The recession predicted for the last fiscal year (March 2018-19) turned out to be deeper than expected and proved to be worse than what can be blamed on causes of economic contraction.
This was stated by economic analyst Hamid Azarmand in an editorial published by the Persian daily Donya-e-Eqtesad on Thursday.
“Except for transportation, mining and some services subsectors, other economic sectors, particularly oil, industry and construction fell into recession last year,” he said.
Iran’s gross domestic product shrank by 4.9% in the year ending March 2019 compared to the year before, the Statistical Center of Iran’s latest report said.
June 22, 2019 17:22
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Iran’s Economic Slowdown Explained
Shockwaves of the reimposition of US sanctions and its direct impact on Iran’s oil exports, foreign trade and consequently the decline in production pushed Iranian economy deeper into recession last year
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