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Unemployment rate stood at 12.4% in last fiscal year
sovereign wealth fund (SWF). It has released the ​equivalent of €1bn in local currency​ to the government to help it grapple with the coronavirus situation.
According to the Statistical Centre of Iran (SCI), the country’s unemployment rate in the last fiscal year (ended March 20) stood at 12.4%, 1.4% up on the previous year. ​However, the actual unemployment rate is likely to be higher than that given methodology which means that if a person has just one hour of work a week officials count them as employed.
Youth unemployment (covering the 15-29 age range), ​stands at least twice the general joblessness rate,​ according to latest available data, while university graduate unemployment is thought to be around 40%.​ ​Despite the many times the government has stressed the need to boost employment, overall youth unemployment has risen more than 5% in the past three years.
5.0​ External Sector & Trade
5.1​ Balance of payments and current account
Trade between Iran and EEU hits $2.8bn during PTA lifespan
Some $2.8bn of goods were traded between Iran and the Russia-led Eurasian Economic Union (EEU) from late October last year, when a temporary two-year preferential trade agreement (PTA) between the Islamic Republic and the trade bloc was launched, and August 21, ILNA reported on October 18.
The Trade Promotion Organisation of Iran’s Eurasian Affairs Bureau calculated that trade under the PTA was up 6% y/y. Trade grew despite the impact of US sanctions levied on Iran and the ongoing coronavirus (COVID-19) crisis, it noted. Food and grains remained at the forefront of trade as Iran continued to shore up its reserves.
“Iran’s exports to the bloc reached $823.9mn, while imports from the EEU amounted to $1.97bn, registering 21% and 1% respective year-on-year rises,” the trade promotion unit said.
Iran’s exports to Russia in the examined period reached $263.7mn, showing a
23​ IRAN Country Report November 2020 www.intellinews.com