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Iran's Q1 GDP Shrank by 2.8%

Governor of the Central Bank of Iran Abdolnasser Hemmati has put Q1 (March 20-June 20) economic growth, excluding oil production, at -0.6%
CBI: Q1 GDP Shrank by 2.8%CBI: Q1 GDP Shrank by 2.8%

Iran's gross domestic product contracted by 2.8% during the first quarter of the current fiscal year (March 20-June 20) compared to the corresponding period of last year, Governor of the Central Bank of Iran Abdolnasser Hemmati said.
“A sectoral breakdown of growth rates shows the agriculture sector experienced a 3.8% growth, and the industries and mining sector expanded by 2.5%, but the services sector contracted by 1.6%, which was predictable following the outbreak of coronavirus and restrictions imposed to prevent the spread of the disease,” he wrote in an Instagram post. 
Hemmati also put Q1 economic growth, excluding oil production, at -0.6%.
“Iran’s economy is recovering from the pandemic shock. Compared to sanctions-free countries, which only had to deal with the coronavirus, Iran’s economic performance is promising,” he said...

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