Iran’s 9-Month GDP Growth Stands at 3.3%: SCI

Iran’s gross domestic product (GDP) including oil grew 3.3 percent in the first nine months of the current Iranian calendar year (March 21 – December 21, 2022) compared to the same period last year, according to the Statistical Center of Iran (SCI).
Based on the SCI data, the figure excluding oil increased by 2.9 percent, Tasnim News Agency reported.
As reported by the center, based on the fixed prices in the Iranian year 1390 (ended on March 19, 2012), the country’s GDP stood at 5.825 quadrillion rials (about $12.8 billion) including the oil sector, and at 5.001 quadrillion rials (about $11.06 billion) excluding oil in the mentioned nine months, while the figures were 5.641 quadrillion rials (about $12.4 billion) and 4.86 quadrillion rials (about $10.7 billion), respectively, in the three quarters of the previous year.
The SCI data indicate that in the first nine months of 1401, the agricultural sector had a negative growth of 4.3 percent, the industry and mining sector registered a 5.3 percent growth, and the services sector grew by 2.6 percent compared to the same period in 1400.
Back in January, the World Bank, in its latest Global Economic Prospects (GEP) report, saw the Iranian economy growing by 2.2 percent in 2023, despite a sharp, long-lasting slowdown in the global economy.
“Our latest forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 from 3.0 percent expected just six months ago,” the report read.
Following the global economy, the Islamic Republic of Iran’s economic growth in 2023 was also revised down by 0.5 percentage points, to 2.2 percent, on account of slower growth in key trading partners.
Based on the report, the deterioration in the global economy is broad-based in virtually all regions of the world in the current year, and per-capita income growth will be slower than it was during the decade before COVID-19.
According to the forecast of the World Bank, developed countries will approach economic stagnation in 2023 and will grow by only 0.5 percent this year.
World Bank, in its latest economic report on the MENA region, published in October 2022, forecasted the Iranian economy to grow by 2.9 percent in 2022 and 2.7 percent in 2023.
“Iran’s GDP is forecast to grow 2.9 percent in 2022. In 2023, the average growth for developing oil exporters is expected to fall back to 2.7 percent,” the bank said in the report.
The bank expected the Islamic Republic’s Account Balance to improve in 2022 reaching 3.8 percent of the GDP. The figure stood at 3.5 percent last year.

About Parvin Faghfouri Azar

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