Economy, Domestic Economy

Recession-Hit Subsectors in H1

Recession-Hit Subsectors in H1Recession-Hit Subsectors in H1

The “Repair and Installation of Machinery and Equipment” subsector shrank by 49.6% in the first half of the current fiscal year (March 21-Sept.22, 2007) compared with last year’s corresponding period.

The subsector registered the largest contraction among all Iranian industries, a report by Economic Studies of Iran Chamber of Industries, Mines, Trade and Agriculture indicates.

Garments slid by 16.6%, pharmaceuticals (chemical or herbal medicines) by 7.2% and textiles by 7.1%, the report added.

According to the Central Bank of Iran’s latest report, Iran’s economy grew by 4.5% in H1. Among the main economic sectors, oil production expanded the highest with a rate of 5.8%.

The sectors of industries and mines, agriculture and services grew by 4.5%, 4.2% and 3.8% respectively.

The CBI report came after the Statistical Center of Iran put March-September growth at 5.6%, including growth in the oil sector and 6%, excluding it.

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