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News: Iran Economy

Iran Fell Deeper into Recession Last Year

Iran Fell Deeper into Recession Last Year

By Amir Taghati

According to the latest report by the Statistical Center of Iran, Iranian gross domestic product (GDP) dropped by 4.9% in the last Persian year, which ended on March 21.

The report published on June 16 says Iran's GDP, including oil production, shrunk 4.9% in fiscal year 2018-19 compared to the previous year.

The World Bank published a report earlier this month estimating that Iran’s GDP shrunk by 1.9% in 2018 after growth of 3.8% in 2017.

Furthermore, the International Monetary Fund (IMF) in April estimated that Iranian GDP contracted by 3.9% in 2018.

Both agencies also predicted Iran’s recession will deepen this year, with the World Bank forecasting -4.5% growth and the IMF forecasting -6% growth.

The latest report by the IMF also emphasizes that the economic crisis will intensify in Iran and that inflation will rank among the worst countries in the world in terms of the economic situation.

Earlier, Brian Hook, the United States Special Representative for Iran, said US sanctions have slashed the Iranian regime's oil sales by $10 billion since April.

The deteriorating economic conditions have triggered protest rallies by teachers, workers, students and retirees over the past months, with protesters denouncing regime leaders and government officials whom they accuse of oppression, mismanagement and corruption.

Based in part on outside reports

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