Iran’s business activity remained in decline for a 20th consecutive month in the calendar month of Aban (October 23 – November 21, 2025), according to the latest Purchasing Managers’ Index (PMI) data released by the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA).
The data showed that overall economic conditions continued to contract despite minor improvements in some components.
The seasonally adjusted headline PMI for the whole economy stood at 46.6 in the month under review, signaling a continued downturn across businesses nationwide and confirming contractionary conditions for the twentieth straight month.
Seasonal adjustment, or deseasonalization, is a statistical method used to remove the seasonal component from a time series, allowing for the independent analysis of trends and cyclical deviations. After preparing dozens of PMI (Purchasing Managers' Index) reports, the Research Center of Iran Chamber of Commerce, Industries, Mines, and Agriculture has now identified the seasonal components of these time series and prioritized seasonal adjustment in its monthly PMI reports.
The ICCIMA’s Statistics and Economic Analysis Center, the sponsor and coordinator of the survey, announces the whole economy PMI data in a report every month.
The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.
PMI is an index of the prevailing direction of economic trends, aiming to provide information about business conditions to company directors, analysts and purchasing managers.
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According to the survey results, production and service output remained below the neutral threshold, registering 48.4 in Aban. Although this marked a slight improvement compared with the previous month, output stayed in contraction territory for the 20th consecutive month.
The new orders sub-index fell to 43.5, extending its downward trend for the 21st month in a row, reflecting continued weakness in demand. Meanwhile, sales of goods and services declined for the second consecutive month in Aban and for the sixth time since the beginning of the current year.
The report also showed a sharper deterioration in inventories of raw materials and purchased inputs, which fell more steeply than in the previous month and reached their lowest level in 60 months.
Labor market conditions remained subdued, with the employment sub-index staying below the neutral level of 50 for the sixth consecutive month, indicating ongoing weakness in hiring and workforce utilization.
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INDEX
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Shahrivar1404 (Aug-Sep2025)
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Mehr1404 (Sep-Oct2025)
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Aban1404 (Oct-Nov2025)
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PMI (seasonally adjusted)
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45.5
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47.4
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46.6
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business activities
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45.3
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47.6
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48.4
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new orders
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43.0
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46.2
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43.5
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suppliers’ delivery time
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49.4
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53.5
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50.4
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raw material inventory
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43.5
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47.1
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41.3
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employment
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47.5
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44.5
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49.0
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raw materials price
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78.2
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85.6
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80.9
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finished goods inventory
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48.1
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50.9
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47.9
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exports of goods and services
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44.9
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43.6
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43.5
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price of goods and services
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58.5
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64.9
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69.7
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consumption of energy carriers
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51.8
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50.0
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52.3
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sales of goods and services
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52.1
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48.0
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47.6
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expectations for future activity
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38.4
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54.1
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62.8
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