Q2 non-oil GDP growth stands at 3.3%: SCI

January 1, 2022 - 15:45

TEHRAN- Iran's gross domestic product (GDP) excluding oil grew 3.3 percent in the second quarter of the current Iranian calendar year (June 22 – September 22, 2021) compared to the same period last year, according to the Statistical Center of Iran (SCI).

The figure including oil increased 4.2 percent, IRNA reported.

The non-oil GDP reached 16.23 quadrillion rials (about $54.6 billion) in the mentioned period.

The SCI put the average inflation rate in the twelve-month period ended on September 22, 2021, at 45.8 percent, while the unemployment rate was 9.5 percent.

Back in October 2021, International Monetary Fund (IMF), in its latest World Economic Outlook report titled “Recovery During a Pandemic”, had predicted 2.5-percent real GDP growth for Iran in 2021, with no change from the fund’s previous report.

The entity had modified its forecasts of the global economic growth from six percent in its previous report to 5.9 percent; the fund expects the global economy to shrink even more in 2022 to settle at 4.9 percent in 2022.

Central Bank of Iran (CBI), in its latest report published in September, had put the country’s GDP growth 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.

Based on the mentioned data, the country’s GDP stood at 3.477 quadrillion rials (about $11.7 billion) with oil, while the figure excluding oil was 3.148 quadrillion rials (about $10.5 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.

According to 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.

EF/MA

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