Iran: Iran's Gross Domestic Product (GDP) contracted by more than 10 per cent year on year during the US-Israel-Iran war, official data showed on Sunday.
According to the Statistical Center of Iran, the country's GDP, including the oil and gas sector, fell by 10.1 per cent year on year from March 21 to June 20, a period corresponding to the first quarter of the Persian calendar year.
Meanwhile, GDP excluding the oil and gas sector declined by 4.6 per cent year on year during the same period, the data showed.
Iran has long been subject to Western economic sanctions and was already facing pressure from currency depreciation and inflation. After the United States and Israel launched military operations against Iran in late February, US restrictions and sanctions on Iran were further intensified.
In late August, the US Treasury Department announced a new round of sanctions against Iran.
In response, Iran's Ministry of Economic Affairs set up an 'Economic War Command Center' to coordinate and speed up efforts to address economic challenges arising from the conflict.
On February 28, Israel and the United States launched joint attacks on Tehran and other Iranian cities. Iran responded with waves of missile and drone attacks targeting Israel and US bases and assets in the region, and tightened its grip on the Strait of Hormuz.