GDP in Iran
Iran - GDP (billions of U.S. Dollars)The economy contracted 4.9% annually in the fiscal year ending March 2018 according to a statement released by Iran’s Statistical Institute in late June. Far from receding, the recession is expected to deepen this year as U.S. sanctions continue to bite. Oil tanker tracking data estimated that Iran’s oil exports fell to 0.3 mbpd or less in the first three weeks of June, while a recent OPEC report showed oil output declined sharply in April and May. Moreover, it is thought that much of the crude oil leaving Iran is floating at sea due to difficulty finding buyers. Geopolitical tensions have risen in recent weeks, after several oil tanker attacks in the Gulf and Iran’s threat to openly violate the 2015 nuclear accord by exceeding the limit of uranium holdings. This will depress already-battered business confidence, and a solution to the stand-off with the U.S. appears unlikely.
Iran - GDP (USD bn) Data
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