March 7, 2021

Persian News

All Persian News Related to Iran

Iran posts 5.1% economic growth in Q2 fiscal year

File photo shows a view to the Central Bank of Iran headquarters in Tehran.
Iran’s economy showed a robust growth in the quarter to late September despite pressures of the US sanctions and the spread of the coronavirus pandemic, according to new data by the Central Bank of Iran (CBI).

CBI figures released on Saturday showed that Iran’s gross domestic products (GDP) had grown by 5.1 percent in the second quarter of the current fiscal year ending September 21.

The bank’s GDP estimate for the quarter amounted to 9,220 trillion rials (over $37.7 billion). It said economic growth without oil had reached 3.2 percent for the same period.

The figures were cited in a report by the semi-official Mehr news agency from charts published on the CBI website. The bank’s calculations were based on fixed prices recorded in the 2011-2012 fiscal year.

Iran had posted a GDP contraction of 2.9% for the quarter to June 20, a period in which economic activity in the country reduced because of government restrictions meant to curb the spread of the pandemic. GDP without oil had grown by 0.6 percent over the previous quarter.

Iran is posting positive GDP growth figures for a first time in two years as it gradually emerges from US sanctions targeting its crude sales.

Another Mehr news report citing same CBI figures said Iran’s money supply (M2) had grown by 17.1 percent in the quarter to September 21, up from an initial estimate of 15.5 percent in October when M2 had been estimated at nearly 29,500 trillion rials (nearly $121 billion).

Near money supply (M1), or the cash and short-term deposits in the banks, rose by 12.2 percent over the same quarter, said then report.

Original News : https://presstv.com/Detail/2021/02/06/644705/Iran-economic-growth-CBI-data

%d bloggers like this: