Iran is the second largest economy in the Middle East and North Africa (Mena) region after Saudi Arabia, with an estimated Gross Domestic Product (GDP) in 2014 of US$406.3 billion.
Iran’s economy is characterized by a large hydrocarbon sector, small scale agriculture and services sectors, and a noticeable state presence in manufacturing and financial services. Iran ranks second in the world in natural gas reserves and fourth in proven crude oil reserves.
Oil & Gas
The Iran’s Unique Position in terms of hydrocarbon reserves is as follows:
– Iran is endowed with 155 billion barrels of oil equivalent to 10.9% of the global oil reserves.
– Iran owns 18% of the global natural gas reserves equal to 34 TCM of natural gas.
– Iran’s current exploration projects will lead to a considerable increase in the country’s oil and gas reserves.
– Presently, 62 onshore oil fields, 16 offshore oil fields, 20 onshore gas fields, and 2 offshore gas fields are in operation in Iran.
– 26% of hydrocarbon reserves and 50% of natural gas reserves are located across Iran’s common borders with its neighbors.
Industry & Mining
Steel, weaving, food processing, car, electrical and Electronics Industries are among the key industries in the country. Iran now produces a wide range of manufactured commodities, such as telecommunications equipment, industrial machinery, paper, rubber products, steel, food products, wood and leather products, textiles, and pharmaceuticals. Iran is also known throughout the world for its hand-woven carpets.
Iran is rich not only in oil and gas, but in mineral deposits’, as well. Iran has the world’s largest zinc reserves and second-largest reserves of copper. It also has important reserves of iron. Uranium, lead, chromate ,manganese, coal and gold .In addition to the major coal mines found in Khorasan Razavi, Kerman, Semnan, Mazandaran, Gilan and a number of smaller mines are located north of Tehran and in Azerbaijan and Esfahan provinces.
Agricultural is one of the most important sectors of the Iranian economy, accounting about 11%of GDP, 23%of the employed population and 15%of the foreign exchange revenues (form nonoil exports). Agricultural and animal husbandry products have always provided the major non-oil export items such as pistachios, raisins and even carpets (the wool or silk used in them).
About %20 of the land Iran is arable .the main food-producing areas are in the Caspian region and in valleys of the northwest. Some northern and western areas support rain-fed agriculture, while other areas require irrigation for successful crop production.