Iran's GDP falls over 10% post-war
Iran's Gross Domestic Product shrank by more than 10.1% during the first quarter of the Iranian year, a period marked by military escalation following strikes on the country by Israel and the United States, according to the Iranian Statistics Center. The International Monetary Fund also projects a 5.4% contraction of the Iranian economy this year. Citizens' purchasing power has declined significantly due to inflation reaching 69.9% in August. The prices of essential goods and gasoline have increased, compounding economic and living hardships in the country—especially after renewed sanctions on ports and disruptions to oil exports. As the value of the rial continues to deteriorate, the dollar's exchange rate against the rial has reached 2.3 million in the market.
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