All key economic players in Iran are eagerly anticipating the results of the negotiations aimed at reviving the 2015 nuclear deal. A review of the country’s economic performance over the past Iranian year (Mar. 21, 2021-Mar. 20, 2022) sheds light on how the economy is faring amid uncertainty over whether sanctions relief is coming.

The Iranian economy experienced a period of fluctuations in reaction to the US “maximum pressure” campaign of severe sanctions that began in May 2018, when the Donald Trump administration withdrew from the nuclear deal. But after undergoing an adjustment for a few years, the past 12 months appear to have been a time of consolidation in some respects.

To identify shifting trends and their meaning for the future, it is important to assess and bear in mind key economic indicators...