Saturday, 08 August, 2020

Iran reports nominal GDP growth compared to base-year 2011-2012: SCI

The statistical Center of Iran (SCI) has published its economic data for the fiscal year 1398 (ending March 19, 2020) which shows the country’s gross domestic products (GDP) grew by 1.55 percent on base-year 2011-2012.

The report published by the SCI on Sunday said that total GDP over the past calendar year had reached 7,037,972 trillion rials, or more than $372 billion, based on the base-year exchange rate of 18,900 for the rial against the US dollar.

Iran had reported a GDP of 6,929,905 trillion rials (over $366 billion) for year 1390 (ending March 2012). The nominal GDP for the year ending March 2020 declined by seven percent compared to the previous year while the GDP without oil shrank by six percent for the similar period, showed the SCI figures.

However, Press TV’s own analysis of off-the-record SCI charts related to the GDP calculations from 2011 to 2020 showed that Iran had seen its economic output decline by almost 40 percent over the period in question.

The figures showed that total GDP in the year ending March 2020 had reached 34,160,313 trillion rials, which amounts to $221 billion once calculated based on an average annual exchange rate of 154,343 for the Iranian rial against the US dollar.

The value of Iran’s nominal GDP could drop albeit at a lower rate at the end of the current fiscal year as the rial is currently trading at a record low of 218,500 against the greenback.

The charts by the SCI showed it estimates the GDP for the year ending March 2021 would stand at 36,551,535 trillion rials (over $167 billion based on current exchange rate), a contraction of more than 24 percent year on year.

A worst-case scenario based on SCI figures showed that the rial could fall as low as 437,251 against the dollar, meaning that a larger GDP of 43,725,200 trillion rials for the current fiscal year would equal $100 billion.

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