Iran Nominal GDP 2024 USD - Economic Snapshot
When we talk about the economic life of a country, one figure that often comes up is its Gross Domestic Product, or GDP. It's like a big scorecard for how much a country makes in goods and services over a certain time. For Iran, there's quite a bit of interest in what its nominal GDP looks like, especially for the year 2024, when we measure it in US dollars. This piece will go into some of the numbers and what they might mean, pulling directly from information that's been made available by different groups.
You see, getting a clear picture of a nation's economy means looking at various reports and figures. These numbers, you know, help us get a sense of how things are going, or how they have changed over time. For Iran, specifically, there are a few different estimates and reports that give us a look at its nominal gross domestic product for 2024, along with some past figures and predictions. It's all about trying to put together a complete story from the bits of data we have, sort of like piecing together a puzzle, as a matter of fact.
So, we're going to explore some of the key points about Iran's economic standing, particularly focusing on its nominal GDP in US dollars for 2024. We'll touch on where these numbers come from, how they compare to previous years, and what they might suggest about the country's economic path. This is, you know, based on what the World Bank and the International Monetary Fund, among others, have shared with the public. We're just going to lay out the facts as they appear in the source material.
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Table of Contents
- What's the Story with Iran Nominal GDP in 2024 USD?
- Looking at Iran's Economic Figures
- Where Do These Iran Nominal GDP 2024 USD Numbers Come From?
- A Closer Look at Iran's Economic Picture
What's the Story with Iran Nominal GDP in 2024 USD?
When we look at the figures for Iran's economy, specifically its nominal gross domestic product for 2024, we find some interesting data points. So, the International Monetary Fund, often called the IMF, put out a World Economic Outlook report in October of 2024. This report suggested that Iran's nominal GDP for that year was around 434 billion US dollars. That's one figure, you know, that gives us a sense of the economic output. However, there's also another number that comes up for 2024, showing the gross domestic product in current prices for Iran as about 401.36 billion US dollars. This, you know, shows there can be different estimates floating around.
Then, if we look at other sources, like the World Bank's collection of development indicators, they reported Iran's GDP in current US dollars at 404,625,655,205 USD for 2023. This is based on officially recognized sources, as a matter of fact. Another piece of information from the World Bank suggests Iran's GDP was worth 404.63 billion US dollars in 2023. So, we have a few different numbers for similar periods, which is, you know, something to keep in mind when looking at these sorts of economic reports. These figures help us build a picture of the country's economic size.
Interestingly, some data also points to Iran's GDP changing from roughly 95 billion, 846 million US dollars in 1980 to 464 billion, 181 million US dollars in 2024. This shows, you know, a very large increase of 384.3 percent over that time. It's quite a jump, really, spanning more than four decades. This substantial increase, you know, over a long period, paints a picture of growth, even with some ups and downs along the way. The lowest GDP figure for Iran, it's worth noting, was recorded back in 1992.
How Did Iran's Nominal GDP Change in 2024 USD?
Looking at how Iran's nominal GDP has moved, especially in relation to 2024, we see some shifts. For example, the gross domestic product of Iran grew by 3.5 percent in 2024 compared to the year before. This, you know, gives us a sense of recent economic movement. The economic growth in Iran in 2024 was 3.48 percent. To put that in some context, it was 4.99 percent in 2014 and 5.04 percent in 2023. So, you know, the 2024 growth rate is a bit lower than those earlier figures, but still shows expansion.
If we consider the year 2023, the nominal GDP was reported at 373 billion US dollars by one source, and 404.63 billion US dollars by another, as mentioned. These figures, you know, provide a baseline for comparison with 2024. For instance, the IMF's October 2024 report had a nominal GDP of 373 billion US dollars for 2023. This, you know, shows a rise when compared to the 2024 estimates of 434 billion or 401 billion US dollars.
Going back a bit further, Iran's GDP for 2020 was 262.19 billion US dollars. This was, you know, a 21.39 percent drop from 2019. It seems like there was a period of contraction before some rebound. The source text also mentions that the GDP of Iran contracted in fiscal years 2018 and 2019. A modest rebound, you know, was expected in 2020/2021, according to an April 2020 World Economic Outlook by the IMF. This kind of historical look, you know, helps to put the current 2024 nominal GDP figures into a broader perspective.
Looking at Iran's Economic Figures
Beyond just the total nominal GDP, there are other ways to look at Iran's economic situation. For example, the GDP per capita, which is the total output divided by the number of people, was 4,633 US dollars. This figure, you know, gives an idea of the average economic output per person in the country. It's a way to compare the living standards or economic productivity on a per-person basis, which is, you know, often a very useful measure.
Another interesting point is how Iran's economic size compares to the rest of the world. The GDP value of Iran represents 0.38 percent of the world's total economic output. This, you know, gives us a sense of its relative share in the global economy. It's a small but present part of the overall picture, you know, when you think about all the countries in the world. So, it's a way to put things into perspective, really.
