The Central Bank of Iran (CBI) reported a 3.1% growth in the country’s economy for the calendar year ending in late March, with Iran’s GDP reaching approximately 78,444 trillion rials (over $301 billion). Using fixed exchange rates from early 2022, when the US dollar was valued at 260,000 rials, the CBI highlighted steady economic progress despite the ongoing challenges posed by US sanctions.
According to CBI data, the non-oil sector grew by 3.0%, while the oil and gas industry led the expansion with a 4.6% increase in GDP, followed by a 3.9% rise in the services sector. When adjusted to current free-market exchange rates, the bank’s estimates indicate an even higher economic growth rate of 3.7% for the past year, continuing a positive trend that began in mid-2020 as Iran started recovering from sanctions-related setbacks.
Analysts attribute the sustained growth to increased oil exports and efforts to diversify the economy. Despite persistent sanctions targeting Iran’s oil trade, the country has managed to expand its economic base and report consecutive quarters of growth, signaling resilience and adaptability in the face of external pressures.