An economic analysis report published in Iran shows inflation in the country will be down by nearly seven percent year on year in late March 2021.

The report published on Monday by the Tehran Chamber of Commerce said that Iran’s inflation at the end of the current fiscal year will stand at 34.2 percent, down from 41.1 percent recorded for the previous year.

The report, which cited figures by the International Monetary Fund (IMF), also discussed other major economic indicators in Iran, including the liquidity growth rate, which it said would also decline by 16.3 percent in the current fiscal year.

It said liquidity in Iran will grow 19.5 percent to reach 30,055 trillion rials ($175 billion) in late March 2021. Liquidity had grown by 35.8 percent in the previous fiscal year to reach 25,570 trillion rials (nearly $150 billion).

The report said, however, that Iran’s jobless rate will increase by 2.7 percent compared to the previous year to reach 16.3 percent at the end of the current calendar year.

On Iran’s balance of trade, the report said that the country will see its trade deficit widen to $18.2 billion, down from $0.3 billion posted for the year ending March 2020.

The widening trade deficit is mainly a result of Iran’s lower sale since the country came under a series of unilateral American sanctions in November 2018.

Iran has sought to distance itself away from normal oil revenues through a series of schemes to diversify the economy.

The country has exported more and more non-crude goods and products over the past two years. However, Tehran has kept the doors open to more imports to ensure supplies would suffice the domestic demand in the face of growing American restrictions on trade.

SOURCE: PRESS TV