GDP in Iran is expected to reach 410.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. The baseline outlook is primarily driven by COVID-19 outbreak reducing oil and non-oil GDP in 2020/21 and two subsequent years of modest recovery. Iran ranks second in the world in natural gas reserves and fourth in proven crude oil reserves. In its report released on April 14, IMF put Iran’s GDP decline in 2019 at 7.6 percent and in 2018 at 5.4%.
The 2020/21 draft budget, though contractionary in real terms, relies on optimistic assumptions. Non-oil GDP growth in Apr-Dec 2019 was close to zero, a marginal improvement compared to the sector’s 2.1% contraction in 2018/19. The GDP of Iran contracted in 2018/19 and 2019/20 and modest rebound is expected in 2020/2021 according to an April 2020 World Economic Outlook by the IMF. As the following chart shows, Iran’s GDP shrank by 9.5 percent last year according to IMF estimates. Facing a growing pandemic, low oil prices and increasing sanctions, Iran’s GDP growth is projected to remain subdued in 2020/21-2022/23.
The recent COVID-19 outbreak has significantly disrupted trade, tourism and retail business during the busiest period for travel and commerce.Facing a growing pandemic, low oil prices and increasing sanctions, Iran’s GDP growth is projected to remain subdued in 2020/21-2022/23. The baseline outlook is primarily driven by COVID-19 outbreak reducing oil and non-oil GDP in 2020/21 and two subsequent years of modest recovery. Its national currency has declined more than fourfold since early 2018.Radio Free Europe/Radio Liberty © 2020 RFE/RL, Inc. All Rights Reserved. The last Article IV Executive Board Consultation was on March 22, 2018. Modify your profile. Challenges to the economy include the COVID-19 outbreak starting in February 2020, which on top of US sanctionsreimposed in mid 2018 and other factors, led a fall in oil production and are projected to lead to a slow recovery in oil exports. Iran GDP (Gross Domestic Product) was INT$1,170.60billion for 2019 in PPP terms. Irans economy is characterized by the hydrocarbon sector, agriculture and services sectors, and a noticeable state presence in manufacturing and financial services. Islamic Republic of Iran Executive Board Calendar. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress.The recession in Iran accelerated in 2019/20 as US sanctions progressively tightened. In its report released on April 14, IMF put Iran’s GDP decline in 2019 at 7.6 percent and in 2018 at 5.4%.Last year, IMF had forecast a 9.5 percent decline for 2019 but apparently it has revised the number upwards recently.The pandemic has hit Iran hard, killing thousands and infecting tens of thousands of people.According to this report, world economic growth in 2020 will be negative 3 percent, as a result of the Covid-19 pandemic.Iran’s oil exports have declined by around 90% compared with the period before the United States imposed sanctions on its crude exports.
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iran's gdp in 2020