Iran’s economy shrinks 10.1 percent

The Israeli and American attack led to a significant decline in the Iranian economy, with the gross domestic product contracting by 10.1% in the first quarter of the Persian year (March to June), according to the Iranian Statistical Center. This recession comes at a time when Iran primarily relies on oil exports, and US sanctions pressures aimed at reducing oil and petrochemical sales have intensified. These sanctions have also restricted Iran's access to funding and cash by tightening measures on international companies, including Chinese firms.

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