The Statistical Center of Iran’s newly released data show the economy grew by 5.1% in Q1-3 of the current fiscal year (March 21-Dec. 21, 2021) compared with the preceding year’s corresponding period.
Without taking into account the growth in oil sector, GDP grew by 3.8%, suggesting that oil had a major part in overall growth.
“Iran’s oil production capacity can reach its maximum less than two months after a nuclear deal is reached,” Oil Minister Javad Owji was quoted as saying recently.
Iran sits on the world’s fourth-largest oil reserves but its crude output has dropped since the imposition of US sanctions on its economy in 2018, when then-US President Donald Trump exited a 2015 nuclear deal.
"As soon as nuclear negotiations in Vienna are concluded, we can reach our maximum oil production capacity in less than one or two months," Owji was quoted as saying by the Oil Ministry’s news agency Shana on Telegram. "However, we are in no way tied to waiting for the nuclear talks."
Negotiations to revive the pact have been going on for 10 months in Vienna, and diplomats are now believed to be in the final stage of talks.
Iran pumped 2.4 million barrels per day on average in 2021 and plans to increase output to 3.8 million barrels per day when sanctions are lifted, Reuters reported.
Breaking down the growth experienced by each economic sector during the period, SCI says the agriculture sector contracted by 3.9%, “industries and mines” grew by 7.1% and services expanded by 5.1%.
The subsectors of “industries and mines”, namely “crude oil and natural gas extraction”, “other mines”, “industry”, “energy” and “construction”, saw a growth of 13.4%, -2.5%, 3.4%, 5.1% and 6.3%.
Besides SCI, the Central Bank of Iran also reports GDP growth. The figures provided by the two entities are often dissimilar.