Iran economy contracts 10 percent amid wartime oil disruptions and trade drop

The short version

• Iran's gross domestic product declined by 10.1 percent year-on-year between March 21 and June 20, driven by a 26.4 percent contraction in the oil and gas sector.[Al Jazeera]
• A United States naval blockade severely restricted energy exports, with crude and condensate loadings dropping from roughly two million barrels per day in March to 220,000–255,000 in August.[Al Jazeera]
• Non-oil sectors also suffered broadly, while Iran's 12-month average inflation reached 69.9 percent.[Al Jazeera]

Key facts

• The Statistical Center of Iran reported a 10.1 percent year-on-year decline in national GDP for the quarter spanning March 21 to June 20.[Al Jazeera]
• Crude oil and natural gas sector output fell by 26.4 percent compared to the same period the previous year.[Al Jazeera]
• Non-oil GDP shrank by 4.6 percent, with mining and industry contracting 14.7 percent and services falling 4.8 percent, while agriculture grew 2.3 percent.[Al Jazeera]
• Iranian crude and condensate export volumes fell from approximately two million barrels per day in March to between 220,000 and 255,000 in August.[Al Jazeera]
• President Masoud Pezeshkian stated total national trade had decreased by 25 to 35 percent by September 6.[Al Jazeera]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• How oil, gas losses have shrunk Iran’s GDP by 10 percent during warAl Jazeera