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Economy of Iran

Iran is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Iran may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Iran exports around $61.22 billion and imports roughly $64.42 billion. 13.1% of population in the country are unemployed. The total number of unemployed people in Iran is 10,743,537. In Iran, 18.7% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Iran is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.7% of GDP. The Gini Index of the country is 44.5. Iran is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Iran has a Human Development Index (HDI) of 0.749. Iran has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Iran is 2.409. The strength of legal rights index for Iran is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Iran is Iranian rial. The plural form of the word Iranian rial is rials. The symbol used for this currency is ﷼, and it is abbreviated as IRR. The Iranian rial is divided into Dinar; there are 100 in one rial.

Credit rating

The depth of credit information index for Iran is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem.

Central bank

In Iran, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Islamic Republic of Iran. Locally, the central bank of Iran is called بانک مرکزی ایران. The average deposit interest rate offered by local banks in Iran is 16.9%.

Public debt

Iran has a government debt of 50.4% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Iran is set at 25%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Iran is 10%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Iran is $1357028 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Iran was last recorded at $17 million. PPP in Iran is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Iran is 492,783 billion. Based on this statistic, Iran is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Iran. The Gross Domestic Product (GDP) per capita in Iran was last recorded at $6 million. The average citizen in Iran has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Iran averaged 1.5% in 2014. According to this percentage, Iran is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Iran.

Industry

Major industries in the country are petroleum, petrochemicals, gas, fertilizers, caustic soda, textiles, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and nonferrous metal fabrication, armaments. The total labor force of Iran is 27,344,740 people, wherein 13.1% of population in the country are unemployed. The total number of unemployed people in Iran is 10,743,537. The Industrial Production growth rate of Iran is 4.3%.To read more about industrial information within Iran click on industry of Iran.

Agriculture

There are 195600 km2 of arable land in Iran, and it comprises 12% of the country's total territory. There are 221400 km2 of cultivated land in Iran. The country's major agricultural crops and products are wheat, rice, other grains, sugar beets, sugar cane, fruits, nuts, cotton, dairy products, wool, caviar.To read more about agriculture click on agriculture of Iran.