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Iran Economy 2014
http://www.theodora.com/wfbcurrent/iran/iran_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Iran's economy is marked by statist policies and an inefficient state sector, which create major distortions throughout the system, and reliance on oil, which provides a large share of government revenues. Price controls, subsidies, and other rigidities weigh down the economy, undermining the potential for private-sector-led growth. Private sector activity is typically limited to small-scale workshops, farming, some manufacturing, and services. Significant informal market activity flourishes and corruption is widespread. Tehran since the early 1990s has recognized the need to reduce these inefficiencies, and in December 2010 the Majles passed President Mahmud AHMADI-NEJAD's Targeted Subsidies Law (TSL) to reduce state subsidies on food and energy. This was the most extensive economic reform since the government implemented gasoline rationing in 2007. Over a five-year period the legislation sought to phase out subsidies that previously cost Tehran $60-$100 billion annually and mostly benefited Iran''s upper and middle classes. Cash payouts of $45 per person to more than 90% of Iranian households mitigated initial widespread resistance to the TSL program. However, inflation in 2012 reached its highest level in four years, eroding the value of these cash payouts and motivating the Majles to halt planned price increases for the second half of 2012 through at least March 2013. New fiscal and monetary constraints on Tehran, following international sanctions in January against Iran''s Central Bank and oil exports, significantly reduced Iran''s oil revenue, forced government spending cuts, and fueled a 20% currency depreciation. Economic growth turned negative for the first time in two decades. Iran also continues to suffer from double-digit unemployment and underemployment. Underemployment among Iran''s educated youth has convinced many to seek jobs overseas, resulting in a significant "brain drain."

GDP (purchasing power parity):
$988.4 billion (2012 est.)
country comparison to the world: 18

$1.007 trillion (2011 est.)
$977.7 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$541.2 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.9% (2012 est.)
country comparison to the world: 208

3% (2011 est.)
5.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,000 (2012 est.)
country comparison to the world: 100

$13,400 (2011 est.)
$13,200 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
30.3% of GDP (2012 est.)
country comparison to the world: 24

36.6% of GDP (2011 est.)
34.7% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 45.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.3%
investment in fixed capital: 30.6%
investment in inventories: 1.5%
exports of goods and services: 25.3%
imports of goods and services: -16.6%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 9.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 46.2%
services: 44.1% (2012 est.)

Agriculture - products:
wheat, rice, other grains, sugar beets, sugarcane, 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:
-5.8% (2012 est.)
country comparison to the world: 173
[see also: Industrial production growth rate country ranks ]

Labor force:
27.05 million
country comparison to the world: 24
note: shortage of skilled labor (2012 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 25%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 31%
services: 45% (June 2007)

Unemployment rate:
15.5% (2012 est.)
country comparison to the world: 147

14.1% (2011 est.)
note: data are according to the Iranian Government
[see also: Unemployment rate country ranks ]

Population below poverty line:
18.7% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.6% (2005)

Distribution of family income - Gini index:
44.5 (2006)
country comparison to the world: 45
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $79.69 billion
[see also: Budget revenues country ranks ]
expenditures: $92.63 billion (2012 est.)

Taxes and other revenues:
14.7% of GDP (2012 est.)
country comparison to the world: 196
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.4% of GDP (2012 est.)
country comparison to the world: 95
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
18.4% of GDP (2012 est.)
country comparison to the world: 131

13.9% of GDP (2011 est.)
note: includes publicly guaranteed debt
[see also: Public debt country ranks ]

Fiscal year:
21 March - 20 March

Inflation rate (consumer prices):
19.9% (2012 est.)
country comparison to the world: 216

20.6% (2011 est.)
note: official Iranian estimate
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11% (31 December 2012 est.)
country comparison to the world: 70

11.25% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$42.91 billion (31 December 2012 est.)
country comparison to the world: 50

$40.06 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$199.9 billion (31 December 2012 est.)
country comparison to the world: 40

$183.5 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$77.74 billion (31 December 2012 est.)
country comparison to the world: 59

$77.6 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$107.2 billion (31 December 2011)
country comparison to the world: 43

$86.62 billion (31 December 2010)
$63.3 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-9.307 billion (2012 est.)
country comparison to the world: 174

$59.38 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$67.04 billion (2012 est.)
country comparison to the world: 53

$144.9 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets

Exports - partners:
China 22.1%, India 11.9%, Turkey 10.6%, South Korea 7.6%, Japan 7.1% (2012)

Imports:
$70.03 billion (2012 est.)
country comparison to the world: 43

$77.81 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
industrial supplies, capital goods, foodstuffs and other consumer goods, technical services

Imports - partners:
UAE 33.2%, China 13.8%, Turkey 11.8%, South Korea 7.4% (2012)

Reserves of foreign exchange and gold:
$74.06 billion (31 December 2012 est.)
country comparison to the world: 29

$84.06 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.84 billion (31 December 2012 est.)
country comparison to the world: 86

$19.11 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$37.31 billion (31 December 2012 est.)
country comparison to the world: 57

$32.44 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.345 billion (31 December 2012 est.)
country comparison to the world: 67

$2.915 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Iranian rials (IRR) per US dollar -

12,175.5 (2012 est.)
10,616.3 (2011 est.)
10,254.18 (2010 est.)
9,864.3 (2009)
9,142.8 (2008)


NOTE: The information regarding Iran on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iran Economy 2014 information contained here. All suggestions for corrections of any errors about Iran Economy 2014 should be addressed to the CIA.



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