Iran reports 11.3% rise in manufacturing activity in Dec quarter
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In the third quarter of the previous calendar year, Iran's large-scale manufacturing index (LSMI) was 130.5.
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Technicians work on Peugeot 207 and 206 car production lines at the Iran Khodro auto plant, west of Tehran, August 14, 2022. (AFP)
According to data from the Central Bank of Iran (CBI), industrial activity in Iran increased by 11.3% in the quarter ending December 21 last year, compared to the same period in 2021.
Last month, it was announced that Iran's total GDP grew by 4.1% during the first 9 months of the Iranian calendar year of 1400, which extends from March 21 to December 21 of 2021. Iran's central bank released statistics showing that the country's economy grew by 3.4%, not taking into account the Islamic Republic's oil exports.
CBI numbers released in a Wednesday article by Tasnim news agency reveal that Iran's large-scale manufacturing index (LSMI) hit 130.5 in the third quarter of the previous calendar year.
According to the stats, the amount was also up 22.6% from the previous quarter's December quarter.
The LSMI, an index that measures activity in manufacturing firms employing more than 100 people, climbed by 8.3% in Iran in the three quarters to late December last year compared to the same time in 2021.
The data also shows that 15 of the 33 manufacturing categories covered in the LSMI index had double-digit growth in the December quarter.
According to CBI data, manufacturing sectors such as clothing and footwear, machinery and equipment, textiles, and motor vehicles had faster development than energy-intensive industries such as petrochemicals and oil products.
The report shows that the manufacture of machinery and equipment in Iran virtually quadrupled year on year in the quarter ending in late December.
In recent years, Iran has sought more activity in its manufacturing sector as part of measures to diversify its economy away from crude oil and generate more jobs for the country's youth.
