How oil, gas losses have shrunk Iran’s GDP by 10 percent during war
Summary
Iran’s economy shrank by 10.1 percent in the first quarter of the Persian calendar amid increased US and Israeli pressure. The oil and gas sector was hit hardest, shrinking by over 26 percent, while inflation and unemployment rates also rose significantly.Key Facts
- Iran’s GDP fell 10.1% between March 21 and June 20 compared to the previous year.
- Oil and natural gas production dropped by 26.4% in the same period.
- Other sectors like industry, mining, services, and manufacturing also shrank, while agriculture grew by 2.3%.
- Inflation averaged 69.9% over 12 months, with food prices rising even faster.
- Official unemployment reached 9.1% in the spring.
- The Iranian rial lost value, falling from about 1 million per US dollar to over 2.2 million in early September.
- US naval blockades and sanctions drastically reduced Iran’s oil exports from 2 million barrels per day in March to about 220,000-255,000 barrels in August.
- Iran links ending the conflict with economic relief, including lifting blockades and releasing frozen funds.
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