The World Bank in a recent report on Iran’s economy dubbed “Iran Economic Monitor” said the Islamic Republic’s economy has been expanding despite the sanctions and global economic conditions.
According to the WB report, Iran’s economy continued to grow moderately for the third consecutive year in the previous Iranian calendar year (March 2022-March 2023) and it is expected to continue this upward trend albeit at a slower pace.
“Real gross domestic product (GDP) grew by 3.8 percent in 2022/23, driven by expansions in services and manufacturing. Despite sanctions, the oil sector also expanded, aided by the tighter global oil markets,” the report said.
Favorable weather conditions helped the agriculture sector to marginally grow after the contractions in previous years, the WB stated. “On the expenditure side, private consumption was the main driver of GDP growth. Government consumption contracted to contain the budget deficit following a sharp expansionary policy in 2021/22.—Tehran Times
