Iran’s Economy

Iran’s economy is a mixture of central planning, private ownership, village agriculture, and small-scale private trading and service ventures. Iran is ranked as an upper-middle income economy by the World Bank. In the early 21st century the service sector contributed the largest percentage of the GDP, followed by oil industry, manufacturing and agriculture. The Central Bank of the Islamic Republic of Iran is responsible for the stability of Iranian Rial, which serves as the country’s currency. Iran enjoys a broad range of manufacturing industries including oil, petrochemicals, auto

manufacturing, transportation, construction materials, home appliances, food and agricultural goods, pharmaceuticals and information technology. From 2006 to 2014, Iran’s GDP almost tripled (from 163 billion US $ to 549 billion dollars). Iran, in this regard, is placed third among the MENA countries as well as Turkey and Azerbaijan