Iran’s Q1 GDP growth at 6.2%: CBI

September 20, 2021 - 12:6

TEHRAN – The Central Bank of Iran (CBI), in its latest report, has put the growth of the country’s Gross Domestic Product (GDP) in the first three months of the current Iranian calendar year (March 21–June 21) at 6.2 percent.

According to the mentioned data, the figure was 4.7 percent with oil excluded, IRNA reported.

Based on the mentioned data, the country’s GDP stood at 3.477 quadrillion rials (about $82.7 billion) with oil, while the figure excluding oil was 3.148 quadrillion rials (about $74.95 billion).

During the said period, with the exception of the agricultural sector which experienced negative growth of 0.9 percent due to the drought and reduced crop production, other economic sectors, including oil, industries, and mining and services respectively grew by 23.3, 2.1, and 7.0 percent, respectively.

The seven-percent growth of the services sector in the first quarter of this year indicates that this sector has started recovering from the negative consequences of the coronavirus outbreak, according to the Central Bank.

Affected by the negative impacts of the pandemic, the mentioned sector had registered a negative growth of 2.5 percent in the previous year’s same period.

According to the Statistical Center of Iran (SCI), Iran's gross domestic product excluding oil grew 3.3 percent in the fourth quarter of the previous Iranian calendar year (December 21, 2020-March 20, 2021) compared to the same period in the preceding year, while the figure including oil grew 6.8 percent.

As reported, the country’s non-oil GDP reached 1.57 quadrillion rials (about $37.5 billion) in the mentioned three months.

The SCI data indicated that the country’s inflation rate was 36.4 percent in the mentioned time span.

In a report published in March, the CBI had put the country’s GDP growth in the first nine months of the previous Iranian calendar year (March 20 -December 20, 2020) at 2.2 percent.

According to the mentioned data, the figure was 1.9 percent excluding oil.

Back in December 2020, former CBI Governor Abdolnaser Hemmati had announced that the country’s GDP growth - both with and without oil - became positive.

EF/MA

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