Iran’s Economy Recovering Balance after Coronavirus Shock: Top Banker

In an Instagram post on Monday, Abdolnasser Hemmati pointed to the statistics for Iran’s economic growth in the first quarter of the current Iranian year (March 20- June 20), saying the initial report from the Central Bank indicates that the country’s economy is on track to regain balance after the coronavirus shock.

“The country’s economic growth is promising in comparison with the countries that have not faced any sanctions and their economies have been struggling only with the coronavirus,” the top banker said.

The figures show that Iran’s oil-free economic growth in the first quarter of this year stood at minus 0.6 percent, while the economic growth with oil was minus 2.8%, he explained.

The oil-free economic growth rate results from a 3.8% growth in the agriculture sector, 2.5% increase in the industries and mines, and minus 1.6% growth in the service sector, Hemmati added, noting that the negative growth in the latter sector is caused by the coronavirus-related health restrictions.

He finally noted that the negative economic growth with oil incomes compared to the corresponding period a year before is natural and attributed to the pressure of sanctions and a decline in global oil demands due to the outbreak of COVID-19.