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    Iran Economy - 1989

      Overview: Since the 1979 revolution, banks, the petroleum industry, transportation, utilities, and mining have been nationalized. War-related disruptions, massive corruption, mismanagement, and ideological rigidities have kept economic activities below prerevolutionary levels. Oil accounts for 90% of export revenues. In 1986 the sharp drop in oil prices further depressed the economy. A combination of war damage and low oil prices brought a 2% drop in GNP in 1988. Heating oil and gasoline are rationed. Agriculture has suffered from the war, land reform, and shortages of equipment and materials. The government has introduced austerity import measures that have had the hardest impact on the industrial sector, but the measures have also been successful in lowering foreign debt from $10 billion in 1980 to about $4 billion at the end of 1988.

      GNP: $93.5 billion, per capita $1,800; real growth rate - 2% (1988)

      Inflation rate (consumer prices): at least 30% (1988)

      Unemployment rate: 30% (1988)

      Budget: revenues $NA; expenditures $55.1 billion, including capital expenditures of $11.5 billion (FY88 est.)

      Exports: $9.4 billion (f.o.b., 1988); @m5commodities--petroleum 90%, carpets, fruits, nuts, hides; @m5partners--Japan, Turkey, Italy, Netherlands, Spain, France, FRG

      Imports: $11.0 billion (c.i.f., 1988); @m5commodities--machinery, military supplies, metal works, foodstuffs, pharmaceuticals, technical services, refined oil products; @m5partners--FRG, Japan, Turkey, UK, Italy

      External debt: $4.3 billion, medium and long-term debt (1988)

      Industrial production: growth rate NA%

      Electricity: 14,151,000 kW output; 43,383 million kWh produced, 840 kWh per capita (1988)

      Industries: petroleum, petrochemicals, textiles, cement and other building materials, food processing (particularly sugar refining and vegetable oil production), metal fabricating (steel and copper)

      Agriculture: wheat, barley, rice, sugar beets, cotton, dates, raisins, tea, tobacco, sheep, goats; an illegal producer of opium poppy for the international drug trade

      Aid: NA

      Currency: Iranian rial (plural--rials); 1 Iranian rial (IR) = 100 dinars; note--domestic figures are generally referred to in terms of the toman (plural--tomans), which equals 10 rials

      Exchange rates: Iranian rials (IR) per US$1--69.571 (January 1989), 68.683 (1988), 71.460 (1987), 78.760 (1986), 91.052 (1985)

      Fiscal year: 21 March-20 March

      NOTE: The information regarding Iran on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iran Economy 1989 information contained here. All suggestions for corrections of any errors about Iran Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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