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figure below 50.0 indicates a contraction.
The Statistics and Economic Analysis Centre of Iran Chamber of Commerce, Industries, Mines and Agriculture is the sponsor and coordinator of the survey. Business sentiment in Iran has been hit by disappointment that Tehran and the major powers have not found a path for a reinstatement of the nuclear deal, or JCPOA, which would mean the lifting of heavy US sanctions that severely weigh on the country’s economy. Iran, meanwhile, has not condemned Russia’s invasion of Ukraine. Iranian traders are busy attempting to substitute for various products the sanctioned Russian market can no longer source from countries opposed to the war being waged by Moscow. However, the overall impact on Iran’s economy of the consequences of the Ukraine crisis, taking into account the balance of gains and losses, is not yet clear.
4.3 Labour and income
4.3.1 Labour market, unemployment dynamics
Unemployment rate at 8.9% in 4Q 2021
According to the Central Bank of Iran, the country’s unemployment rate declined to 8.9% y/y in the fourth quarter of 2021 from 9.6% y/y in the previous quarter. Iran's unemployment rate was estimated to reach 9.8% of the total labor force in 2020. The unemployment rate has been above 10% for the last 10 years, and this rate is estimated to have peaked in 2014 when it reached 14%.
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.
21 IRAN Country Report July 2022 www.intellinews.com