First PMI on Iran's Overall Economy Exposes Recession

Purchasing Managers Index in the ninth month of the current fiscal year (Nov. 22-Dec. 21) settled at 48.22, indicating that Iran’s economy is in recession, according to the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture. 
The center has measured PMI, known by its Farsi acronym “Shamekh”, for the country’s economy as a whole for the first time by reviewing its performance in the last three months. 
The PMI for the overall economy dropped from 47.23 in the month ending Oct. 22 to 42.27 in the month ending Nov. 21, but improved to 48.22 in the month ending Dec. 21.
The headline PMI is a number from 0 to 100, such that over 50 represents an expansion when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.