Current Account in Iran
Iran - Current AccountThe economy has likely expanded at a robust pace during the year to date, aided by surging oil prices and a 14% year-on-year increase in crude oil production between January and April. That said, oil exports to China have reportedly fallen since the beginning of the war in Ukraine, as China has pivoted to discounted Russian oil. Meanwhile, the war has resulted in rising unemployment and increasing price pressures, negatively affecting the non-oil sector. In May, the government replaced the subsidized exchange rate on essential goods with direct financial support to citizens—initially in the form of one-off cash payments, with an electronic coupon scheme in the works. In the long run, this could help to reduce corruption and improve the public finances. However, the short-term impact has been surging food prices and widespread protests.
Iran - Current Account Data
|Current Account (% of GDP)||0.3||3.9||3.4||-||-|
5 years of economic forecasts for more than 30 economic indicators.
Iran Current Account Chart
Source: Central Bank of Iran and FocusEconomics calculations.
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