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Iran

 
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Iran

ECONOMY

Gross Domestic Product: About US$168 billion in 1985, US$165 billion in 1986, and US$176 billion (estimated) in 1987 (figure given at official rate; unofficial rate as much as 10 times higher for United States dollar value of rial). Percentage of GDP growth 1.5 percent (real) in 1985 and 10 percent (estimated) in 1986. Inflation rate estimated at 20 percent in 1985, 30 percent in 1986, and 35 percent in 1987. Figures must be regarded with caution as official sources seriously underestimate rate of inflation and currency depreciation.

Gross National Product: 1986 estimate US$82.4 billion.

Industry: Oil major industry. In 1986 oil production averaged 1.9 million barrels per day; in January 1987 crude oil production averaged 2.2 million barrels per day, of which exports averaged between 1.5 million and 1.7 million barrels per day. Reported reserves of 48.5 billion barrels in 1986 ranked Iran fourth behind Saudi Arabia, Soviet Union, and Kuwait. Damage to Iranian oil installations during 1986-87 reduced oil production and exports substantially. Natural gas reserves claimed by government to be 13.8 trillion cubic meters in 1987. Oil and gas produced estimated 8 percent of GDP in FY 1986-87. Non-oil industry mainly agricultural products, carpets, textiles, and war-related manufacturing such as munitions. Industry employed approximately 31 percent of work force in 1987. Manufacturing and mining produced estimated 23 percent of GDP in FY 1986-87. Services produced estimated 48 percent of GDP in FY 1986-87.

Agriculture: Accounted for estimated 21 percent of GDP in FY 1986- 87 and employed approximately 38 percent of work force. Despite regime efforts to promote self-sufficiency, Iran more dependent on agricultural imports in 1987 than in 1970s. Lack of progress resulted from unresolved land reform issues, poor cultivation practices, lack of farm labor because of military service, and migration to cities.

Imports: In 1983-84 about US$18.1 billion. Principal imports: road vehicles and machines (35 percent), manufactures and iron and steel (29 percent), and food and live animals (13 percent).

Exports: In 1985 about US$13.4 billion, of which all but about US$270 million from oil and gas. Oil exports in FY 1986-87 estimated between US$10.5 billion and US$11.5 billion; about US$900 million non-oil exports.

Major Trade Areas: In 1985 about 16 percent of imports from Federal Republic of Germany (West Germany), 13 percent from Japan, 7 percent from Britain, and 6 percent each from Italy and Turkey. In 1985 about 16 percent of exports to Japan and 9 percent each to Italy and Turkey.

Data as of December 1987

 

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