Iran’s economy contracts more than 10 pct during war: official data

Iran’s gross domestic product (GDP) contracted by more than 10 percent year on year during the U.S.-Israel-Iran war, official data showed on Sunday.

According to the Statistical Center of Iran, the country’s GDP, including the oil and gas sector, fell by 10.1 percent year on year from March 21 to June 20, a period corresponding to the first quarter of the Persian calendar year. Meanwhile, GDP excluding oil and gas sector declined by 4.6 percent year on year during the same period, the data showed.

Iran has long been subject to Western economic sanctions and was already facing pressure from currency depreciation and inflation. In response, Iran’s Ministry of Economic Affairs set up an “Economic War Command Center” to coordinate and speed up efforts to address economic challenges arising from the conflict.