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  Iran /
Economy
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| Key figures |
GDP: $842.0 billion
GDP/capita: $12,800 (World rank: 87)
GDP/sector: Agriculture 19%, Industry 26%, Services 55%
Annual growth in GDP: 5%
Foreign debts: $11.5 billion
Foreign debts/GDP: 10%
Foreign debts/capita: $165
Trade balance: +28%
Export products: Oil and oil products, carpets, fruits and nuts, iron and steel, chemicals.
Annual inflation rate: 10-15%
Official unemployment: 16-21%
Population below poverty line: 53% (1996 estimate)
All figures are 2002 estimates. |
International rankings
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Corruption: 141 of 180 countries
Investment friendly: 142 of 181 countries
Economic freedom: 168 of 179
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Value of Currency
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June 2008:
US$1=8,150 Rials
September 9, 2008:
US$1=9,680 Rials
€1=13,641 Rials
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Iran has faced serious economic problems through the last two decades. A large part of the economy is black and bribes are parts of everyday life. Despite this, living standards are fairly good compared to many other Middle Eastern states.
The Iranian economy is heavily depending on the oil industry, but the country has many nature resources, and even some manufacturing output. Iran is a country where many economic possibilities are still unexploited. This applies primarily to winning of minerals but also agriculture where large areas are arid, but can be turned into fertile soil by systematic efforts. And the industry of Iran would have improved its chances to export if Iran's relations with its neighbours would return to normal.
The average Iranian experiences hardship, as the country has an unemployment rate of 30%, and as there has been a drastic fall in living conditions in the last 15 years (much because of the long war which Iraq started in September 1980, and which continued until 1988). The Islamist government's unwillingness to adjust to the international society, have reduced international investments drastically, and also international trade.
The problems traders face with exchange rates is another problem. The official rate is 1750 rials to US$1, but the rate for foreign transactions is set to 3,000 rials to US$1. The black market operates with 6,000 rials to US$1, and this is probably reflecting the real value of the rial.
© Copyright 1996-2009 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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