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Iran Economy 2010
http://www.workmall.com/wfb2010/iran/iran_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 26, 2010

Economy - overview:
Iran's economy is marked by an inefficient state sector, reliance on the oil sector, which provides the majority of government revenues, and statist policies, which create major distortions throughout the system. Most economic activity is controlled by the state. Private sector activity is typically limited to small-scale workshops, farming, and services. Price controls, subsidies, and other rigidities weigh down the economy, undermining the potential for private-sector-led growth. Significant informal market activity flourishes. The legislature recently passed President Mahmud AHMADI-NEJAD's bill to reduce subsidies, particularly on food and energy. The bill would phase out subsidies - which benefit Iran's upper and middle classes the most - over three to five years and replace them with cash payments to Iran's lower classes. This is the most extensive economic reform since the government reduced gasoline subsidies in 2007. However, previous government-led efforts to reform subsidies - such as in the 1990s under former president Hashemi RAFSANJANI - were met with stiff resistance and violent protests. High oil prices in recent years allowed Iran to greatly increase its export earnings and amass nearly $100 billion in foreign exchange reserves. But with Iran's oil export price from March to December 2009 averaging just $55 per barrel, the Iranian government is facing difficulties. Tehran formulated its 2009 budget to anticipate lower oil prices and has reduced some spending. Although inflation has fallen substantially because of lower oil prices, Iran 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):
$876 billion (2009 est.)

$853.8 billion (2008 est.)
$801.7 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$331.8 billion (2009 est.)

GDP - real growth rate:
2.6% (2009 est.)

3.5% (2008 est.)
6.5% (2007 est.)

GDP - per capita (PPP):
$12,900 (2009 est.)

$13,000 (2008 est.)
$12,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 10.9%
industry: 45.2%
services: 43.9% (2009 est.)

Labor force:
25.02 million
note: shortage of skilled labor (2009 est.)

Labor force - by occupation:
agriculture: 25%
industry: 31%
services: 45% (June 2007)

Unemployment rate:
11.8% (2009 est.)

10.3% (2008 est.)
note: data are according to the Iranian Government

Population below poverty line:
18% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 29.6% (2005)

Distribution of family income - Gini index:
44.5 (2006)

Investment (gross fixed):
27.7% of GDP (2009 est.)

Budget:
revenues: $97.71 billion
expenditures: $84.78 billion (2009 est.)

Public debt:
19.4% of GDP (2009 est.)

19.4% of GDP (2008 est.)

Inflation rate (consumer prices):
16.8% (2009 est.)

25.6% (2008 est.)
note: official Iranian estimate

Commercial bank prime lending rate:
NA% (31 December 2008)

12% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$46.13 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$68.71 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$109.7 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$45.57 billion (31 December 2007)
$37.94 billion (31 December 2006)

Agriculture - products:
wheat, rice, other grains, sugar beets, sugar cane, 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:
4% excluding oil (2009 est.)

Electricity - production:
192.6 billion kWh (2007 est.)

Electricity - consumption:
153.8 billion kWh (2007 est.)

Electricity - exports:
2.52 billion kWh (2007 est.)

Electricity - imports:
1.842 billion kWh (2007 est.)

Oil - production:
4.174 million bbl/day (2008 est.)

Oil - consumption:
1.755 million bbl/day (2008 est.)

Oil - exports:
2.719 million bbl/day (2007 est.)

Oil - imports:
212,200 bbl/day (2007 est.)

Oil - proved reserves:
136.2 billion bbl based on Iranian claims (1 January 2009 est.)

Natural gas - production:
116.3 billion cu m (2008 est.)

Natural gas - consumption:
119 billion cu m (2008 est.)

Natural gas - exports:
4.246 billion cu m (2008 est.)

Natural gas - imports:
6.9 billion cu m (2008 est.)

Natural gas - proved reserves:
28.08 trillion cu m (1 January 2009 est.)

Current account balance:
$2.249 billion (2009 est.)

$20.19 billion (2008 est.)

Exports:
$70.16 billion (2009 est.)

$98.42 billion (2008 est.)

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

Exports - partners:
China 15.3%, Japan 14.3%, India 10.4%, South Korea 6.4%, Turkey 6.4%, Italy 4.5% (2008)

Imports:
$57.16 billion (2009 est.)

$67.25 billion (2008 est.)

Imports - commodities:
industrial raw materials and intermediate goods, capital goods, foodstuffs and other consumer goods, technical services

Imports - partners:
UAE 19.3%, China 13%, Germany 9.2%, South Korea 7%, Italy 5.1%, France 4.3%, Russia 4.2% (2008)

Reserves of foreign exchange and gold:
$81.31 billion (31 December 2009 est.)

$96.56 billion (31 December 2008 est.)

Debt - external:
$18.73 billion (31 December 2009 est.)

$21.06 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$7.854 billion (31 December 2009 est.)

$6.954 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$793 million (31 December 2009 est.)

$993 million (31 December 2008 est.)

Exchange rates:
Iranian rials (IRR) per US dollar - 9,900 (2009), 9,142.8 (2008), 9,407.5 (2007), 9,227.1 (2006), 8,964 (2005)
note: Iran has been using a managed floating exchange rate regime since unifying multiple exchange rates in March 2002


NOTE: The information regarding Iran on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iran Economy 2010 information contained here. All suggestions for corrections of any errors about Iran Economy 2010 should be addressed to the CIA.



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