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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.
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
Time runs out for Europe’s Instex trade mechanism as Iran ups uranium enrichment
Iran’s Deputy Foreign Minister Abbas Araqchi has said Europe’s failure to launch its Instex mechanism allowing for sanctions-protected trade between Iranian and European companies will force the Islamic Republic to exit the nuclear deal, Tasnim News Agency reported on June 26.
Europe’s major powers have repeatedly requested Tehran tolerate delays in preparations for the launch of Instex (Instrument in Support of Trade Exchanges). However, after repeated reassurances that a start-date would be forthcoming, and after a 30-day deadline set out by Iran in May for Europe to provide Tehran with significant assistance in its battle against heavy sanctions
15 IRAN Country Report July 2019 www.intellinews.com