Page 5 - IRANRptNov21

Raisi stopped short of assigning blame for the attack, which blocked the government-issued electronic cards that many Iranians use to buy subsidised fuel. However, his remarks implied that he and other top officials believed that anti-Iranian forces carried out an assault likely drawn up to incite the country as the second anniversary of a deadly crackdown on nationwide protests over gasoline prices approached.
Iran’s annual inflation was posted at 45.2% in the fifth Persian calendar month, highest in 27 years, the Statistical Centre of Iran (SCI) reported on August 24. SCI reported that the fastest inflation hikes occurred with food and beverages and tobacco, especially given price rises of vegetables, dairy products, eggs and bread.
Iran, which has lately faced social unrest after inhabitants in its southwest were left struggling to access water amid the worst drought it has suffered in 50 years, conceded that its wheat harvest this year would be so inadequate that for the first time in five years the country would have to import wheat. Drought-related water deficits have also led to rolling power cuts in localities supplied by hydroelectric plants. They supply around 15% of Iran's power supply, according to energy ministry data.
Iran is struggling with its fifth and most deadly wave of coronavirus wave. The massive upswing in infections is partly due to the poor rollout of vaccines in the country and large increase in black market sales forcing many to have to go without any protection from the virus. By October 20, daily infections were again running over the 10,000-threshold. The official coronavirus death toll, meanwhile, stands at 124,000, though officials have conceded the real number could be twice as high.
Meanwhile, petrochemical production rose 8% y/y in Iran during the first half of the Persian calendar year (March 21-September 22), the National Petrochemical Company (NPC) announced on October 20. Demand for petrochemical-based healthcare products like face masks has helped drive petrochemical production amid the coronavirus pandemic. The petrochemical industry plays a crucial role in Iran’s non-oil economy. Petrochemical exports make up the second-largest source of revenue for the country after crude oil.
Looking ahead, the Institute of International Finance (IFF) forecast that should the signatories to the original JCPOA manage to agree a comprehensive new nuclear agreement that moves beyond the 2015 terms, Iran would see GDP expand by 4.3% this year and by 5.9% and 5.8% in 2022 and 2023, respectively.
If Tehran and the major powers fail to strike any agreement to revive the JCPOA, unemployment in Iran would likely remain in double digits and there would be subdued economic growth of 1.8% this year, the IIF estimated.
5 IRAN Country Report November 2021 www.intellinews.com