Iran GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Iran expanded 3.40 percent in the second quarter of 2011 over the same quarter of the previous year. GDP Annual Growth Rate in Iran is reported by the Central Bank of Iran. Historically, from 1962 until 2011, Iran GDP Annual Growth Rate averaged 5.2 Percent reaching an all time high of 23.0 Percent in March of 1992 and a record low of -12.5 Percent in December of 1978. Iran is the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), but imports most of its fuel as it lacks industrial capacity. The country also has the second largest natural gas reserves in the world, which are mostly explored for domestic consumption due to the country’s limited infrastructure. Oil production, although accounting for only 10 percent of GDP, is instrumental to the economy and is responsible for 60 percent of government revenues. International sanctions over the country’s nuclear program, widespread corruption, inefficient state sector, subsidies and price controls have all contributed to economic decay in Iran. Furthermore, high levels of youth unemployment coupled with relatively high levels of education have led to a brain drain effect. This page includes a chart with historical data for GDP Annual Growth Rate in Iran.