Iran's Economy

Economy - overview:
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. 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.

Agriculture - products:
wheat, rice, other grains, sugar beets, fruits, nuts, cotton; dairy products, wool; caviar

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

Electricity
- production: 124.6 billion kWh (2001)
- consumption: 115.9 billion kWh (2001)
- exports: 0 kWh (2001)
- imports: 0 kWh (2001)

Oil
- production: 3.804 million bbl/day (2001 est.)
- consumption: 1.277 million bbl/day (2001 est.)
- exports: 2.2 million bbl/day (2003)
- imports: NA (2001)

Oil - proved reserves:
94.39 billion bbl (1 January 2002)

Natural gas
- production: 61.5 billion cu m (2001 est.)
- consumption: 65.59 billion cu m (2001 est.)
- exports: 110 million cu m (2001 est.)
- imports: 4.2 billion cu m (2001 est.)

Natural gas - proved reserves:
24.8 trillion cu m (1 January 2002)

Currency:Iranian rial (IRR)

Currency code:IRR

reference: CIA website

M.K.
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