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Economy overview
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Iran's economy is marked by a bloated, inefficient state sector, over reliance on the oil sector, 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 KHATAMI has continued to follow the market reform plans of former President RAFSANJANI, with limited progress. Relatively high oil prices in recent years have enabled Iran to amass some $22 billion in foreign exchange reserves, but have not eased economic hardships such as high unemployment and inflation. In December 2003 a major earthquake devastated the city of Bam in southeastern Iran, killing more than 30,000 people.
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GDP
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purchasing power parity - $478.2 billion (2004 est.)
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GDP - real growth rate
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6.1% (2004 est.)
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GDP - per capita
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purchasing power parity - $7,000 (2004 est.)
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GDP - composition by sector
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agriculture: 12.5%
industry: 41.2%
services: 46.2% (2004 est.)
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Investment gross fixed
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28.6% of GDP (2004 est.)
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Population below poverty line
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40% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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16.4% (2004 est.)
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Labor force
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22.32 million
note: shortage of skilled labor (2004 est.)
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Labor force by occupation
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agriculture 30%, industry 25%, services 45% (2001 est.)
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Unemployment rate
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15.7% (2002 est.)
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Budget
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revenues: $40.38 billion
expenditures: $40.29 billion, including capital expenditures of $7.6 billion (2004 est.)
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Public debt
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28.2% of GDP (2004 est.)
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Agriculture products
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wheat, rice, other grains, sugar beets, fruits, nuts, cotton; dairy products, wool; caviar
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Industries
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petroleum, petrochemicals, textiles, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), metal fabricating, armaments
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Industrial production growth rate
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3% excluding oil (2004 est.)
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Electricity production
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124.6 billion kWh (2001)
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Electricity production by source
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fossil fuel: 97.1%
hydro: 2.9%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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115.9 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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3.804 million bbl/day (2004 est.)
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Oil consumption
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1.277 million bbl/day (2001 est.)
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Oil exports
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2.2 million bbl/day (2003)
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Oil imports
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NA (2001)
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Oil proved reserves
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94.39 billion bbl (2004)
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Natural gas production
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61.5 billion cu m (2001 est.)
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Natural gas consumption
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65.59 billion cu m (2001 est.)
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Natural gas exports
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110 million cu m (2001 est.)
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Natural gas imports
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4.2 billion cu m (2001 est.)
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Natural gas proved reserves
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24.8 trillion cu m (2004)
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Current account balance
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$3.935 billion (2004 est.)
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Exports
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$29.88 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets
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Exports partners
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Japan 21.8%, China 9.7%, Italy 6.3%, Taiwan 5.5%, Turkey 5.4%, South Korea 5.4% (2003)
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Imports
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$25.26 billion f.o.b. (2003 est.)
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Imports commodities
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industrial raw materials and intermediate goods, capital goods, foodstuffs and other consumer goods, technical services, military supplies
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Imports partners
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Germany 11%, France 8.6%, China 8.4%, Italy 8.1%, UAE 7.9%, South Korea 6.5%, Russia 4.8%, Japan 4.1% (2003)
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Reserves of foreign exchange gold
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$25.13 billion (2004 est.)
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Debt external
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$10.96 billion (2004 est.)
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Economic aid recipient
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$408 million (2002 est.)
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Currency
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Iranian rial (IRR)
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Currency code
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IRR
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Exchange rates
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rials per US dollar - 8,193.89 (2003), 6,906.96 (2002), 1,753.56 (2001), 1,764.43 (2000), 1,752.93 (1999)
note: Iran has been using a managed floating exchange rate regime since unifying multiple exchange rates in March 2002.
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Fiscal year
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21 March - 20 March
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This information was reproduced in part from the CIA World Fact book.
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