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14-02-23

Central Bank of Iran estimates GDP expansion at 3.6 percent in Q2

(MENAFN) According to the Central Bank of Iran (CBI), Iran's gross domestic product (GDP) including oil grew 3.6 percent in the second quarter of the current Iranian calendar year (June 22 – September 22, 2022) compared to the same period last year. Excluding oil, the figure was 3.1 percent, as reported by IRNA. Meanwhile, the unemployment rate in the country reached 8.9 percent in the summer, with 9.6 percent in cities and 6.8 percent in villages. Liquidity also grew by 15.8 percent in the same three months, based on the CBI data.

However, the World Bank's latest Global Economic Prospects (GEP) report predicts Iran's GDP will grow by 2.2 percent in 2023, despite a sharp, long-lasting slowdown in the global economy.

The report states that "global growth [is] declining to 1.7 percent in 2023 from 3.0 percent expected just six months ago," and that the slowdown is broad-based in virtually all regions of the world. The per-capita income growth will be slower than it was during the decade before COVID-19.

The forecast for Iran's growth is down 0.5 percentage points, to 2.2 percent, due to slower growth in key trading partners. Developed countries are also expected to approach economic stagnation in 2023, growing by only 0.5 percent this year.

In June 2022, the Statistical Center of Iran (SCI) had put the country’s GDP growth at 4.3 percent including oil, and at 3.5 percent excluding oil in the previous Iranian year (ended on March 20, 2022). The SCI had also reported that the agriculture sector experienced negative growth of 3.7 percent, while the industries and mines sector grew six percent, and the services sector's growth stood at 4.5 percent in the previous year.

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