ECONOMY

General Information

The main currency of Iran is IRR – Iranian rial (Ir).

To simplify calculations in international reporting and domestic contracts, the conventional monetary unit "toman", equivalent to 10 rials, is also widely used.

Among the key priorities of the country's socio-economic development are overcoming the consequences of sanctions pressure, diversifying the economy, reducing dependence on oil exports, combating inflation and unemployment, developing national production, and improving the efficiency of public administration.

According to World Bank estimates, Iran's nominal GDP in 2024 amounted to approximately 436,91 bil. US dollars. According to forecasts, by the end of 2025, Iran's GDP per capita at purchasing power parity (PPP) will reach 16,437 US dollars. It is expected that Iran's GDP by the end of 2025 will amount to approximately 417,98 bil. US dollars.

The structure of the economy is distributed as follows: the largest sector of Iran's economy is services, accounting for 47% of GDP. Oil and gas extraction – 23%; manufacturing and mining – 13%; agriculture – 10%. The last major component of GDP is construction and distribution of electricity, gas, and water – 7% of total output.

The main sources of foreign currency earnings have historically been the export of fossil fuels (oil and gas); the role of non-commodity exports has grown significantly, including petrochemical products, metals (steel, aluminum, copper), agricultural products (pistachios, saffron), and automobiles.

The industrial sector is focused on oil and gas extraction and processing, automotive, metallurgy, and chemical industries. Special attention is paid to the development of knowledge-intensive industries such as nanotechnology, biotechnology, and pharmaceuticals.

Share of Economic Sectors

Iran's economy is based on three key sectors: services, industry, and agriculture.

The service sector forms approximately 47% of GDP; the most important segments are: real estate, specialized and professional services – 14%; trade, restaurants and hotels – 12%; government services – 10%.

The industrial sector accounts for 36% of GDP. Oil extraction accounts for 23%. Manufacturing and mining – 13% of GDP is represented by oil refining and petrochemicals, metallurgy, automotive, and construction materials production.

Agriculture, despite its share of GDP at approximately 10%, remains important for employment and ensuring food security. Iran is one of the world leaders in the production and export of wheat, barley, rice, legumes, cotton, sugar beets, sugar cane, tobacco, tea, nuts, and pistachios.

Iran's external trade turnover for the first half of 2025 reached 54,3 bil. dollars, with non-oil exports amounting to 25,9 bil. dollars. Main non-commodity export items are petrochemical products, metals, agricultural products, and automobiles. Imports amounted to approximately 28 bil. dollars in the first half of 2025, including electricity, machinery and equipment, grain, chemical products, and medicines. Key trading partners are China, Iraq, Turkey, UAE, and India.

Export and Import

The official export structure emphasizes non-commodity exports.

Key export items are:

Petrochemical products and polymers;
Industrial goods, including steel, aluminum, and copper;
Agricultural products, primarily pistachios and saffron;
Liquefied natural gas (LNG) and gas condensate;
Carpets and handicrafts.

Main export partners: China (36%), Iraq (25%), Turkey (18%).

The largest share of imported products consists of non-electrical equipment – 17%, iron and steel – 14%, chemicals and related products – 11%, vehicles – 9%, and electrical equipment, instruments and devices – 7%.

Main import partners: United Arab Emirates – 40%, China – 34%.

Labor Force

Iran's labor force according to the Statistical Center of Iran for 2023 is approximately 28,5 mil. people. The unemployment rate at the end of 2023 was 7,6%.

Distribution of employment by economic sectors:

The service sector is the largest employer with a share of 49,5% of the working population.
The industrial sector accounts for 34,5% of the labor force.
Agriculture provides employment for 16% of the employed population.