An ‘Improvement’ over Previous Year
Iranian government’s Center for Statistics reported today that the economy in Iranian calendar year 1392 (ending March 2014) shrank by 2.2 percent. In the same period, the country’s industrial sector showed a negative -4.5 percent growth, the service sector shrank by 9 percent, while agricultural sector grew at 1.2 percent. (Fars News Agency, 2 August)
Iranian economy started shrinking in 2012, partly due to toughest sanctions against oil and banking sector - The Center for Statistics had reported that the economy had a negative -6.8 percent growth during the previous year (ending March 2013), during Ahmadinejad administration’s last year, making the latest figure of 2.2 percent negative growth an improvement, if any shrinking of an economy could be characterized as such.