TEHRAN– Iran's gross domestic product (GDP) grew 4.4 percent in the past Iranian calendar year 1400 (ended on March 20), the Central Bank of Iran (CBI) announced.

According to the CBI, the figure was 3.9 percent excluding oil.

The Statistical Center of Iran (SCI) has previously put the country’s GDP growth at 4.3 percent including oil, and at 3.5 percent excluding oil in the previous year.

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 7.569 quadrillion rials (about $27.725 billion) including the oil sector, and at 6.511 quadrillion rials (about $23.849 billion) excluding the oil sector in the past year, while the figures were 7.254 quadrillion rials (about $26.571 billion) and 6.289 quadrillion rials (about $23.036 billion), respectively, in 1399.

The SCI said that the agriculture sector experienced a negative growth of 3.7 percent, while the industries and mines sector grew six percent, and the services sector’s growth stood at 4.5 percent in the previous year.

According to the World Bank’s Global Economic Prospects (GEP) report released on June 7, Iranian economy is projected to grow by 3.7 percent in 2022, while the average global economic growth is seen at 2.9 percent in the said year.

“Output in the Islamic Republic of Iran is expected to grow by 3.7 percent in 2022, boosted by the waning of the pandemic and higher oil prices,” the bank said in the report.

Back in April, in a report on Iran’s economy, the bank had revised up its forecast for Iran's gross domestic product (GDP) growth in 2022, expecting the country’s economy to grow 3.7 percent this year.

The entity had previously estimated the Islamic Republic’s GDP growth at 2.4 percent for 2022, in the GEP report released in January.

“Iran’s economy continues its gradual recovery that started in mid-2020, driven by the oil sector and services. However, water and energy shortages led to a contraction of the agriculture and industry sectors,” the recent report said.

A recovery in Iran’s oil and service sectors (11.7 and 6.5 percent growth, respectively) – following a return of global and domestic activity after the start of the pandemic – led to a five percent year on year growth in late 2021-early 2022, the bank said.

MA/MA