Iran’s Industry Minister says the economy has shrunk by 2.2 percent since the last measurement and 50 percent of the manufacturing sector is now in recession. Mohammadreza Nematzadeh said “severe currency fluctuations, a lack of equipment and a lack of foreign investment” have left more than 10,000 industrial units half-finished all across the country.
In the past two years, the economy has shrunk by as much as 5.8 percent and inflation has reached as high as 40 percent. The Rohani administration, which took power last August, has been trying to control inflation to stimulate the economy.
The Rohani government is also working hard to reach a deal with the 5+1 to end the international sanctions against Iran.