Page 15 - IRANRptFeb22

3.0 Macro Economy
3.1 Macroeconomic overview
Iran’s recession ‘over as economy clocks 2020/2021 calendar year growth of 3.6%
Sanctions drive
Iran’s economy grew by 3.6% in the 2020/2021 Persian calendar year (ended March 20), Akbar Komijani, lately appointed caretaker governor at the Central Bank of Iran (CBI), was cited as saying by Press TV.
If verified, it would mean Iran has emerged from the long and bitter recession that set in around May 2018 when former US president Donald Trump hit Tehran with renewed and intensified heavy sanctions.
Komijani was also reported as stating that Iranian GDP expanded in the Persian year fourth quarter by 7.7%. That was said to have followed two successive quarters of growth beginning late July 2020.
Iran’s economy, excluding oil revenues, expanded by 2.5% in the last Persian year while the oil sector itself grew by 11.2%, according to the details given by the acting central bank chief.
“This situation indicates that the Iranian economy’s GDP has been out of recession in three quarters both with oil and without oil,” IRIB News quoted Komijani as saying.
Trump’s sanctions drive against Iran kicked in halfway through 2018, a year that brought a GDP contraction of 6%, according to the World Bank. Things worsened in 2019 as the sanctions screw was tightened, with economic output falling 6.8%. The World Bank estimated it to decline by 3.7% in 2020.
Iran - Main Macro Indicators
Nominal GDP (USD mn) 223,333.3 (Sep 2020)
Real GDP Growth (%) 4.8 (Sep 2020)
Nominal GDP Growth (%) 77.82 (Jun 2021)
GDP per Capita (USD) 6,996.71 (2020)
GDP Deflator Growth (%) 31.6 (Sep 2020)
Private Consumption Expenditure (USD mn) 145,637.51 (Jun 2021)
Private Consumption: % of GDP (%) 47.4 (Jun 2021)
Public Consumption Expenditure (USD mn) 39,867.69 (Jun 2021)
Public Consumption: % of GDP (%) 13.0 (Jun 2021)
15 IRAN Country Report February 2022 www.intellinews.com