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Economic Data [Compare Countries]Economy Overview
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."
Debt and Aid
Debt: $20.65 billion (31 December 2007 est.)
Aid Given: N/A
Aid Received: $104 million (2005 est.)
Labour Force
Number in labour force: 28.7 million note: shortage of skilled labor (2006 est.)
Sectors: agriculture: 25% industry: 31% services: 45% (June 2007)
Unemployment: 12% according to the Iranian government (2007 est.)
GDP Facts and Figures
Currency: Iranian rial (IRR)
GDP: $753 billion (2007 est.)
GDP Per Capita: $10,600 (2007 est.)
GDP Real Growth: 5.8% (2007 est.)
GDP Composition: agriculture: 10.7% industry: 42.9% services: 46.4% (2007 est.)
Production Growth Rate: 4.8% excluding oil (2007 est.)
Industries, Land Use and Resource Consumption
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
Land use: arable land: 9.78% permanent crops: 1.29% other: 88.93% (2005)
Exports: petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets
Electricity Consumption: 136.2 billion kWh (2005)
Natural Gas Consumption: 98.19 billion cu m (2005 est.)
Oil Consumption: 1.63 million bbl/day (2006 est.)
