| Economy | Iran |
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Economy - overview:
|
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. Corruption and shortages of goods are widespread. President Mahmud AHMADI-NEJAD has proposed reforms to Iran's system of price controls and subsidies, particularly on food and energy. However, previous government-led efforts at reform - such as fuel rationing in July 2007 and the imposition of the Value-Added Tax (VAT) in October 2008 - were met with stiff resistance and violent protests. High oil prices in recent years allowed Iran to greatly increase its export earnings and amass over $70 billion in foreign exchange reserves. But with oil prices currently below $40 per barrel, the Iranian government is facing difficulties. Tehran has formulated a 2009 budget that anticipates lower oil prices. The government has drawn down the country's Oil Stabilization Fund, and may be dipping into foreign exchange reserves. Iran continues to suffer from double-digit unemployment and inflation - inflation climbed to 26% as of June 2008. Underemployment among Iran's educated youth has convinced many to seek jobs overseas, resulting in a significant "brain drain." |
GDP (purchasing power parity):
|
$842 billion (2008 est.)
$790.6 billion (2007)
$733.2 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$12,800 (2008 est.)
$12,100 (2007 est.)
$11,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$382.3 billion (2008 est.) |
GDP - real growth rate:
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6.5% (2008 est.)
7.8% (2007 est.)
5.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 10.8%
industry: 44.3%
services: 44.9% (2008 est.) |
Investment (gross fixed):
|
27.7% of GDP (2008 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%
highest 10%: 33.7% (1998) |
Distribution of family income - Gini index:
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44.5 (2006) |
Inflation rate (consumer prices):
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28%
note: official Iranian estimate (2008 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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12% (31 December 2007) |
Stock of money:
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$46.13 billion (31 December 2007) |
Stock of money - per capita:
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695 USD per capita |
Stock of quasi money:
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$68.71 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,035 USD per capita |
Stock of domestic credit:
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$109.7 billion (31 December 2007) |
Stock of domestic credit - per capita:
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1,652 USD per capita |
Labor force:
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24.35 million
note: shortage of skilled labor (2008 est.) |
Labor force participation rate:
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36.66 % of population |
Labor force - by occupation:
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agriculture: 25%
industry: 31%
services: 45% (June 2007) |
Unemployment rate:
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12.5% according to the Iranian government (2008 est.) |
Budget:
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revenues: $51 billion
expenditures: $103 billion (FY09/10 est.) |
Budget revenues per capita:
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768 USD per capita |
Public debt:
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25% 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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4.5% excluding oil (2008 est.) |
Electricity - production:
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193 billion kWh (2006 est.) |
Electricity - production per capita:
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2,906 kWh per capita |
Electricity - consumption:
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145 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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2,183 kWh per capita |
Electricity - exports:
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2.775 billion kWh (2006 est.) |
Electricity - imports:
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2.54 billion kWh (2006 est.) |
Oil - production:
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4.7 million bbl/day (2007 est.) |
Oil - production per capita:
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70,752 bbl/day per capita |
Oil - consumption:
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1.6 million bbl/day (2007 est.) |
Oil - consumption - per capita:
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8.79 bbl/year per capita |
Oil - exports:
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2.8 million bbl/day (2007 est.) |
Oil - imports:
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210,000 bbl/day (2007) |
Oil - proved reserves:
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138.4 billion bbl based on Iranian claims (1 January 2008 est.) |
Natural gas - production:
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111.9 billion cu m (2007 est.) |
Natural gas - production per capita:
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1,685 cu m per capita |
Natural gas - consumption:
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111.8 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,683 cu m per capita |
Natural gas - exports:
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6.2 billion cu m (2007 est.) |
Natural gas - imports:
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6.1 billion cu m (2007 est.) |
Natural gas - proved reserves:
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26.85 trillion cu m (1 January 2008 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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$27.47 billion (2008 est.) |
Current account balance - per capita:
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414 USD per capita |
Exports:
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$106.4 billion f.o.b. (2008 est.) |
Exports per capita:
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1,602 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%, Japan 14.3%, Turkey 7.4%, South Korea 7.3%, Italy 6.4% (2007) |
Imports:
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$67.79 billion f.o.b. (2008 est.) |
Imports per capita:
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1,021 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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China 14.2%, Germany 9.6%, UAE 9.1%, South Korea 6.3%, Russia 5.7%, Italy 5% (2007) |
Reserves of foreign exchange and gold:
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$96.56 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,454 USD per capita |
Debt - external:
|
$21.77 billion (31 December 2008 est.) |
Debt - external - per capita:
|
328 USD per capita |
Stock of direct foreign investment - at home:
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$6.954 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
105 USD per capita |
Stock of direct foreign investment - abroad:
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$993 million (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
15 USD per capita |
Market value of publicly traded shares:
|
$45.57 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
686 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$104 million (2005 est.) |
Economic aid - recipient per capita:
|
2 USD per capita |
Currency (code):
|
Iranian rial (IRR) |
Exchange rates:
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Iranian rials (IRR) per US dollar - 9,142.8 (2008 est.), 9,407.5 (2007), 9,227.1 (2006), 8,964 (2005), 8,614 (2004)
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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