Iran’s industrial growth shrinks to -12%

Industrial growth in Iran’s collapsing economy has shrunk to minus 12 percent, the regime’s minister for Industry, Mining and Trade has said.
Mohmmad Reza Nematzadeh said in October that industrial growth had plunged to minus nine per cent, adding at the time: “This is the first time in decades that the growth rate of the industrial sector in Iran has become negative.
“The government should set the economic index back to zero so that the situation not to become more serious.”
Economic experts in Iran blame the shrinking economy on the ‘dire state of business in the industrial sector’.
Figures from the Parliament’s Research Center show investment in Iran’s industrial sector totalled 22,000 billion tomans ($8.5 million) in 2008, but fell to 9,000 billion tomans ($3.5 million) in 2013.