What is The Economic Condition of Iran?
Historically, Iran has been an agricultural nation with fairly rich resources both for vegetable crops and animal farming. In the twentieth century, Iran‘s economy changed in a radical fashion due to the discovery of oil and is now dominated by oil and gas production.
With 10 percent of the world’s proven oil reserves and 15 percent of its gas reserves, Iran is considered an “energy superpower”. By the time of the Revolution, the nation received more than 80 percent of its income from oil and oil-related industry.
While in 1955 more than 75% of the population lived in rural areas, distribution has reversed. Now more than 75% of Iranians live in urban areas, deriving their incomes either from manufacturing or from the service sector (currently the largest sector of the economy). Iran has the fifth highest total estimated value of natural resources, valued
at US$27.3 trillion in 2016.