Iran’s economy grew by 6.2% in first quarter: CBI
The Central Bank of Iran (CBI) reported that the economy grew by 6.2% in the first three months of the Iranian year (March 21 to June 21).
Figures released by the CBI on Wednesday showed that the gross domestic product (GDP), the broadest measure of economic activity, reached 3,802.1 trillion rials, or about $90 billion, in the first quarter, up 6.2% compared to the same period last year, IRNA reported.
The non-oil sector of the economy expanded by 5.2% in the first quarter, compared to the same period last year, the data showed.
The CBI uses 2016 as the base year for its calculation of GDP data.
In the first quarter, the oil and gas sector boasted the highest growth rate, at 16.4%, followed by the services sector, at 6.2%, industries and mining, at 3.7%, and agriculture, forestry and fishing, at 2.2%.
This indicates an improvement in the value-added growth of all economic sectors compared to the first quarter of the last Iranian year.
The economic growth in the first quarter of this year was a continuation of the upward trend seen over the past three years.
According to the World Bank data, Iran’s economy experienced a 2.9 percent growth in 2022; the average growth rate in West Asia and North African economies in 2022 was 5.9 percent.
In the previous year, from the first to the fourth quarters, ending on March 20, the economic growth rates stood at 1.9%, 3.9%, 4.9%, and 5.3%, respectively.