Iran’s economy grows by 4% in 6-month period: SCI

The Statistical Center of Iran (SCI) has reported a 4% growth in the Iranian economy in the first half of the calendar year (started March 21, 2024).

News ID: ۲۰۰۰۴۰۲

03 December 2024

EghtesadOnline: SCI figures published on Monday showed that Iran’s gross domestic product (GDP) had reached over $72 billion in the six months to September 21, up from 48.727 trillion rials reported in the same period last year.

The data showed that Iran’s GDP without oil also rose 2.6% year on year in April-September to reach 38.374 trillion rials.

SCI uses fixed prices reported in 2021 as a baseline for its calculation of economic indicators.

Its figures showed that Iran’s manufacturing and mines sector, which includes oil production activity, had expanded by 5.3% in the six months to late September compared to the same period last year.

They showed that the Iranian agriculture sector’s GDP had increased by 2.9% while the services sector had expanded by 2.5% over the same period.

Iran’s economic growth has continued in recent years despite a regime of US sanctions that restrict the country’s oil exports and its access to financial and banking services.

A steady rise in oil exports to Asian markets, especially the private buyers in China, has contributed to Iran’s solid economic growth in recent years.

Latest estimates suggest Iran has been selling more than 1.5 million barrels per day of crude oil.

SCI’s figures showed that Iran’s oil sector GDP, which covers oil and gas extraction and sale, had expanded by 8.8% in the six months to late September compared to the same period last year. / Mehr