Iran skyline

Iran Economic Data & Projections

Iran's Macroeconomic Analysis:

Nominal GDP of USD 346 billion in 2022.

Nominal GDP of USD 404 billion in 2023.

GDP per capita of USD 4,663 compared to the global average of USD 10,589.

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.

Average real GDP growth of 2.3% over the last decade.

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

Sector Analysis

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

Main Economic Indicators

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.

Economic situation in Iran

The economy grew 3.2% year on year in Q2, according to the Central Bank, below the average for the 2023 Iranian year (March 2023 to March 2024) but outpacing the Middle East and North Africa (MENA) average. The expansion was driven by a 20.1% increase in oil output, thanks to Iran’s exemption from OPEC+ output restrictions, robust sales to China and the loose enforcement of U.S. oil sanctions. However, economic activity likely ebbed in Q3, given that oil output growth in the quarter halved from Q2. A further slowdown is on the cards in Q4, as oil production growth slips further and non-oil activity is capped by high inflation, U.S. sanctions against non-energy sectors, rolling blackouts, corruption and uncertainty regarding conflict with Israel. On the fiscal front, the recent draft budget for the fiscal year starting in March 2025 projects a large real-terms spending increase.

Iran Economic Forecasts

Projections out to 2034.

35 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 2034 on 35 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 Indicators

2019 2020 2021 2022 2023
Population (million) 83.1 84.0 84.1 84.9 85.8
GDP (USD bn) 242 196 289 376 373
GDP per capita (USD) 2,909 2,327 3,442 4,432 4,347
GDP (IRR tn) 10,156 8,217 12,132 15,804 15,676
Economic Growth (Nominal GDP, ann. var. %) -27.4 -19.1 47.6 30.3 -0.8
Economic Growth (GDP, ann. var. %) -3.1 3.3 4.7 3.8 5.0
Private Consumption (ann. var. %) -4.7 0.5 3.9 8.7 4.1
Government Consumption (ann. var. %) -5.6 -0.9 8.3 -3.6 -1.7
Fixed Investment (ann. var. %) -6.5 3.2 0.0 6.7 7.2
Exports (G&S, ann. var. %) -20.6 -12.8 5.2 8.2 17.1
Imports (G&S, ann. var. %) -31.6 -29.7 24.1 7.5 3.0
Industry (ann. var. %) -11.0 7.8 3.2 7.4 7.1
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 -2.8
Public Debt (% of GDP) 46.6 48.3 42.4 36.9 -
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 3.8 -
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 20.7
International Reserves (months of imports) 3.1 3.5 3.3 3.1 -
External Debt (USD bn) 4.9 5.4 10.3 9.5 9.9
External Debt (% of GDP) 2.0 2.8 3.6 2.5 2.7
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