Despite a 20% surge in oil exports, Iran's GDP growth in the first half of the current Iranian calendar year starting March 21 significantly declined due to a recession in other sectors, such as agriculture, industries, and the service sector.
Power cuts in Iran, now at unprecedented levels, are severely damaging some of the country's critical industries which are now struggling to pay workers and keep businesses afloat.
Iran's energy-rich government is bracing for potential unrest amid rolling blackouts and rising gasoline prices, with judicial, security and intelligence services briefed to be ready for a response.
The Iranian currency hit yet another all-time low of 780,250 rials to the US dollar on Monday after the country’s economy minister acknowledged the significant devaluation of the currency.
Millions of Iranian families will celebrate the ancient Winter Solstice festival on Friday evening, though many have scaled back their budgets for the occasion, with businesses reporting a notable drop in sales.
Iran's minister of economy has been summoned to parliament for questioning due to currency fluctuations and their negative impact on the economy and people’s livelihoods, MP Abbas Goudarzi said Thursday.
The US State Department said on Wednesday that its ongoing sanctions have played a significant role in the sharp devaluation of the Iranian rial to record lows against the US dollar.
Iran’s oil minister denied reports on Wednesday that oil exports have declined, even as the Iranian currency continued its downward spiral and the country faced acute shortages of natural gas and electricity.
Officials in Iran have announced widespread closures of schools, universities, and government offices on Tuesday as Tehran struggles to curb energy consumption amid a worsening winter crisis.
Iran is grappling with sweeping closures of public facilities, a move officials attribute to lower temperatures and the need for energy management while the country suffers massive shortages.
The Iranian currency hit an all-time low of 753,000 rials to the US dollar on Saturday, marking the sixth record drop since September, when Tehran began losing influence in the region to Israel and other players.
Iran's Islamic Revolutionary Guard Corps (IRGC) is seeking to sell oil stored in China before US president-elect Donald Trump can block sales with tougher sanctions, an informed source told Iran International.
Air pollution has forced the closure of schools and universities in several cities across Iran, signaling that an air quality crisis dogging the country's economy and public health system is worsening.