Page 12 - IRANRptMay21

Iran also features in a group of 31 “hotspot” countries home to more than one billion people that face both high ecological threats and low levels of resilience.
3.0 Macro Economy
3.1 Macroeconomic overview
Iran’s moved out of its three year recession says central bank chief
Iran has moved out of its three-year recession after recording two consecutive quarters of growth, the Central Bank of Iran’s (CBI’s) governor Abdolnasser Hemmati has announced on his Instagram account.
Officials have credited higher exports and a general realignment of the economy, necessitated by the impact of heavy US sanctions, with securing the new growth. It has come about, they say, despite the ongoing ill-effects of ex-American president Donald Trump’s “maximum pressure” campaign against Iran and the economic losses caused by Iran’s torrid experience of the coronavirus (COVID-19) pandemic.
“The positive growth in the second quarter of the current fiscal year [meaning the June 21-September 21, 2020 period of the 2020/2021 Persian year] recurred in the third quarter [September 22-December 20],” Hemmati wrote. According to the CBI chief, Iran’s GDP expanded by 3.9% y/y in the second Persian year quarter, or by 2.9% y/y when crude oil is excluded.
“I can confidently say that today Iran’s economy has weathered tough sanctions and the recession that ensued has been repositioned on the path to growth,” he added.
A detailed report on Iran’s GDP growth in the third Persian quarter would be released by the CBI very shortly, the central bank governor said.
Earlier in March, the Statistical Centre of Iran (SCI) put the Q3 growth at 0.8% y/y, or 0.2% y/y excluding oil.
12 IRAN Country Report May 2021 www.intellinews.com