Iran economy expanded by 3.7% in 3Q to late Dec.: CBI
Iran’s economy expanded by 3.7% in the three quarters to late December last year compared to the same quarter in 2023, according to figures released by the Central Bank of Iran (CBI).
CBI’s initial estimates published on Monday showed that Iran’s gross domestic product (GDP) had reached more than 156,312 trillion rials ($172.4 billion) based on current market prices in the nine months to December 20, an increase of 31.8% from the previous same period.
However, the figures showed that Iran’s GDP had increased by 3.7% in the three quarters to late December compared to the same period in 2023 based on fixed prices reported in 2021 to reach more than 61,728 trillion rials ($67.09 billion).
The CBI said that Iran’s economy had grown by 3.1% with oil and by 2.9% without oil year on year in the nine months to late December last year, adding that the GDP had expanded by 3.9%, 3.5%, and 3.9% in the June, September and December quarters.
The lender had reported an annual economic growth rate of 5.3% at the end of the calendar year to late March 2024.
CBI normally reports growth rates that are slightly higher than figures reported by Iran’s official statistics agency the SCI.
However, the reports are consistent with international estimates suggesting that Iran’s economy has kept expanding in recent years despite the inflationary pressures caused by foreign sanctions and issues with the global supply and demand chains.
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