When we look at the average growth over the past ten years, Iran's economy averaged 2.78 percent. This, you know, provides a long-term view of its economic movement. It suggests a consistent, if sometimes slow, upward trend over a decade. The information also mentions "GDP at purchaser's prices," which is a way of calculating GDP. It means the sum of the gross value added by all resident producers in the economy plus any product taxes, minus any subsidies not included in the value of the products. That, you know, is the technical way of putting it.
What Do We Know About Iran Nominal GDP History?
To really understand Iran's nominal GDP, especially as we consider 2024, it helps to look at its past. As we mentioned, Iran's GDP saw a very large increase from 1980 to 2024. It went from about 95 billion US dollars to 464 billion US dollars. This, you know, represents a 384.3 percent rise over that time. It's a significant historical change, as a matter of fact, showing long-term economic development.
The information also points to specific years. For instance, the lowest GDP was recorded in 1992. This, you know, gives us a low point in the economic timeline. We also know that the economic growth rates varied, with 4.99 percent in 2014 and 5.04 percent in 2023, before settling at 3.48 percent in 2024. These yearly figures, you know, show the ups and downs that happen in any economy. There are, you know, sixty-six rows of data available that track Iran's GDP in both nominal and purchasing power parity terms, according to the source.
The historical data also includes periods of economic difficulty. For example, Iran's GDP contracted in fiscal year 2018 and fiscal year 2019. After these contractions, a modest rebound was expected in 2020/2021. This, you know, was according to an April 2020 World Economic Outlook report by the IMF. So, the path to the 2024 nominal GDP figures wasn't always smooth; there were periods of shrinking economic activity before growth resumed. This is, you know, pretty common for many economies around the world.
Where Do These Iran Nominal GDP 2024 USD Numbers Come From?
When we talk about economic figures like Iran's nominal GDP for 2024, it's good to know where this information originates. So, a lot of the data comes from big, well-known groups. The World Bank, for instance, provides data on Iran's GDP in current US dollars. Their information is, you know, compiled from sources that are officially recognized. This helps ensure the numbers have a certain level of credibility, you know, when you're looking at them.
Another major source is the International Monetary Fund, or IMF. Their World Economic Outlook reports, like the one from October 2024, are a key place to find nominal GDP estimates. The IMF also provides nominal gross domestic product data for Iran through its International Financial Statistics, or IFS, release. This page, you know, gives both forecast and historical data, which is very helpful for anyone trying to track economic trends over time. It's like having a big library of numbers, actually.
There are also other specialized services that offer economic information. For instance, CEIC helps people discover economic indicators for Iran, such as GDP, Gross National Product (GNP), and Foreign Direct Investment (FDI). These are, you know, useful for making data forecasts and creating economic reports about Iran's economy. So, you have these different groups, all working to provide a clear picture of what's happening economically, more or less, in the country.
Who Tracks Iran Nominal GDP 2024 USD Data?
Many groups keep an eye on Iran's economic numbers, including its nominal GDP in US dollars for 2024. The World Bank is one of the main ones. They collect a lot of development indicators, and their data on Iran's GDP is drawn from sources that are officially recognized. This means they are, you know, trusted places for economic information. Their estimates are, you know, used by many people who want to understand the country's economic size.
The International Monetary Fund, or IMF, is also a very important player in tracking this kind of data. Their World Economic Outlook reports are widely read for economic forecasts and historical figures, including those for Iran's nominal GDP. They also have their International Financial Statistics release, which gives both predictions and past data. So, these two organizations, the World Bank and the IMF, are, you know, pretty much central to getting official figures on Iran's economy.
Beyond these large international organizations, there are also financial and statistical institutions that put out nominal GDP estimates. These estimates, you know, are calculated using market exchange rates or government official exchange rates. Countries are often sorted by these estimates, too. This means that various groups are constantly gathering and putting out data, which helps to build a fuller picture of Iran's economic standing, you know, from different viewpoints.
A Closer Look at Iran's Economic Picture
To really get a sense of Iran's economic situation, it helps to know a little about the country itself. Iran is officially an Islamic Republic. It's divided into five regions, and within those regions, there are 31 provinces. Tehran is the nation's capital city, and it's also the largest city and a major financial center. This, you know, gives us a geographical and administrative context for where all this economic activity takes place. It's like understanding the stage where the play is happening, so to speak.
Iran is a mountainous country, and it's also quite arid, meaning it's dry. It's located in southwestern Asia and is ethnically diverse. The country has a very rich and special cultural and social history that goes back a long, long time. It's often called a cradle of civilization, which means it was, you know, one of the places where early human societies and cultures really developed. It maintains, you know, a strong sense of continuity from its past
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