The Statistical Center of Iran’s newly released data show the economy grew by 5.1% in Q1-3 of the current fiscal year (March 21-Dec. 21, 2021) compared with the preceding year’s corresponding period.
Without taking into account the growth in oil sector, GDP grew by 3.8%, suggesting that oil had a major part in overall growth.
“Iran’s oil production capacity can reach its maximum less than two months after a nuclear deal is reached,” Oil Minister Javad Owji was quoted as saying recently.
Iran sits on the world’s fourth-largest oil reserves but its crude output has dropped since the imposition of US sanctions on its economy in 2018, when then-US President Donald Trump exited a 2015 nuclear deal.
March 12, 2022 03:38
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Q1-3 Fiscal 2021-22 Economic Growth Hit 5.1%: SCI
Breaking down the growth experienced by each economic sector during the period, SCI says the agriculture sector contracted by 3.9%, industries and mines grew by 7.1% and services expanded by 5.1%
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