TEHRAN – Iran's economy grew by 2.8 percent in the Iranian calendar year 1403 (ended March 20, 2025), with non-oil growth reaching 2.7 percent, according to the latest report by the Iranian Parliament (Majlis) Research Center.

The center said in its economic update that, based on its calculations, Iran’s gross domestic product (GDP) in Esfand (the final month of the Persian calendar year) expanded by 3.6 percent year-on-year, while GDP excluding oil grew by 4.2 percent.

By sector, the report shows that in Esfand 1403:

- The agriculture sector posted a 4.6 percent increase in value added.

- The crude oil and natural gas sector contracted by 3.8 percent.

- Industry and mining grew by 3.1 percent.

- The services sector expanded by 5.1 percent.

The research arm of Iran’s parliament also estimated that in the winter quarter of 1403, overall economic growth stood at 1.8 percent, with non-oil growth slightly higher at 1.9 percent, compared with the same period a year earlier.

The annual growth rate of 2.8 percent in 1403 marks a slowdown from the average growth of 4.7 percent recorded between 2020 and 2023, the report noted.

The oil and gas sector registered only a 0.1 percent growth in the fall quarter of 1403. According to secondary sources cited by OPEC and domestic estimates, Iran's oil production in Esfand showed weaker growth compared to both the previous months and the same month the year before.

The industry and mining group—which includes construction, manufacturing, mining, and utilities—expanded by 3.4 percent in the fall quarter of 1403. In Esfand, it recorded a 3.1 percent year-on-year increase, largely driven by rising industrial output and a surge in the sale of construction inputs listed on the stock exchange.

EF/MA