Growth of the gross domestic product of Iran 2024

Iran: Real gross domestic product (GDP) growth from 2014 to 2024 (compared to previous year)

by H. Plecher, last edited Aug 9, 2019
Growth of the gross domestic product of Iran 2024 Iran’s gross domestic product (GDP) declined by 3.9 percent in 2018 after adjusting for inflation. This figure fell from 12.5 percent growth two years ago, which had been a reaction to sanctions lifting after the Joint Comprehensive Plan of Action (JPCOA) regarding Iran’s nuclear program. United States president Donald Trump ended that country’s participation in the deal, imposing new sanctions.
Political influence on the economy

Political tensions have hampered the economy of Iran, keeping growth low in spite of the country’s considerable oil reserves. The effect of these sanctions becomes obvious when looking at Iran’s oil exports to Europe over the past decade. Some analysts have blamed the new sanctions for the increase in Iran’s inflation rate, as well as the currency depreciation that has accompanied it.

Iran’s options

Although Iran’s main export partners are largely in Asia, many of the transactions are carried out using U.S. dollars. Even though other means of payment are possible, some countries worry about political ramifications of continuing trade relations with Iran. Iran’s greatest strength at the moment may be its low national debt, meaning that it can borrow a substantial amount of money if it can find a willing lender. However, given the instability of the political situation worldwide and regionally, it is difficult to assume that such a borrower exists at the moment.
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Iran: Real gross domestic product (GDP) growth from 2014 to 2024 (compared to previous year)

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