Central Bank of Iran (CBI) Governor Abdolnasser Hemmati says the county’s economy has emerged from nearly three years of recession caused by US sanctions and exacerbated by the spread of the coronavirus pandemic.

Hemmati wrote in an Instagram post on Saturday that two successive growth quarters for the Iranian economy in the fiscal year beginning late March 2020 meant that the economy was out of a period of declined activity and contraction in business cycle.

The chief banker cited figures released by the CBI’s Economic Accounts Department showing that Iran’s gross domestic product (GDP) grew by 3.9 percent with oil and by 2.9 percent without oil in the quarter to December 20.
“Thus, one can definitely announce the transition of the Iranian economy from the difficult period of sanctions and the recession associated with it to a period of renewed economic growth,” said Hemmati.