Iran GDP contracts 10.1 per cent as oil and gas sector slumps
Official data shows a sharp contraction across much of Iran’s economy during the first quarter of the Persian calendar, alongside reduced oil exports and wider trade disruption.
Iran’s gross domestic product contracted 10.1 per cent year-on-year between 21 March and 20 June, according to data from the government-administered Statistical Center of Iran.
Oil and gas activity fell 26.4 per cent over the period, while GDP excluding oil declined 4.6 per cent. Industry and mining contracted 14.7 per cent, services fell 4.8 per cent and manufacturing declined 2.5 per cent. Agriculture grew 2.3 per cent.
The figures cover the opening months of the reported US-Israel war on Iran and coincided with reduced oil exports and wider disruption to trade and industry. Iran is also contending with high inflation, a weakening rial and rising unemployment.
Commercial tracking firms Kpler and Vortexa estimated Iranian crude and condensate loadings fell from about two million barrels a day in March to roughly 220,000–255,000 barrels a day in August. Those figures are estimates rather than official data.
The contraction comes as Iran seeks economic relief alongside diplomatic efforts. Iranian officials have linked relief to ending the reported naval blockade and releasing frozen funds, while Qatar and Pakistan have reportedly been involved in efforts to revive negotiations between Tehran and Washington.
