Annual non-oil GDP growth at -0.6%: SCI

June 13, 2020 - 16:31

TEHRAN- Iran's gross domestic product (GDP) excluding the oil fell 0.6 percent in the previous Iranian calendar year 1398 (ended on March 19), according to Statistical Center of Iran (SCI).

The figure including oil fell seven percent, Tasnim reported.

Based on the SCI data, the oil and gas sector recorded the highest negative growth of 35 percent, while the GDP growth for the mining sector fell 32.8 percent.

Meanwhile, the industry sector registered a negative growth of 14.7 percent which indicated a more intense shrinkage for this sector compared to the previous calendar year.

Earlier this month, the World Bank predicted that Iran’s GDP is going to increase by 2.1 percent in 2021 after experiencing a 5.3 percent fall in the current year due to the negative impacts of the coronavirus outbreak.

“Iran’s GDP is expected to shrink again in 2020, by 5.3 percent, partly reflecting the effects of the large-scale COVID-19 outbreak on domestic consumption and the services sectors (e.g., tourism),” WB said in its latest report on the global economy dubbed “Global Economic Prospects” released on June 6.

Based on the report, the pandemic will shrink global GDP by 5.2 percent in 2020, the worst since World War II and nearly three times as steep as the 2009 global recession.

Back in March, the Central Bank of Iran (CBI) reported that the country’s GDP registered a positive growth rate of 1.3 percent in the first nine months of the previous Iranian calendar year (March 21 -December 21, 2019).

The CBI statistical reports indicate that in the third quarter of the year, non-oil economic growth stood at 3.3 percent and economic growth with oil was 1.2 percent.

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