Iran’s manufacturing activity peaked in December: Report

A new report by the Iranian parliament shows manufacturing activity in the country rose to a nine-month high in December last year.

The report by the Islamic Consultative Assembly’s Research Center published on Sunday showed that the manufacturing index of major companies registered in the Iranian stock market had risen by 12.9% in December last year compared to the same month in 2021.

Sales of major Iranian factories also rose by 15.7% year on year in December 2022, said the report.

The report put the month-on-month rise in December of the manufacturing and sales indices of the Iranian factories at 2.7% and 3.6%, respectively.

The figures showed that manufacturing index at Iranian automotive companies, including parts makers, had risen by 48.4% year on year in December last year, adding that vehicles and parts sales in the country had also risen by 86.7% over the same period.

Iranian pharmaceutical companies saw their output increase by 25.6% in December last year compared to the same month in 2021, the highest in two years, said the report, adding that December output figure reported in the sector was an increase of 7% from November.

Production and sales of industrial machinery and equipment in Iran rose by 35.5% and 95%, year on year in December, respectively, said the report.

Iran has reported increased activity in its manufacturing sector since the country came under American sanctions in 2018.

The growth has helped the Iranian government better cope with the impacts of US sanctions on its oil exports while enabling it to boost jobs for the country’s youth population.