Iran's economy faces sharp contraction with 10.1% decline
The Iranian economy experienced a sharp decline of 10.1% during the spring, marking the lowest quarterly contraction rate in 15 years. This downturn is mainly attributed to a downturn in the industry and oil sectors, with manufacturing and mining shrinking by 14.7% and oil activities by 26.4%. Household consumption also decreased by 4%, amid ongoing economic crises and unprecedented inflation not seen in the past 80 years.
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