Official data from the Statistical Center of Iran shows the country's gross domestic product (GDP) contracted by 10.1% year-on-year during the first quarter of the Persian calendar (March 21 to June 20). The crucial oil and gas sector experienced an even steeper decline, shrinking by 26.4% in the same period, as the US tightens economic and military pressure on Tehran. GDP excluding oil fell by 4.6%.

The economic downturn, which covers the opening months of the US-Israel war on Iran, has also seen industry and mining contract by 14.7%, services by 4.8%, and manufacturing by 2.5%. Inflation reached 69.9% on a 12-month average, and the rial weakened significantly against the US dollar.