Iran's economy has been growing at a steady pace. In 2017, the country had a GDP of $447.7 billion and a population of around 80.6 million according to the World Bank. The economy of the country is characterized by the hydrocarbon sector, agriculture and services sector, and a considerable presence of the state in manufacturing and financial services. Moreover, as per the aforementioned organization, Iran is ranked second in natural gas reserves and fourth in the proven crude oil reserves globally as of 2017. However, the economy of the nation remains volatile as its economic activity and government revenues still depend on oil revenue to a very much extent. Moreover, the recent outbreak of coronavirus (COVID-19), originating from China, has put a threat to the macroeconomic stability of the country.

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The report analyzes the impact of COVID-19 on the Iran economy and major verticals across the countries of the region. Major verticals that contribute significantly towards the economy of the country include oil industry, chemical, pharmaceutical, automobile, and others. The oil industry is one of the industries that primarily contribute to the building blocks of the nation’s economy. The industry is volatile and is severely hampered by the sanctions put by the US government on the Iranian government in 2020. These sanctions prevent Iran to sell its oil in the international market. Moreover, amid this, Iran is facing several challenges regarding the rapid spread of COVID-19 and expects its economy to crash. While the epidemic has caused a negative impact on the oil production capacity of several economies, Iran saw no or little effect on its oil production. On 4th March 2020, Iran's Ministry of Petroleum announced that the outbreak of COVID-19 in the country has not affected Iran's oil and gas production.

A full Report of Impact of COVID-19 on Iran Economy is Available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-iran-economy

Major Verticals Affected
• Oil Industry
• Chemical
• Pharmaceutical
• Automobile
• Others (Food Processing)

Company Studied

• DarouPakhsh Pharmaceutical Manufacturing Co.
• Esfahan Steel Co.
• Iran Dairy Industries Co.
• Iran Khodro Industrial Group
• Khouzestan Steel Co.
• MAPNA Group
• Mobarakeh Steel Co.
• National Iranian Copper Industries Co. (NICICO)
• National Iranian Oil Co.
• National Petrochemical Co.
• SAIPA Group

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