TEHRAN - Figure by the Statistical Center of Iran (SCI) show that the country’s economy expanded by 3.3% in the first half of the calendar year that started in late March compared to the same period last year.
Fgures published on SCI’s website showed that the non-oil sector of the Iranian economy had also expanded by 3.4% year on year in the two quarters to late September.
The SCI had reported a year on year economic growth rate of 5.6% in the same quarter in 2021.
The latest data by the government statistics agency showed that Iran’s gross domestic product (GDP) had reached a total of 3,870 trillion rials in March-September, up from 3,745 trillion rials reported in the same period last year.
The SCI uses 2011, when one U.S. dollar was equal to 12,500 Iranian rials, as the base year for its calculation of GDP data. That comes as the current market price of the U.S. dollar in Iran is nearly 390,000 rials.
SCI figures showed that Iran’s mines and manufacturing sector, which includes the country’s massive oil and gas production activities, grew by 5% in the six months to late September against the same period in 2021.
Agriculture contracted by 2.2% while the service sector expanded by 2.6% year on year over the March-September period, showed the figures.
The Central Bank of Iran (CBI) also published its GDP figures on Wednesday which showed that Iran’s economy had grown by 3.6% in the quarter to late September, up from a 1% year on year growth reported in the same quarter in 2021.