section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  As of 2024, Iran has the world's 19th largest economy (by PPP). It is a mixture of central planning, state ownership of oil and other large enterprises, village agriculture, and small-scale private trading and service ventures. Services contribute the largest percentage of GDP, followed by industry (mining and manufacturing) and agriculture. The economy is characterized by its hydrocarbon sector, in addition to manufacturing and financial services. With 10% of the world's oil reserves and 15% of gas reserves, Iran is an energy superpower. Over 40 industries are directly involved in the Tehran Stock Exchange.
  
  Tehran is the economic powerhouse of Iran. About 30% of Iran's public-sector workforce and 45% of its large industrial firms are located there, and half those firms' employees work for government. The Central Bank of Iran is responsible for developing and maintaining the currency: the Iranian rial. The government does not recognise trade unions other than the Islamic labour councils, which are subject to the approval of employers and the security services. Unemployment was 9% in 2022.
  
  Budget deficits have been a chronic problem, mostly due to large state subsidies, that include foodstuffs and especially petrol, totalling $100 billion in 2022 for energy alone. In 2010, the economic reform plan was to cut subsidies gradually and replace them with targeted social assistance. The objective is to move towards free market prices and increase productivity and social justice. The administration continues reform, and indicates it will diversify the oil-reliant economy. Iran has developed a biotechnology, nanotechnology, and pharmaceutical industry. The government is privatising industries.
  
  Iran has leading manufacturing industries in automobile manufacture, transportation, construction materials, home appliances, food and agricultural goods, armaments, pharmaceuticals, information technology, and petrochemicals in the Middle East. Iran is among the world's top five producers of apricots, cherries, cucumbers and gherkins, dates, figs, pistachios, quinces, walnuts, Kiwifruit and watermelons. International sanctions against Iran have damaged the economy.