TEHRAN – Iran’s oil revenues have increased by eight times in the first five months of the current Iranian calendar year (March 21-August 22) with respect to the same period of the previous year, according to official statistics.

As Tasnim news agency reported, the Islamic Republic’s oil revenues also increased by 11 times in the previous year.

The mentioned government data show that the Gini coefficient, as a measure of the income distribution and equality, reached 0.39 percent in the previous year with a slight improvement, and it is expected to improve further this year.

Also, general government revenues have grown by 66.5 percent in the first five months of the current year compared to the same period of the previous year.

The country's non-oil Gross Domestic Product (GDP) has also increased from 3.1 percent in the first quarter of the last year to 4.3 percent in the same quarter of the current year.

Iran has been ramping up its oil production and exports over the past year as the country has been implementing new strategies to overcome U.S. sanctions.

The Islamic Republic’s oil export in Q1 2022 increased significantly so that it registered the fastest growth rate among all producers in West Asia. This year, the volume of Iranian crude export reached its highest since former U.S. President Donald Trump withdrew from the so-called Iranian nuclear deal in 2018.

Back in September, Iran’s First Vice President Mohammad Mokhber said that the country is currently selling its oil in global markets and getting paid for it without any problems.

“In the past, we sold oil but couldn’t receive the revenues and our basic good supplies had all reached the red line but with the guidance of the Leader, we have been able to sell our oil, get paid, and bring in basic goods,” Mokhber said in a gathering of government officials.

EF/MA