IRAN

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Iran Economy

Country Name: Islamic Republic of Iran

Capital City: Tehran

Population: 65,397,521 (2007 est.)

Population Growth: 0.663% (2007 est.)

Currency: Iranian rial (IRR)

Languages: Persian and Persian dialects 58%, Turkic and Turkic dialects 26%, Kurdish 9%, , other 7%

Area: 1.648 million sq km

Inflation Rate: 15.8% (2006 est.)

Unemployment Rate: 15% (2007)

Domain extension: .ir

ECONOMIC DETAILS OF IRAN

ECONOMY OVERVIEW
Iran's economy is marked by a bloated, inefficient state sector, over reliance on the oil sector, 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 has continued to follow the market reform plans of former President RAFSANJANI, with limited progress. Relatively high oil prices in recent years have enabled Iran to amass nearly $60 billion in foreign exchange reserves, but have not eased economic hardships such as high unemployment and inflation. The proportion of the economy devoted to the development of weapons of mass destruction remains a contentious issue with leading Western nations.

GDP - purchasing power parity:

$599.2 billion (2006 est.)

GDP - real growth rate:

4.3% (2006 est.)

GDP - per capita:

$8,700 (2006 est.)

GDP - by sector (agriculture):

agriculture: 11.2%

GDP - by sector (industry):

industry: 41.7%

GDP - by sector (services):

services: 47.1% (2006 est.)

Export Partners:

Japan 14.1%, China 12.9%, Turkey 7.3%, Italy 6.3%, South Korea 5.7%, Netherlands 4.6%, Taiwan 4% (2006)

Import Partners:

Germany 12.1%, China 10.6%, UAE 9.4%, South Korea 6.2%, France 5.6%, Italy 5.4%, Russia 4.5% (2006)

Export Commodities:

petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets

Import Commodities:

industrial raw materials and intermediate goods, capital goods, foodstuffs and other consumer goods, technical services, military supplies

Exports Volume:

$63.18 billion f.o.b. (2006 est.)

Imports Volume:

$45.48 billion f.o.b. (2006 est.)

Labour Force:

24.36 million

Unemployment Rate:

15% according to the Iranian government (2007 est.)

Population below poverty line:

40% (2002 est.)

Inflation Rate:

15.8% (2006 est.)

Investment (gross fixed):

30% of GDP (2006 est.)

Public Debt:

25.3% of GDP (2006 est.)

Agriculture Products:

wheat, rice, other grains, sugar beets, fruits, nuts, cotton; dairy products, wool; caviar

Industries:

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:

3.2% excluding oil (2006 est.)

Electricity - production:

155.7 billion kWh (2004)

Electricity - consumption:

145.1 billion kWh (2004)

Electricity - exports:

1.837 billion kWh (2004)

Electricity - imports:

2.17 billion kWh (2004)

Oil - production:

3.979 million bbl/day (2005 est.)

Oil - consumption:

1.51 million bbl/day (2004 est.)

Oil - exports:

2.5 million bbl/day (2004 est.)

Oil - imports:

NA bbl/day

Natural gas - production:

83.9 billion cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

$13.13 billion (2006 est.)

Currency Code:

Iranian rial (IRR)