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Iran Economy 2017
http://www.theodora.com/wfbcurrent/iran/iran_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Iran Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Iran's economy is marked by statist policies, inefficiencies, and reliance on oil and gas exports, but Iran also possesses significant agricultural, industrial, and service sectors. The Iranian government directly owns and operates hundreds of state-owned enterprises and indirectly controls many companies affiliated with the country's security forces. Distortions - including inflation, price controls, subsidies, and a banking system holding billions of dollars of non-performing loans - weigh down the economy, undermining the potential for private-sector-led growth.Private sector activity includes small-scale workshops, farming, some manufacturing, and services, in addition to medium-scale construction, cement production, mining, and metalworking. Significant informal market activity flourishes and corruption is widespread.Fiscal and monetary constraints, following the expansion of international sanctions in 2012 on Iran's Central Bank and oil exports, significantly reduced Iran's oil revenue, forced government spending cuts, and sparked a sharp currency depreciation. Iran’s economy contracted for the first time in two decades during both 2012 and 2013, but growth resumed in 2014. Iran continues to suffer from high unemployment and underemployment. Lack of job opportunities has prompted many educated Iranian youth to seek employment overseas, resulting in a significant "brain drain."In June 2013, the election of President Hasan RUHANI generated widespread public expectations of economic improvement and greater international engagement. Almost two years into his term, RUHANI has achieved some success, including reining in inflation and, in July of 2015, securing the promise of sanctions relief for Iran by signing the Joint Comprehensive Plan of Action (JCPOA) with the P5+1. The JCPOA, which severely limits Iran’s nuclear program in exchange for unfreezing Iranian assets and reopening Iran to international trade, should bolster foreign direct investment, increase trade, and stimulate growth. In spite of RUHANI’s efforts, Iran’s growth was tepid in 2015, and significant economic improvement resulting from sanctions relief will take months or years to materialize.

GDP (purchasing power parity):
$1.459 trillion (2016 est.) $1.397 trillion (2015 est.) $1.391 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 19
[see also: GDP country ranks ]

GDP (official exchange rate):
$412.3 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.5% (2016 est.) 0.4% (2015 est.) 4.3% (2014 est.)
country comparison to the world: 48
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,100 (2016 est.) $17,600 (2015 est.) $17,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 93
[see also: GDP - per capita country ranks ]

Gross national saving:
33% of GDP (2016 est.) 31.7% of GDP (2015 est.) 34.5% of GDP (2014 est.)
country comparison to the world: 16
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 6.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -17.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 39.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, rice, other grains, sugar beets, sugarcane, fruits, nuts, cotton; dairy products, wool; caviar

Industries:
petroleum, petrochemicals, gas, fertilizers, caustic soda, textiles, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and nonferrous metal fabrication, armaments

Industrial production growth rate:
4.5% (2016 est.)
country comparison to the world: 47
[see also: Industrial production growth rate country ranks ]

Labor force:
29.75 million
note: shortage of skilled labor (2016 est.)
country comparison to the world: 24
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 16.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 35.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 48.6% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.7% (2016 est.) 10.5% (2015 est.)
note: data are according to the Iranian Government
country comparison to the world: 121
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
44.5 (2006)
country comparison to the world: 46
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $65.87 billion
[see also: Budget revenues country ranks ]
expenditures: $72.29 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
16% of GDP (2016 est.)
country comparison to the world: 179
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2016 est.)
country comparison to the world: 61
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
11.9% of GDP (2016 est.) 11.4% of GDP (2015 est.)
note: includes publicly guaranteed debt
country comparison to the world: 171
[see also: Public debt country ranks ]

Fiscal year:
21 March - 20 March

Inflation rate (consumer prices):
8% (2016 est.) 13.7% (2015 est.)
note: official Iranian estimate
country comparison to the world: 195
[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:
13% (31 December 2016 est.) 14.2% (31 December 2015 est.)
country comparison to the world: 57
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$40.23 billion (31 December 2016 est.) $38.44 billion (31 December 2015 est.)
country comparison to the world: 55
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$363.4 billion (31 December 2016 est.) $307.1 billion (31 December 2015 est.)
country comparison to the world: 27
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$54.76 billion (31 December 2016 est.) $47.04 billion (31 December 2015 est.)
country comparison to the world: 65
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$89.43 billion (31 December 2015 est.) $116.6 billion (31 December 2014 est.) $345.8 billion (31 December 2013 est.)
country comparison to the world: 42
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$17.2 billion (2016 est.) $8.234 billion (2015 est.)
country comparison to the world: 18
[see also: Current account balance country ranks ]

Exports:
$87.52 billion (2016 est.) $64.6 billion (2015 est.)
country comparison to the world: 38
[see also: Exports country ranks ]

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

Exports - partners:
China 22.2%, India 9.9%, Turkey 8.4%, Japan 4.5% (2015)

Imports:
$62.12 billion (2016 est.) $52.42 billion (2015 est.)
country comparison to the world: 41
[see also: Imports country ranks ]

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

Imports - partners:
UAE 39.6%, China 22.4%, South Korea 4.7%, Turkey 4.6% (2015)

Reserves of foreign exchange and gold:
$135.5 billion (31 December 2016 est.) $110 billion (31 December 2015 est.)
country comparison to the world: 17
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.116 billion (31 December 2016 est.) $5.348 billion (31 December 2015 est.)
country comparison to the world: 123
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$46.1 billion (31 December 2016 est.) $43.05 billion (31 December 2015 est.)
country comparison to the world: 60
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.656 billion (31 December 2016 est.) $4.097 billion (31 December 2015 est.)
country comparison to the world: 71
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Iranian rials (IRR) per US dollar - 30,462.1 (2016 est.) 29,011.5 (2015 est.) 29,011.5 (2014 est.) 25,912 (2013 est.) 12,176 (2012 est.)


NOTE: The information regarding Iran on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iran Economy 2017 information contained here. All suggestions for corrections of any errors about Iran Economy 2017 should be addressed to the CIA.




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