Domestic Economy

GDP Growth Hit 4.3% in Fiscal 2021-22: SCI

The Iranian economy grew 4.3% in the fiscal 2021-22, said the Statistical Center of Iran in a new report published on Wednesday.
According to the report, GDP saw a 3.5% rise, excluding crude oil production.
The sectors of agriculture, industries and services experienced a -3.7%, 6% and 4.5% growth respectively.
The World Bank recently said it expects Iran’s economy to grow 3.7% in 2022.
“Output in the Islamic Republic of Iran is expected to grow by 3.7% in 2022, boosted by the waning of the pandemic and higher oil prices. Growth is expected to slow subsequently, however, as unresolved structural challenges and feeble fixed investment limit the country’s growth potential,” reads part of the group’s flagship World Economic Prospects report published for June.
Forecasts for 2023 and 2024 have been put at 2.7% and 2.3% respectively.
According to the World Bank, Iran’s GDP growth stood at -6.8%, 3.4% and 4.1% in 2019, 2020 and 2021 respectively.
The International Monetary Fund is expecting Iran’s economy to grow by 3% in 2022.
In a new World Economic Outlook report titled “War Sets Back Global Recovery”, IMF said the economy expanded by 4% in 2021 and predicted 2% growth for 2023 and 2027.
IMF had put Iran’s 2014-20 GDP growth at 5%, -1.4%, 8.8%, 2.8%, -2.3%, -1.3% and 1.8% respectively, with 2004-13 averaging at 2.5%.

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