Iran Economy

IRAN

Iran 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 corruption, 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.

The lifting of most nuclear-related sanctions under the Joint Comprehensive Plan of Action (JCPOA) in January 2016 sparked a restoration of Iran’s oil production and revenue that drove rapid GDP growth, but economic growth declined in 2017 as oil production plateaued. The economy continues to suffer from low levels of investment and declines in productivity since before the JCPOA, and from high levels of unemployment, especially among women and college-educated Iranian youth.

In May 2017, the re-election of President Hasan RUHANI generated widespread public expectations that the economic benefits of the JCPOA would expand and reach all levels of society. RUHANI will need to implement structural reforms that strengthen the banking sector and improve Iran’s business climate to attract foreign investment and encourage the growth of the private sector. Sanctions that are not related to Iran’s nuclear program remain in effect, and these—plus fears over the possible re-imposition of nuclear-related sanctions—will continue to deter foreign investors from engaging with Iran.

Iran GDP (purchasing power parity):

$1.64 trillion (2017 est.)

$1.581 trillion (2016 est.)

$1.405 trillion (2015 est.)

note: data are in 2017 dollars

country comparison to the world: 18

Iran GDP (official exchange rate):

$430.7 billion (2017 est.)

Iran GDP – real growth rate:

3.7% (2017 est.)

12.5% (2016 est.)

-1.6% (2015 est.)

country comparison to the world: 89

Iran GDP – per capita (PPP):

$20,100 (2017 est.)

$19,600 (2016 est.)

$17,700 (2015 est.)

note: data are in 2017 dollars

country comparison to the world: 89

Iran Gross national saving:

37.9% of GDP (2017 est.)

37.6% of GDP (2016 est.)

35.2% of GDP (2015 est.)

country comparison to the world: 12

Iran GDP – composition, by end use:

household consumption: 49.7% (2017 est.)

government consumption: 14% (2017 est.)

investment in fixed capital: 20.6% (2017 est.)

investment in inventories: 14.5% (2017 est.)

exports of goods and services: 26% (2017 est.)

imports of goods and services: -24.9% (2017 est.)

Iran GDP – composition, by sector of origin:

agriculture: 9.6% (2016 est.)

industry: 35.3% (2016 est.)

services: 55% (2017 est.)

Agriculture – products: This entry is an ordered listing of major crops and products starting with the most important. Agriculture – products field listing

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

Iran Industries:

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

Iran Industrial production growth rate:

3% (2017 est.)

country comparison to the world: 103

Labor force: This entry contains the total labor force figure. Labor force field listing

30.5 million (2017 est.)

note: shortage of skilled labor

country comparison to the world: 21

Iran Labor force – by occupation:

agriculture: 16.3%

industry: 35.1%

services: 48.6% (2013 est.)

Iran Unemployment rate:

11.8% (2017 est.)

12.4% (2016 est.)

note: data are Iranian Government numbers

country comparison to the world: 157

Iran Population below poverty line:

18.7% (2007 est.)

Iran Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 29.6% (2005)

Iran Distribution of family income – Gini index:

44.5 (2006)

country comparison to the world: 43

Iran Budget:

revenues: 74.4 billion (2017 est.)

expenditures: 84.45 billion (2017 est.)

Iran Taxes and other revenues:

17.3% (of GDP) (2017 est.)

country comparison to the world: 170

Iran Budget surplus (+) or deficit (-):

-2.3% (of GDP) (2017 est.)

country comparison to the world: 110

Iran Public debt:

39.5% of GDP (2017 est.)

47.5% of GDP (2016 est.)

note: includes publicly guaranteed debt

country comparison to the world: 132

Iran Fiscal year:

21 March – 20 March

Iran Inflation rate (consumer prices):

9.6% (2017 est.)

9.1% (2016 est.)

note: official Iranian estimate

country comparison to the world: 202

Iran Central bank discount rate:

NA

Iran Commercial bank prime lending rate:

18% (31 December 2017 est.)

18% (31 December 2016 est.)

country comparison to the world: 21

Iran Stock of narrow money:

$48.08 billion (31 December 2017 est.)

$47.59 billion (31 December 2016 est.)

country comparison to the world: 54

Iran Stock of broad money:

$48.08 billion (31 December 2017 est.)

$47.59 billion (31 December 2016 est.)

country comparison to the world: 54

Iran Stock of domestic credit:

$348.2 billion (31 December 2017 est.)

$315.4 billion (31 December 2016 est.)

country comparison to the world: 33

Iran 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

Iran Current account balance:

$9.491 billion (2017 est.)

$16.28 billion (2016 est.)

country comparison to the world: 23

Iran Exports:

$101.4 billion (2017 est.)

$83.98 billion (2016 est.)

country comparison to the world: 37

Iran Exports – partners:

China 27.5%, India 15.1%, South Korea 11.4%, Turkey 11.1%, Italy 5.7%, Japan 5.3% (2017)

Iran Exports – commodities:

petroleum 60%, chemical and petrochemical products, fruits and nuts, carpets, cement, ore

Iran Imports:

$76.39 billion (2017 est.)

$63.14 billion (2016 est.)

country comparison to the world: 44

Iran Imports – commodities:

industrial supplies, capital goods, foodstuffs and other consumer goods, technical services

Iran Imports – partners:

UAE 29.8%, China 12.7%, Turkey 4.4%, South Korea 4%, Germany 4% (2017)

Iran Reserves of foreign exchange and gold:

$120.6 billion (31 December 2017 est.)

$133.7 billion (31 December 2016 est.)

country comparison to the world: 21

Debt – external:

$7.995 billion (31 December 2017 est.)

$8.196 billion (31 December 2016 est.)

country comparison to the world: 122

Iran Stock of direct foreign investment – at home:

$50.33 billion (31 December 2017 est.)

$46.02 billion (31 December 2016 est.)

country comparison to the world: 58

Iran Stock of direct foreign investment – abroad:

$5.226 billion (31 December 2017 est.)

$4.656 billion (31 December 2016 est.)

country comparison to the world: 76

Iran Exchange rates:

Iranian rials (IRR) per US dollar –

32,769.7 (2017 est.)

30,914.9 (2016 est.)

30,914.9 (2015 est.)

29,011.5 (2014 est.)

25,912 (2013 est.)


Data for Educational Purpose Only.

Source: 

The World Factbook 2016-17. Washington, DC: Central Intelligence Agency, 2016.

https://www.cia.gov/library/publications/the-world-factbook/index.html


Other Pages Relating to Country Iran:

Iran at a Glance and One Page Summary

Iran Background and Introduction

Iran Geography

Iran People and Society

Iran Government

Iran Economy

Iran Energy Resources

Iran Communications System

Iran Transportation System

Iran Military and Security System

Iran Transnational Issues

Iran Capital Flag and Currency

Go to All Country Index


Latest Govt Job & Exam Updates:

View Full List ...