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Iran Economy: from the All Country Info reference guide to country facts

Iran Economy

Iran Economy: A summary of information about Iran Economy, from government research data as well as independent research and other sources.

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Iran: Economy

Economy - overview
Iran's economy is a mixture of central planning,
state ownership of oil and other large enterprises, village
agriculture, and small-scale private trading and service ventures.
President KHATAMI has continued to follow the market reform plans of
former President RAFSANJANI and has indicated that he will pursue
diversification of Iran's oil-reliant economy although he has made
little progress toward that goal. The strong oil market in 1996 helped
ease financial pressures on Iran and allowed for Tehran's timely debt
service payments. Iran's financial situation tightened in 1997 and
deteriorated further in 1998 because of lower oil prices. The
subsequent zoom in oil prices in 1999 afforded Iran fiscal breathing
room but does not solve Iran's structural economic problems.
GDP
purchasing power parity - $347.6 billion (1999 est.)
GDP - real growth rate
1% (1999 est.)
GDP - per capita
purchasing power parity - $5,300 (1999 est.)
GDP - composition by sector
agriculture: 21%
industry: 34%
services: 45% (1997 est.)
Population below poverty line
53% (1996 est.)
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
30% (1999 est.)
Labor force
15.4 million
note: shortage of skilled labor
Labor force - by occupation
agriculture 33%, industry 25%, services
42% (1997 est.)
Unemployment rate
25% (1999 est.)
Budget
revenues: $34.6 billion
expenditures: $34.9 billion, including capital expenditures of $11.8
billion (FY96/97)
Industries
petroleum, petrochemicals, textiles, cement and other
construction materials, food processing (particularly sugar refining
and vegetable oil production), metal fabricating, armaments
Industrial production growth rate
5.7% (FY95/96 est.)
Electricity - production
95.31 billion kWh (1998)
Electricity - production by source
fossil fuel: 92.33%
hydro: 7.67%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
88.638 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
wheat, rice, other grains, sugar beets,
fruits, nuts, cotton; dairy products, wool; caviar
Exports
$12.2 billion (f.o.b., 1998 est.)
Exports - commodities
petroleum 80%, carpets, fruits, nuts, hides,
iron, steel
Exports - partners
Japan, Italy, Greece, France, Spain, South Korea
Imports
$13.8 billion (f.o.b., 1998 est.)
Imports - commodities
machinery, military supplies, metal works,
foodstuffs, pharmaceuticals, technical services, refined oil products
Imports - partners
Germany, Italy, Japan, UAE, UK, Belgium
Debt - external
$21.9 billion (1996 est.)
Economic aid - recipient
$116.5 million (1995)
Currency
10 Iranian rials (IR) = 1 toman; note - domestic figures are
generally referred to in terms of the toman
Exchange rates
Iranian rials (IR) per US$1 - 1,754.90 (January 2000),
1,725.93 (1999), 1,751.86 (1998), 1,752.92 (1997), 1,750.76 (1996),
1,747.93 (1995); black market rate: 7,000 rials per US$1 (December
1998); note - as of May 1995, the "official rate" of 1,750 rials per
US$1 is used for imports of essential goods and services and for oil
exports, whereas the "official export rate" of 3,000 rials per US$1 is
used for non-oil exports and imports not covered by the official rate
Fiscal year
21 March - 20 March
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