Iran joins the Trillion Dollar club

[ekrem]

Iran’s GDP (PPP) to exceed $1 trillion in 2012, IMF projects
According to the World Economic Outlook (WEO) for 2012, despite the economic sanctions imposed by some Western governments, Iran’s GDP (PPP) will soar to 1.006 trillion dollars by the end of the year, sending the Islamic Republic for the first time among the 17 countries that enjoy GDPs over 1 trillion dollars.

Iran’s GDP (PPP) had amounted to 990 billion dollars in 2011, elevating the country’s standing as the 17th largest economy in the world, WEO noted.

ministry of economic affairs and finance

 

[GdWithIsrael]

 

[RoccoR]

ekrem, et al,

I am wondering what this tells us; given the IMF knows the level of effect on the sanctions.

Iran’s GDP (PPP) to exceed $1 trillion in 2012, IMF projects
According to the World Economic Outlook (WEO) for 2012, despite the economic sanctions imposed by some Western governments, Iran’s GDP (PPP) will soar to 1.006 trillion dollars by the end of the year, sending the Islamic Republic for the first time among the 17 countries that enjoy GDPs over 1 trillion dollars.

(NOTE)

IMF estimates of Iran's Gross Domestic Product (GDP), between 2002 and 2017:

......................Values are given in millions of US dollars (USD)................................

..2002.........2003.........2004.........2005.........2006.........2007.........2008.........2009
116,019....137,435.....168,481....202,940.....241,697....307,355....350,588.....360,625

...2010........2011..........2012.........2013........2014.........2015.........2016..........2017
419,118....482,445......496,243....518,247....548,670....582,418.....622,054.....667,585

International Monetary Fund's World Economic Outlook (WEO) Database, April 2012 edition.
SOURCE: List of countries by past and future GDP (nominal) - Wikipedia, the free encyclopedia​

I notice that it is continually going up. But it is nothing like what Iran is reporting. While the IMF and World Bank have differing estimates, they are nowhere the Iranian estimate of a Trillion Dollars.

However, the some sources shows something different:

GDP (purchasing power parity):

• $928.9 billion (2011 est.) country comparison to the world: 18
• $906.2 billion (2010 est.)
• $877.6 billion (2009 est.)

SOURCE: http://www.theodora.com/wfbcurrent/iran/iran_economy.html
(SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES)​

I'm not sure anyone agrees on these numbers. Sounds like propaganda.

What does this all really mean?

Most Respectfully,
R

 

[ekrem]

@RoccoR
You have to look at GDP-PPP (purchasing power) values.
Nominal GDP values only become "relevant" when you import tradable goods from a different currency-zone. The amount of imports (around 60 Billion $) by Iran are only a fraction of its economic output.

A haircut in New York is more expensive than in Lima; (...)
Indeed, because wages tend to be lower in poorer countries, and services are often relatively labor intensive, the price of a haircut in Lima is likely to be cheaper than in New York even when the cost of making tradable goods, such as machinery, is the same in both countries. Any analysis that fails to take into account these differences in the prices of nontraded goods across countries will underestimate the purchasing power of consumers in emerging market and developing countries and, consequently, their overall welfare. For this reason, PPP is generally regarded as a better measure of overall well-being.

imf.org


Imagine, that Iran allocates a budget to buy Oil-equipment.
The higher GDP-PPP value shows, that Iran can get more Oil-equipment with exactly same budget if Iran is capable to purchase the equipment locally.

 

[ekrem]

(...)
GDP (purchasing power parity):

• $928.9 billion (2011 est.) country comparison to the world: 18
• $906.2 billion (2010 est.)
• $877.6 billion (2009 est.)

SOURCE: http://www.theodora.com/wfbcurrent/iran/iran_economy.html
(SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES)​

I'm not sure anyone agrees on these numbers. Sounds like propaganda.
(...)

That's the GDP-PPP values up-to 2011.
This thread is about expected 2012 end-of-year values, which will surpass the Trillion-$ barrier.

 

[syrenn]

Iran’s GDP (PPP) to exceed $1 trillion in 2012, IMF projects
According to the World Economic Outlook (WEO) for 2012, despite the economic sanctions imposed by some Western governments, Iran’s GDP (PPP) will soar to 1.006 trillion dollars by the end of the year, sending the Islamic Republic for the first time among the 17 countries that enjoy GDPs over 1 trillion dollars.

Iran’s GDP (PPP) had amounted to 990 billion dollars in 2011, elevating the country’s standing as the 17th largest economy in the world, WEO noted.

ministry of economic affairs and finance

And for all of that.... they still live in a poverty stricken shit hole.

 

[RoccoR]

syrenn, et al,

I'm not at all sure that Iran is a poverty stricken country.

And for all of that.... they still live in a poverty stricken shit hole.

[/COLOR]

(COMMENT)

While Iran may not have the standard of living the US has, you have to remember that the US is a country in decline, without the ability to re-invest in its infrastructure, and an education system that is becoming unaffordable. While other industrialize countries have a fairly large and growing manufacturing industry, our industry is being outsourced.

Iran has an improving standard of living. It has great potential.

I'm not saying that Iran is a better country than the US, but it has an industrial and economic base that is very supportive of its nation; patriotic in a sense. On the US side, we are not supportive of the nation - but strive to maximize the wealth of the shareholder; no matter how many people it puts out of work.

We are comparing apples to oranges.

These various GDP figures, and economic statistics are almost meaningless to the average person. Even unemployment figures are not truly what they seem. We are a nation that cannot read and understand those figures. We actually think that unemployment is at 8%, when there are so many additional aspects that are not taken into account. The government artificially lowers the poverty figure so that it becomes more politically palatable and less of an economic obligation. And we have a terrible time understanding "under-employment" --- and the impact it has.

So - while the US is not in as good as shape - as advertised --- , I hate to say it, but Iran is not in the destitute condition that we are often lead to believe.

Most Respectfully,
R

 

[Mad Scientist]

Iran may be facing sanctions from Western Nations, they still trade with China and Russia so good luck with that.

Now you see why the US wants to invade. Can't let those raghead countries get too uppity cause then they won't listen to us. I'll bet they have a lot of Gold we can steal from them like we did the Libyans.