Iran’s economy grows 4% in H1

TEHRAN – Iran’s economy recorded a four percent growth in the first half of the current Iranian year (March 21–September 22, 2024), according to the latest report from the Iranian Statistical Center. When excluding the oil sector, growth stood at 2.6 percent.

Based on national accounts data, Iran’s gross domestic product (GDP) at constant 2021 prices reached 5.069 quadrillion rials (about $101.38 billion), including oil, and 3.837 quadrillion rials (about $76.74 billion), excluding oil. This marks an increase from the same period last year, when GDP stood at 4.872 quadrillion rials (about $97.44 billion) with oil and 3.740 quadrillion rials (about $74.8 billion) without oil.

The report highlighted growth across major sectors in the first half of the year compared to the same period last year.

As reported, the agriculture sector registered a 2.9 percent growth, industries, and mining recorded 5.3 percent growth, and services 2.5 percent growth.

Iran’s Statistical Center conducts its quarterly GDP calculations across 18 primary sectors and 50 subsectors, using the ISIC Rev. 4 classification system. Key groupings include:

Agriculture: Encompassing crop production, animal husbandry, forestry, and fishing.

Industries and Mines: Covering crude oil and natural gas extraction, other mining activities, manufacturing, water and electricity supply, natural gas distribution, and construction.

Services: Encompassing wholesale and retail trade, accommodation and food services, transportation and warehousing, financial and insurance activities, real estate, public administration, education, healthcare, and other public and private services.

The figures underline Iran’s steady economic performance amid challenging global conditions, with significant contributions from natural gas distribution and crude oil production.

EF/