Page 21 - IRANRptNov19

The minimum monthly salary in Iran stands at IRR9.3mn ($240), while the average monthly salary stands at IRR23.3mn ($617) per month, according to a report from the ​Financial Tribune​ on April 15. ​The report shows that living conditions in the country have improved following several years of a drop in the quality of life, due to the removal of sanctions.
The average Iranian earns IRR278.8mn ($7,416) per annum. However, the report noted the average family spends on average 262.3mn ($6,978) per year so little is made in savings. The report also added that the average household consists of 3.4 members and that families of four now account for 30.4% of the society. The majority of families (59.8%) have only one breadwinner. Housing costs account for the biggest slice of income expenditure.
The IMF’s World Economic Outlook released last October forecast that unemployment would increase to 12.8% in 2018 and 14.3% in 2019.
5.0​ External Sector & Trade
5.1​ Balance of payments and current account
Iran targets big trade boost with neighbours
Iranian Deputy Industry Minister Hossein Modares Khiabani has said his ministry wants to quickly raise the annual value of exports to Iran’s 15 neighbours to $50bn, Tasnim news agency reported on August 31.
Crucial to that strategy will be taking advantage of a preferential trade agreement due in November to come into effect between Iran and member states of the Moscow-led Eurasian Economic Union (EEU)—namely Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.
“Our goal is to be able to meet five percent of our neighbouring countries’ needs, which would amount to more than $50 billion a year considering the total imports of all the 15 countries which is at least $1 trillion annually,” Modares Khiabani was reported as saying.
“Necessary planning and investigations have been made for achieving this target,” he added.
Iran shares a border with the United Arab Emirates, Iraq, Turkey, Afghanistan,
21​ IRAN Country Report​ November 2019 www.intellinews.com