Iran Economy Shrinks 10% Amid US-Israel War
The US-Israel war on Iran has shrunk its economy by 10.1 percent in the first quarter of the Persian calendar, with oil and gas losses accounting for a significant portion of the decline.
According to data from the Statistical Center of Iran, crude oil and natural gas activity contracted by 26.4 percent compared to the same period last year, while GDP excluding oil fell by 4.6 percent.
The economic downturn has been exacerbated by high inflation, a weakening rial, and disruptions to trade and industry. Food prices rose at nearly twice the rate of overall inflation, reaching 69.9 percent in the past 12 months.
Iran's ability to export oil has also been severely curtailed due to the US naval blockade, with loadings collapsing from 2 million barrels per day in March to just 220,000-255,000 bpd in August.