News ID: 315613
Published: 0133 GMT August 21, 2021

Iran’s GDP rose by 43.7% in year to March 2021: CBI

Iran’s GDP rose by 43.7% in year to March 2021: CBI

Figures by the Central Bank of Iran (CBI) showed that the country’s gross domestic product (GDP) increased by nearly a half in the Iranian year to March 20.

A report by IRNA cited CBI figures showing that GDP surged to 35,085 trillion rials ($132.4 billion) in the year to March 20, up 43.7% against 24,413 trillion rials reported in the previous year.

Calculated on prices of baseline year 2011, when one US dollar was equal to 38,000 Iranian rials, GDP rose by 3.4% to 6,499 trillion rials ($171 billion), showed CBI figures.

The figures are consistent with CBI reports released earlier this year suggesting that Irans economy had expanded by 3.6% last Iranian year after two consecutive periods of contraction.

The Iranian economy has been struggling in recent years under the double burden of US sanctions and a major outbreak of the coronavirus pandemic. 

The country has seen high but controlled levels of inflation since the US sanctions were imposed in 2018.

The sanctions have hampered Irans normal sales of crude but have spurred more manufacturing and agricultural activity in the country.

However, GDP started to return to positive growth region in second quarter of last Iranian year in late September.

The IRNA report showed that Irans net national income had topped 28,121 trillion rials ($106.1 billion) in the year to March 2020, 150% up against the previous year.

Gross national saving, a sum reached by deducting consumption expenditures from national income, reached 13,010 trillion rials ($49.09 billion).

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