The balance of payments shocks affects different economies and can lead to business cycles. Hence, the main purpose of the paper is to evaluate the effects of different balance of payments shocks, including the shocks of oil exports, non-oil exports, imports, net capital account, real exchange rate, real interest rate and consumer price index, on total output and creation of business cycles. Therefore, in this study it will be tried to evaluate the effect of balance of payments shocks, and their importance, on creation of fluctuations in total production in Iranian economy. For this purpose, the structural vector auto-regressive method has been used during the seasonal period of 2001:02-2021:04. The results based on impulse response functions show that the shocks real exchange rate, real interest rate and consumer price index have negative effect on output and lead to recession cycle in the economy. Also, the shocks of non-oil export, oil export, import and net capital account will be caused to boom cycle in the economy. Meanwhile, the exchange rate shock has had the most effect on output. Finally, the real exchange rate, oil export and real interest rate variables have had the most share in explanation of output variance, while the effect of import has been raised in the next.