seeks to limit Iran’s ability to sell oil and collect export proceeds.
SCI typically produces more conservative growth forecasts than the Central Bank of Iran (CBI), which reports higher GDP figures. The agency had reported an economic growth rate of 3% for the year to the end of March, while the CBI put the rate at 3.1%.
Iran’s manufacturing and mining sectors, including the country’s large oil industry, grew 0.3% year-on-year in the six months to late September, with the oil sector itself growing 1.8% over the same period, according to figures released on Monday.
Agriculture was one of the worst-performing sectors of the economy in the April-September period, contracting by 3%. In contrast, the services sector expanded by 0.5% over the same period.
MNA