This is a country economic report created by JETRO providing detailed analysis of Iran's economic trends, trade and investment environment, and impacts of sanctions as an important resource-rich country in the Middle East region. The annual report objectively analyzes Iran's reality under complex political and economic circumstances, based on international organization statistics, local information, and specialized institution research.
Regarding economic overview, Iran's real GDP growth rate for 2024 was approximately 3.2%, showing gradual recovery despite impacts from sanctions. Nominal GDP is about billion (official exchange rate conversion), with a population of about 85 million, representing one of the largest economies in the Middle East region. However, constraints continue due to US economic sanctions, including exclusion from international financial systems and restrictions on oil exports.
In the energy sector, Iran possesses the world's 4th largest confirmed oil reserves (about 158 billion barrels) and 2nd largest confirmed natural gas reserves (about 34 trillion cubic meters). However, oil export volumes are constrained by sanctions, with 2024 crude oil exports at about 1.5 million barrels per day, significantly below the pre-sanctions level of about 2.5 million barrels per day.
In manufacturing, the automotive industry occupies an important position with annual production of about 1 million vehicles (including about 600,000 passenger cars). Local production continues using technology from international manufacturers that withdrew due to sanctions, in addition to domestic manufacturers Iran Khodro and Saipa.