Iran GDP contracts 10.1% YoY in Q1 as war and sanctions bite

Iran's GDP fell 10.1% year-on-year in the first quarter of the Persian calendar, including the oil sector, per the official Statistics Center. The contraction reflects the impact of the February 28 Israeli-US attack, a 40-day bombardment, and a subsequent ceasefire that broke down, with hostilities resuming. This is a major economic shock for a hydrocarbon-dependent economy, likely worsening fiscal strain and inflationary pressures.