As Abdolnaser Hemmati announced on Instagram, official reports register a positive rate for Iran’s non-oil economic growth in the last Iranian year 1398.

“In the said period, economic growth rate stood at +1.1% with +8.8% growth in agricultural sector, +2.3% growth in industrial and mining sector, and -0.2% decrease in the services sector,” Hemmati wrote.

He described the negative growth rate of the services sector as an inevitable impact of the coronavirus outbreak in the last two months of the preceding year.

Hemmati added that due to the sharp drop in Iran’s oil revenues in the year before, oil income shrank -38.7%, pulling down Iran’s economic growth to -6.5% in 1398.

The senior Iranian banker added that the Central Bank of Iran will release further detail about Iran’s economic proceedings and achievements in the last year within the upcoming days.

In mid-February, Hemmati announced that Iran’s economy is getting out of recession, while major economic indices are experiencing stability.