Iran Economy - 2024

Economic overview

traditionally state-controlled economy but reforming state-owned financial entities; strong oil/gas, agricultural, and service sectors; recent massive inflation due to exchange rate depreciation, international sanctions, and investor uncertainty; increasing poverty

Real GDP (purchasing power parity)

$1.319 trillion (2021 est.)
$1.26 trillion (2020 est.)
$1.219 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.72% (2021 est.)
3.33% (2020 est.)
-2.66% (2019 est.)

Real GDP per capita

$15,000 (2021 est.)
$14,400 (2020 est.)
$14,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$581.252 billion (2019 est.)

Inflation rate (consumer prices)

43.39% (2021 est.)
30.59% (2020 est.)
39.91% (2019 est.)

note: official Iranian estimate

GDP - composition, by sector of origin

agriculture: 9.6% (2016 est.)

industry: 35.3% (2016 est.)

services: 55% (2017 est.)

GDP - composition, by end use

household consumption: 49.7% (2017 est.)

government consumption: 14% (2017 est.)

investment in fixed capital: 20.6% (2017 est.)

investment in inventories: 14.5% (2017 est.)

exports of goods and services: 26% (2017 est.)

imports of goods and services: -24.9% (2017 est.)

Agricultural products

wheat, sugar cane, milk, sugar beet, tomatoes, barley, potatoes, oranges, poultry, apples

Industries

petroleum, petrochemicals, gas, fertilizer, caustic soda, textiles, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and nonferrous metal fabrication, armaments

Industrial production growth rate

3.21% (2021 est.)

Labor force

27.682 million (2021 est.)

note: shortage of skilled labor

Unemployment rate

11.46% (2021 est.)
12.17% (2020 est.)
10.74% (2019 est.)

note: data are Iranian Government numbers

Youth unemployment rate (ages 15-24)

total: 27.2% (2021 est.)

male: 24%

female: 41.7%

Population below poverty line

18.7% (2007 est.)

Gini Index coefficient - distribution of family income

40.9 (2019 est.)

Average household expenditures

on food: 27.9% of household expenditures (2018 est.)

on alcohol and tobacco: 0.6% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 29.6% (2005)

Remittances

0.55% of GDP (2020 est.)
0.47% of GDP (2019 est.)
0.4% of GDP (2018 est.)

Budget

revenues: $60.714 billion (2019 est.)

expenditures: $90.238 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.3% (of GDP) (2017 est.)

Public debt

39.5% of GDP (2017 est.)
47.5% of GDP (2016 est.)

note: includes publicly guaranteed debt

Taxes and other revenues

17.3% (of GDP) (2017 est.)

Fiscal year

21 March - 20 March

Current account balance

$9.491 billion (2017 est.)
$16.28 billion (2016 est.)

Exports

$101.4 billion (2017 est.)
$83.98 billion (2016 est.)

Exports - partners

China 48%, India 12%, South Korea 8%, Turkey 6%, United Arab Emirates 5% (2019)

Exports - commodities

ethylene polymers, pistachios, iron, copper, industrial alcohols, aluminum (2021)

Imports

$76.39 billion (2017 est.)
$63.14 billion (2016 est.)

Imports - partners

China 28%, United Arab Emirates 20%, India 11%, Turkey 7%, Brazil 6%, Germany 5% (2019)

Imports - commodities

rice, corn, broadcasting equipment, soybean products, beef (2019)

Reserves of foreign exchange and gold

$120.6 billion (31 December 2017 est.)
$133.7 billion (31 December 2016 est.)

Debt - external

$7.995 billion (31 December 2017 est.)
$8.196 billion (31 December 2016 est.)

Exchange rates

Iranian rials (IRR) per US dollar -

Exchange rates:
42,000 (2021 est.)
42,000 (2020 est.)
42,000 (2019 est.)
40,864.329 (2018 est.)
33,226.298 (2017 est.)