TEHRAN, Sep. 11 (MNA) – The Central Bank of Iran has confirmed that the national economy contracted by 5.4 percent in the past Iranian calendar year, which ended on March 20, Iranian Finance and Economic Affairs Minister Ali Tayyebnia stated. According to Iran’s statistical center, the country’s economy contracted by 5.4 percent in the past Iranian calendar year, Iranian president’s deputy for planning Mohammad-Baqer Nobakht as saying. The Central Bank has put the inflation rate at 44 percent. This shows recession in the country, Nobakht said. Low economic growth rate is currently the main challenge in the national economy, ISNA quoted Tayyebnia as saying. The ministry will focus on improving the living standards through curbing inflation and flourishing businesses, he stated. The Central Bank of Iran has recently reported that the country's gross domestic product (GDP) growth rate (excluding oil sector) was 3.2 percent in the Iranian calendar year 1390, which ended in March 2012.