| Economy | Iran |
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Economy - overview:
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Iran's economy is marked by an inefficient state sector, reliance on the oil sector, which provides the majority of government revenues, and statist policies, which create major distortions throughout the system. Most economic activity is controlled by the state. Private sector activity is typically limited to small-scale workshops, farming, and services. Price controls, subsidies, and other rigidities weigh down the economy, undermining the potential for private-sector-led growth. Significant informal market activity flourishes. The legislature recently passed President Mahmud AHMADI-NEJAD's bill to reduce subsidies, particularly on food and energy. The bill would phase out subsidies - which benefit Iran's upper and middle classes the most - over three to five years and replace them with cash payments to Iran's lower classes. This is the most extensive economic reform since the government reduced gasoline subsidies in 2007. However, previous government-led efforts to reform subsidies - such as in the 1990s under former president Hashemi RAFSANJANI - were met with stiff resistance and violent protests. High oil prices in recent years allowed Iran to greatly increase its export earnings and amass nearly $100 billion in foreign exchange reserves. But with Iran's oil export price from March to December 2009 averaging just $55 per barrel, the Iranian government is facing difficulties. Tehran formulated its 2009 budget to anticipate lower oil prices and has reduced some spending. Although inflation has fallen substantially because of lower oil prices, Iran continues to suffer from double-digit unemployment and underemployment. Underemployment among Iran's educated youth has convinced many to seek jobs overseas, resulting in a significant "brain drain." |
GDP (purchasing power parity):
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$876 billion (2009 est.)
$853.8 billion (2008 est.)
$801.7 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
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$12,900 (2009 est.)
$13,000 (2008 est.)
$12,300 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
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$331.8 billion (2009 est.) |
GDP - real growth rate:
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2.6% (2009 est.)
3.5% (2008 est.)
6.5% (2007 est.) |
GDP - composition by sector:
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agriculture: 10.9%
industry: 45.2%
services: 43.9% (2009 est.) |
Investment (gross fixed):
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27.7% of GDP (2009 est.) |
Population below poverty line:
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18% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 29.6% (2005) |
Distribution of family income - Gini index:
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44.5 (2006) |
Inflation rate (consumer prices):
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16.8% (2009 est.)
25.6% (2008 est.)
note: official Iranian estimate |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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NA% (31 December 2008)
12% (31 December 2007) |
Stock of money:
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$NA (31 December 2008)
$46.13 billion (31 December 2007) |
Stock of money - per capita:
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1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$68.71 billion (31 December 2007) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$NA (31 December 2008)
$109.7 billion (31 December 2007) |
Stock of domestic credit - per capita:
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void |
Labor force:
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25.02 million
note: shortage of skilled labor (2009 est.) |
Labor force participation rate:
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37.66 % of population |
Labor force - by occupation:
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agriculture: 25%
industry: 31%
services: 45% (June 2007) |
Unemployment rate:
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11.8% (2009 est.)
10.3% (2008 est.)
note: data are according to the Iranian Government |
Budget:
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revenues: $97.71 billion
expenditures: $84.78 billion (2009 est.) |
Budget revenues per capita:
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1,471 USD per capita |
Public debt:
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19.4% of GDP (2009 est.)
19.4% of GDP (2008 est.) |
Industries:
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petroleum, petrochemicals, fertilizers, caustic soda, textiles, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and non-ferrous metal fabrication, armaments |
Industrial production growth rate:
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4% excluding oil (2009 est.) |
Electricity - production:
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192.6 billion kWh (2007 est.) |
Electricity - production per capita:
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2,900 kWh per capita |
Electricity - consumption:
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153.8 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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2,316 kWh per capita |
Electricity - exports:
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2.52 billion kWh (2007 est.) |
Electricity - imports:
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1.842 billion kWh (2007 est.) |
Oil - production:
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4.174 million bbl/day (2008 est.) |
Oil - production per capita:
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62,834 bbl/day per capita |
Oil - consumption:
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1.755 million bbl/day (2008 est.) |
Oil - consumption - per capita:
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9.64 bbl/year per capita |
Oil - exports:
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2.719 million bbl/day (2007 est.) |
Oil - imports:
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212,200 bbl/day (2007 est.) |
Oil - proved reserves:
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136.2 billion bbl based on Iranian claims (1 January 2009 est.) |
Natural gas - production:
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116.3 billion cu m (2008 est.) |
Natural gas - production per capita:
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1,751 cu m per capita |
Natural gas - consumption:
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119 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
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1,792 cu m per capita |
Natural gas - exports:
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4.246 billion cu m (2008 est.) |
Natural gas - imports:
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6.9 billion cu m (2008 est.) |
Natural gas - proved reserves:
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28.08 trillion cu m (1 January 2009 est.) |
Agriculture - products:
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wheat, rice, other grains, sugar beets, sugar cane, fruits, nuts, cotton; dairy products, wool; caviar |
Current account balance:
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$2.249 billion (2009 est.)
$20.19 billion (2008 est.) |
Current account balance - per capita:
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34 USD per capita |
Exports:
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$70.16 billion (2009 est.)
$98.42 billion (2008 est.) |
Exports per capita:
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1,057 USD per capita |
Exports - commodities:
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petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets |
Exports - partners:
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China 15.3%, Japan 14.3%, India 10.4%, South Korea 6.4%, Turkey 6.4%, Italy 4.5% (2008) |
Imports:
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$57.16 billion (2009 est.)
$67.25 billion (2008 est.) |
Imports per capita:
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861 USD per capita |
Imports - commodities:
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industrial raw materials and intermediate goods, capital goods, foodstuffs and other consumer goods, technical services |
Imports - partners:
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UAE 19.3%, China 13%, Germany 9.2%, South Korea 7%, Italy 5.1%, France 4.3%, Russia 4.2% (2008) |
Reserves of foreign exchange and gold:
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$81.31 billion (31 December 2009 est.)
$96.56 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
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1,225 USD per capita |
Debt - external:
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$18.73 billion (31 December 2009 est.)
$21.06 billion (31 December 2008 est.) |
Debt - external - per capita:
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282 USD per capita |
Stock of direct foreign investment - at home:
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$7.854 billion (31 December 2009 est.)
$6.954 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
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119 USD per capita |
Stock of direct foreign investment - abroad:
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$793 million (31 December 2009 est.)
$993 million (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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12 USD per capita |
Market value of publicly traded shares:
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$NA (31 December 2008)
$45.57 billion (31 December 2007)
$37.94 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
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void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$104 million |
Economic aid - recipient per capita:
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2 USD per capita |
Currency (code):
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Iranian rial (IRR) |
Exchange rates:
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Iranian rials (IRR) per US dollar - 9,900 (2009), 9,142.8 (2008), 9,407.5 (2007), 9,227.1 (2006), 8,964 (2005)
note: Iran has been using a managed floating exchange rate regime since unifying multiple exchange rates in March 2002 |
Fiscal year:
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21 March - 20 March |
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