Iran skyline

Iran Economy

Iran's economy in numbers:

Nominal GDP of USD 346 billion in 2022.

GDP per capita of USD 4,043 compared to the global average of USD 10,589.

Average real GDP growth of 1.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 51% of overall GDP, manufacturing 20%, other industrial activity 16%, and agriculture 13%. Looking at GDP by expenditure, private consumption accounted for 48% of GDP in 2020, government consumption 14%, fixed investment 32%, and net exports 6%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2018, manufactured products made up 22% of total merchandise exports, mineral fuels 69%, food 6%, ores and metals 3% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 1%, food 26%, ores and metals 2% and agricultural raw materials 3%, with other goods accounting for 6% of the total. Total exports were worth USD 98 billion in 2022, while total imports were USD 75 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.5% in the decade to 2022. To read more about GDP growth in Iran, go to our dedicated page.

Fiscal policy:

Iran's fiscal deficit averaged 2.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 10.8% in the decade to 2022. For more information on Iran's unemployment click here.

Inflation:

Inflation averaged 25.3% in the decade to 2022. Go to our Iran inflation page for extra insight.

Monetary Policy:

Iran's monetary policy rate ended 2022 at 22.00%, on the same level as a decade earlier. See our Iran monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the rial weakened by 70.8% vs the U.S. dollar. For more info on the rial, click here.
GDP growth has likely outpaced the Middle East and North Africa (MENA) average so far this calendar year thanks to a burgeoning energy sector; in January–June, Iran’s oil output rose by over 20% in annual terms. Key drivers of the increase have been the loose enforcement of U.S. energy sanctions, double-digit growth in oil sales to top buyer China and an exemption from OPEC+ quotas, which are hampering output in other MENA economies. That said, Iran’s non-energy sector has likely been restrained by one of the region’s highest inflation rates, international isolation and U.S. non-energy sanctions. In July, reformist candidate Masoud Pezeshkian won the presidential elections. He will likely attempt to pursue closer ties with the West, though a hardline faction within the administration and a victory for Donald Trump in November’s U.S. elections could impede progress.
Projections out to 2033.

34 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 8 expert analysts.

Want to get insight on the economic outlook for Iran in the coming years? FocusEconomics collects projections out to 2033 on 34 economic indicators for Iran from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Iran economy. To download a sample report on the Iran's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Iran Economic Data

2019 2020 2021 2022 2023
Population (million) 83.1 84.0 84.8 85.7 86.5
GDP (USD bn) 242 196 289 347 404
GDP per capita (USD) 2,909 2,327 3,410 4,055 4,663
GDP (IRR tn) 10,156 8,217 12,132 14,594 16,967
Economic Growth (Nominal GDP, ann. var. %) -27.6 -19.1 47.6 20.3 16.3
Economic Growth (GDP, ann. var. %) -3.1 3.3 4.7 3.8 4.7
Private Consumption (ann. var. %) -4.7 0.5 3.9 8.7 3.3
Government Consumption (ann. var. %) -5.6 -0.9 8.3 -3.6 0.5
Fixed Investment (ann. var. %) -6.5 3.2 0.0 6.7 6.0
Exports (G&S, ann. var. %) -20.6 -12.8 5.2 8.2 15.4
Imports (G&S, ann. var. %) -31.6 -29.7 24.1 7.5 1.6
Industry (ann. var. %) -11.0 7.8 3.2 7.4 8.8
Oil Production (mn barrels per day, aop) 2.36 1.99 2.40 2.55 2.85
Unemployment (% of active population, aop) 10.7 9.6 9.2 9.0 8.1
Fiscal Balance (% of GDP) -4.5 -5.2 -3.2 -2.8 -2.3
Public Debt (% of GDP) 46.6 48.3 42.4 35.8 -
Money (ann. var. of M2 %) 28.2 38.4 41.4 33.4 27.0
Inflation (CPI, ann. var. %, eop) 27.8 44.8 34.2 45.6 40.2
Inflation (CPI, ann. var. %, aop) 40.0 30.5 43.6 41.9 44.4
Exchange Rate (IRR per USD, eop) 42,026 42,023 42,025 42,026 42,018
Exchange Rate (IRR per USD, aop) 42,025 42,026 42,026 42,024 42,111
Current Account Balance (USD bn) -1.7 -0.7 11.1 14.2 -
Current Account Balance (% of GDP) -0.7 -0.4 3.9 4.1 -
Merchandise Trade Balance (USD bn) 1.9 3.2 15.8 22.2 -
Merchandise Exports (USD bn) 60.0 49.8 79.5 97.7 -
Merchandise Imports (USD bn) 58.1 46.6 63.6 75.4 -
Merchandise Exports (ann. var. %) -35.3 -16.9 59.4 22.9 -
Merchandise Imports (ann. var. %) -6.1 -19.8 36.5 18.5 -
Foreign Direct Investment (USD bn) 1.5 1.3 1.4 1.5 1.4
International Reserves (USD bn) 14.9 13.7 17.7 19.7 25.1
International Reserves (months of imports) 3.1 3.5 3.3 3.1 -
External Debt (USD bn) 4.9 5.4 10.3 10.0 -
External Debt (% of GDP) 2.0 2.8 3.6 2.9 -

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