Finanacial Tribune – Iran’s gross domestic product shrank by 4.9% in the fiscal 2018-19 compared to the year before, the Statistical Center of Iran’s latest report shows.
The overall GDP figure stood at 7,130 trillion rials ($52.42 billion at current market exchange rates) for the year under review.
Economic growth, excluding oil production, stood at -2.4%, the report added.
The production of the two groups of “industry” and “agriculture” contracted by 9.6% and 1.5% respectively.
The “services” group posted a meager 0.02% growth.
SCI’s previous reading of Iran’s economic growth showed that GDP saw a contraction of -3.8 during the first three quarters of the last fiscal year (March 21-Dec. 21, 2018) compared with the corresponding period of the year before.