Iran's economic recession deepened

Iran's economic recession deepened

Bahrang Tajuddin,

BBC Farsi Economic Correspondent

Iran's economic growth rate in the first quarter of 1405 dropped to minus ten and eighty percent.

According to the Iranian Statistics Center's quarterly report, the main factor behind this decline in production or gross domestic income was a more than 35% drop in export income and a 26% drop in oil and gas production.

This report shows that the production of other industries and mines also decreased by more than five percent compared to the spring of the previous year.

According to the statistics, growth in the transportation, storage and communication sector was negative 17% and the wholesale, retail, hotel and restaurant sector was negative 3.9%. On the other hand, the agriculture sector grew by more than two percent compared to last spring.

According to the statistics center, the effect of this economic recession on the people is much more severe than on the government, so that by removing the effect of inflation, the consumption of the people and the private sector is four percent less than in the spring of 1404, while the consumption of the public sector decreased by only one percent and one seventh. The Statistics Center of Iran predicted the rate of economic growth in the winter of the previous year as negative two and two tenths of a percent.

Generally, the negative growth of the economy in two consecutive quarters is considered a recession.