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Iran’s economy contracts by more than 10% during US war, official data shows
Oil and gas extraction fell 26.4%, driving the decline as war disrupted trade, transport and exports, official data showed.
- Official data from The Statistical Center showed Iran's GDP fell 10.1 per cent in the quarter to late June, as the war with the United States and Israel hit economic activity.
- Spanning the first quarter of the Persian calendar, the data covered the period from March 21 to June 20, overlapping with the conflict that began on February 28.
- While agriculture grew 2.3 per cent, key sectors struggled, with oil and gas extraction falling 26.4 per cent and industries and mining contracting 14.7 per cent.
- United States naval blockades in the Strait of Hormuz restricted traffic, causing Iranian crude loadings to fall from around 2 million to roughly 220,000 to 255,000 barrels per day in August.
- Reuters reported that currency shortages and rising prices are intensifying the economic squeeze on Iran, with full-year performance dependent on trade and production levels as disruptions continue.
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Iran GDP falls more than 10 percent in Mideast war: official statistics
TEHRAN: Iran’s economy contracted by more than 10 percent during the Middle East war, which began with US-Israeli attacks in late February that unleashed turmoil and battered the Islamic republic’s economy. The country’s gross domestic product (GDP) shrank by 10.1 percent year-on-year from late March to late June, a period known in Iran as the first quarter of the Persian calendar, according to the Statistical Center of Iran on Sunday.
·Riyadh, Saudi Arabia
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Total News Sources5
Leaning Left0Leaning Right4Center1Last UpdatedBias Distribution80% Right
Bias Distribution
- 80% of the sources lean Right
80% Right
C 20%
R 80%
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