Iran’s economy has continued its gradual recovery in 2021-22, following the rebound in domestic and external demand, reads the latest executive summary of World Bank’s new publication Iran Economic Monitor.
The summary highlighted that Iran’s gross domestic product (GDP) grew by 4.7% in 2021-22, marking seven consecutive quarters of year-on-year growth.
The recovery in global oil demand along with the pickup in Iran’s oil exports drove a strong expansion in oil production of 10.1% YOY during this period.
Less strict containment measures and an accelerated vaccination rollout led to a 6.5% expansion in services — the main driver of non-oil growth (3.9%) in 2021-22.
However, unprecedented droughts and energy shortages led the labor-intensive agriculture and construction sectors to contract.
As such, despite experiencing two years of economic growth, total employment has yet to recover to its pre-pandemic level, especially among women, it added.