Iran economy contracts during US war
TEHERAN: Iran’s economy contracted by more than 10 per cent during the Middle East war, which began with US-Israeli attacks in late February.
Iran's economy contracted by over 10 percent during the Middle East conflict, the Statistical Centre of Iran reported on Sunday. The country's gross domestic product (GDP) declined by 10.1 percent year-on-year from late March to late June, spanning the first quarter of the Persian calendar. The economic downturn followed the US-Israeli strikes that killed Iran's supreme leader and key military officials at the start of a major offensive in late February.
These attacks triggered Iran's retaliation, including closing the Strait of Hormuz, which led to a spike in global oil prices and further fueled the conflict in the Middle East. Iran's economic troubles are compounded by ongoing hyperinflation and the devaluation of its currency, largely due to stringent economic sanctions.
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