Economy of Iran

Achaemenid_coin_daric_420BC_front

Provinces_of_Iran_by_contribution_to_national_GDP

Socio-eco_expenditures_IRAN

GDP_per_capita_development_in_Iran

Irecosector

Inflation_Iran_CPI

Iran_market_liquidity

Overview of the economy of Iran

Economy of Iran

  [[File:|frameless|alt=]]

Currency	Iranian rial (IRR)
Fixed exchange rates
Fiscal year	Fiscal year
Trade organisations	OPEC, WTO (observer)
Country group
Population
GDP	$1.64 trillion (nominal, 2021)
GDP rank
GDP growth	3.4% (2021)

The economy of Iran is a mixed and transition economy with a large public sector. It is the world's 18th largest by purchasing power parity (PPP). The economy is heavily dependent on the export of petroleum and natural gas, which constitute the majority of the country's revenue. Iran has significant agricultural, industrial, and service sectors.

Sectors

Oil and Gas

Iran holds some of the world's largest reserves of oil and natural gas. The country is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and has a significant influence on global energy markets. The National Iranian Oil Company (NIOC) is responsible for the exploration, production, and export of oil and gas.

Agriculture

Agriculture plays a vital role in Iran's economy, employing about a quarter of the workforce. Major products include wheat, rice, barley, pistachios, fruits, and vegetables. Iran is one of the world's largest producers of saffron, pistachios, and caviar.

Industry

Iran has a diverse industrial sector, including automobile manufacturing, petrochemicals, textiles, cement, and construction materials. The Iran Khodro and Saipa companies are among the largest car manufacturers in the Middle East.

Services

The service sector in Iran includes banking, insurance, retail, and tourism. The Central Bank of Iran oversees the country's banking system. Tourism has been growing, with attractions such as Persepolis, Isfahan, and Shiraz drawing visitors.

Trade

Iran's main export partners are China, India, South Korea, Turkey, and Italy. The country exports a variety of goods, including petroleum, petrochemicals, automobiles, fruits, nuts, carpets, and cement. Major import partners include China, the United Arab Emirates, Turkey, India, and Germany. Iran imports industrial supplies, capital goods, foodstuffs, consumer goods, and technical services.

Challenges

Iran faces several economic challenges, including high inflation, unemployment, and economic sanctions. The sanctions have particularly affected the oil sector, limiting Iran's ability to export petroleum and access international financial markets.

Economic Reforms

The Iranian government has implemented various economic reforms to address these challenges, including privatization of state-owned enterprises, subsidy reforms, and efforts to attract foreign investment. The Iranian Economic Reform Plan aims to diversify the economy and reduce dependency on oil revenues.

See also

• Iranian Economic Reform Plan
• National Iranian Oil Company
• Central Bank of Iran
• Iran Khodro
• Saipa
• OPEC
• Economy of the Middle East

References

   This article is a  stub. You can help WikiMD by expanding it!