Financial Tribune: The “industries and mines”, and “services” grew by 13.8% and 4.5% respectively, but “agriculture” contracted by 4.5%, according to a new SCI report
The Statistical Center of Iran says the economy registered a 7.6% year-on-year growth in the first quarter of the current fiscal year that started on March 21. The “industries and mines”, and “services” sectors grew by 13.8% and 4.5% respectively, but “agriculture” contracted by 4.5%, according to a new report posted on the SCI website. The center noted that GDP growth, excluding the oil sector, stood at 4.6% in Q1 (spring).
The SCI report came shortly after the Central Bank of Iran had reported that the Iranian economy grew by 6.2% in Q1. According to a new report published on the bank’s website, except for the drought-hit agriculture with -0.9%, all economic sectors saw growth during the period (spring): oil with 23.3%, industries and mines with 2.1%, and services with 7%.
Noting that the services sector has shown distinct signs of recovery after it was hit hard by the Covid-19 pandemic in the first quarter of last year (registering a -2.5% growth), the report attributes the expansion mainly to the subsectors of “transportation and warehousing”, “health and social work”, “wholesale, retail and auto repair”, “information and communications”, and “professional, scientific and vocational”. The report added that growth, excluding the oil sector, stood at 4.7% in Q1. … … …