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Iran:
Economy

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Economy - overview
Definition
Iran's economy is marked by an inefficient state sector, reliance on the oil sector (which provides 85% of government revenues), and statist policies that create major distortions throughout. Most economic activity is controlled by the state. Private sector activity is typically small-scale workshops, farming, and services. President Mahmud AHMADI-NEJAD failed to make any notable progress in fulfilling the goals of the nation's latest five-year plan. A combination of price controls and subsidies, particularly on food and energy, continue to weigh down the economy, and administrative controls, widespread corruption, and other rigidities undermine the potential for private-sector-led growth. As a result of these inefficiencies, significant informal market activity flourishes and shortages are common. High oil prices in recent years have enabled Iran to amass nearly $70 billion in foreign exchange reserves. Yet this increased revenue has not eased economic hardships, which include double-digit unemployment and inflation. The economy has seen only moderate growth. Iran's educated population, economic inefficiency and insufficient investment - both foreign and domestic - have prompted an increasing number of Iranians to seek employment overseas, resulting in significant "brain drain."
GDP (purchasing power parity)
Definition - World rank and map
$753 billion (2007 est.)
GDP (official exchange rate)
Definition
$294.1 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.8% (2007 est.)
GDP - per capita
Definition - World rank and map
$10,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 10.7%
industry: 42.9%
services: 46.4% (2007 est.)
Labor force
Definition
28.7 million
note: shortage of skilled labor (2006 est.)
Labor force - by occupation
Definition
agriculture: 25%
industry: 31%
services: 45% (June 2007)
Unemployment rate
Definition - World rank and map
12% according to the Iranian government (2007 est.)
Population below poverty line
Definition
18% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 2%
highest 10%: 33.7% (1998)
Distribution of family income - Gini index
Definition - World rank and map
43 (1998)
Inflation rate (consumer prices)
Definition - World rank and map
17.5% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
27.6% of GDP (2007 est.)
Budget
Definition
revenues: $64 billion
expenditures: $64 billion (2007 est.)
Public debt
Definition - World rank and map
25.2% of GDP (2007 est.)
Agriculture - products
Definition
wheat, rice, other grains, sugar beets, sugar cane, fruits, nuts, cotton; dairy products, wool; caviar
Industries
Definition
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
Definition - World rank and map
4.8% excluding oil (2007 est.)
Electricity - production
Definition - World rank and map
170.4 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
136.2 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,067.6 kWh (2005)
Electricity - exports
Definition
2.761 billion kWh (2005)
Electricity - imports
Definition
2.074 billion kWh (2005)
Oil - production
Definition - World rank and map
4.15 million bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
1.63 million bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
24.7 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
2.52 million bbl/day (2006 est.)
Oil - imports
Definition - World rank and map
153,600 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
138.4 billion bbl based on Iranian claims (2007 est.)
Natural gas - production
Definition - World rank and map
101 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
98.19 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
1,491 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
4.33 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
5.8 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
26.37 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$30.47 billion (2007 est.)
Exports
Definition - World rank and map
$83.99 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets
Exports - partners
Definition
Japan 14.2%, China 14%, Turkey 7.4%, Italy 6.4%, South Korea 6.3%, South Africa 4% (2006)
Imports
Definition - World rank and map
$53.73 billion f.o.b. (2007 est.)
Imports - commodities
Definition
industrial raw materials and intermediate goods, capital goods, foodstuffs and other consumer goods, technical services
Imports - partners
Definition
China 14.2%, Germany 9.7%, UAE 9.2%, South Korea 5.8%, Russia 5.3%, Italy 5%, France 4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$64.46 billion (2007 est.)
Debt - external
Definition - World rank and map
$20.65 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$6.026 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$903 million (2007 est.)
Market value of publicly traded shares
Definition
$45.2 billion (December 2007)
Economic aid - recipient
Definition
$104 million (2005 est.)
Currency (code)
Definition
Iranian rial (IRR)
Exchange rates
Definition
rials per US dollar - 9,407.5 (2007), 9,227.1 (2006), 8,964 (2005), 8,614 (2004), 8,193.9 (2003)
note: Iran has been using a managed floating exchange rate regime since unifying multiple exchange rates in March 2002
Fiscal year
Definition
21 March - 20 March


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