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    Iran Economy - 1991

      Overview: Since the 1979 revolution, the banks, petroleum industry, transportation, utilities, and mining have been nationalized, but the new five-year plan--the first since the revolution--passed in January 1990, calls for the transfer of many government-controlled enterprises to the private sector. Disruptions from the bitter war with Iraq, massive corruption, mismanagement, demographic pressures, and ideological rigidities have kept economic growth at depressed levels. Oil accounts for over 90% of export revenues. A combination of war damage and low oil prices brought a 2% drop in GNP in 1988. GNP probably rose slightly in 1989, considerably short of the 3.2% population growth rate in 1989. Heating oil and gasoline are rationed. Agriculture has suffered from the war, land reform, and shortages of equipment and materials. The five-year plan seeks to reinvigorate the economy by increasing the role of the private sector, boosting nonoil income, and securing foreign loans. The plan is overly ambitious but probably will generate some short-term relief.

      GNP: $80.0 billion, per capita $1,400; real growth rate 0.5% (1990 est.)

      Inflation rate (consumer prices): 30-50% (1989 est.)

      Unemployment rate: 30% (1989)

      Budget: revenues $63 billion; expenditures $80 billion, including capital expenditures of $23 billion (FY90 est.)

      Exports: $12.3 billion (f.o.b., 1989); commodities--petroleum 90%, carpets, fruits, nuts, hides; partners--Japan, Turkey, Italy, Netherlands, Spain, France, FRG

      Imports: $11.6 billion (c.i.f., 1989); commodities--machinery, military supplies, metal works, foodstuffs, pharmaceuticals, technical services, refined oil products; partners--FRG, Japan, Turkey, UK, Italy

      External debt: $4-5 billion (1989)

      Industrial production: growth rate NA%

      Electricity: 14,579,000 kW capacity; 40,000 million kWh produced, 740 kWh per capita (1989)

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

      Agriculture: principal products--wheat, rice, other grains, sugar beets, fruits, nuts, cotton, dairy products, wool, caviar; not self-sufficient in food

      Illicit drugs: illicit producer of opium poppy for the domestic and international drug trade

      Economic aid: US commitments, including Ex-Im (FY70-80), $1.0 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.6 billion; Communist countries (1970-89), $976 million; note--aid fell sharply following the 1979 revolution

      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--64.941 (January 1991), 68.096 (1990), 72.015 (1989), 68.683 (1988), 71.460 (1987), 78.760 (1986), 91.052 (1985) at the official rate; black market rate 1,400 (January 1991)

      Fiscal year: 21 March-20 March

      NOTE: The information regarding Iran on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iran Economy 1991 information contained here. All suggestions for corrections of any errors about Iran Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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