DMEA: Surge in Iran’s oil output drives remarkable 6.2% quarterly GDP growth

Iran's economy saw a significant growth rate of 6.2% in the first quarter of the current Persian calendar year (March 21-June 21), primarily driven by a surge in oil production and exports, new data released by the Central Bank of Iran (CBI) on September 20 show.

This marks the highest quarterly growth rate in the past two years, with the positive economic performance attributed to recent political developments and the boost in oil production and exports, which have been reflected in the spring economic statistics.

Iran emerged as the third-largest crude oil producer among the OPEC members in August, with a production rate of 3mn barrels per day (bpd).

Iranian crude oil exports have reached their highest levels in over four years, at approximately 1.5 million bpd.

Economic growth, excluding oil, also exhibited a positive trend, with a growth rate of 5.2% during the same period.