Iran’s economy expands nearly by 3% in 6 months

Iran’s gross domestic product (GDP) grew by 2.9% year-on-year in the first half of the current Iranian calendar year (March 20 – September 21), a new report from the country’s central bank said.

News ID: 5641

Date: 24 December 2024 - 11:51

TABNAK, Dec 24: The GDP at base prices for the period amounted to 40,360.2 trillion rials ($51.58 billion) including oil revenues, suggesting a 29% growth in Iranian economy.

With oil revenues excluded, the country’s GDP stood at 37,034.1 trillion rials ($47.33 billion), indicating a 2.4% year-on-year growth.

The positive economic growth sustained through the first and second quarters of the fiscal year follows consistent growth throughout all quarters of the preceding year, signaling a continued recovery in economic activity across the country.

A Sunday report by the Statistical Center of Iran (SCI) indicated that Iran's annual inflation rate for the calendar month to late December dropped to 32.5%, marking a 0.6 percentage point decline compared to the previous month.

According to the report, the Consumer Price Index (CPI) for households reached 285.1 in the month under review, reflecting a 2% rise compared to the previous month and a 31.4% increase year-on-year.