Unemployment rate reaches 11.5 percent: Iranian official

Business Materials 26 July 2011 17:18 (UTC +04:00)

Azerbaijan, Baku, July 26 / Trend /

Unemployment ratio was 11.5 percent in Iran in first three months of current solar year (started on March 20, 2011), IRNA reported quoting Minister of Labor and Social Affairs Abdolreza Sheikholeslami as saying.

"According to latest statistics issued by the Statistical Center of Iran, the unemployment rate was 11.5 percent in first three months of the year," he said.

A total of $40 billion has been invested from bank sources to create jobs and boost government plan to create early profitable jobs.

The government has implemented the Creating early profitable jobs plan from 2005 to 2009.

Iranian President Mahmoud Ahmadinejad promised to create 2.5 million jobs and solve the unemployment problems by the end of solar year.

The International Monetary Fund forecasted zero-percent economic growth in Iran in 2011.

Iran includes those working even an hour a week into the list of employed people. According to international standards, employed person should have minimum 48 work hours a week.