Financial Tribune - The Iranian economy experienced a 7% contraction in the fiscal 2019-20, the Statistical Center of Iran said in its latest report.

According to the report, the GDP shrank by -0.6% without taking oil production into account.

The sectors of "industries and mines" and "services" saw respective contractions of 14.7% and 0.3%.

The World Bank expects Iran's economy to bounce back to growth in 2021 with 2.1% in GDP expansion after having experienced an estimated 5.3% contraction this year.

In its June edition of Global Economic Prospects report, the World Bank has revised down its forecast for Iran's growth in 2020. The previous such report had estimated 0% growth in 2020.