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Iran Economic details Iran known officially as Jomhuri-ye Eslami-ye Iran Islamic Republic of Iran is located in southwest Asia on the eastern shore of the Persian Gulf with Tehran as its capital Its official language Farsi Persian is Indo- European The population 69 million while ethnically diverse is almost entirely Muslim and has been the centre of the Shia branch of Islam As the second largest country in the Middle East after Saudi Arabia Irans economy is a mixture of central planning state ownership of oil and other large enterprises village agriculture and small-scale businesses The country has the distinction of being OPECs Oil Producing and Exporting Countries second largest oil producer as it holds 7 of the worlds proven oil reserves with natural gas reserves second to Saudi Arabia Approximately 293 of the population are in the 0-14 years age group 659 between 15-64 years and only 48 above 65 years of age The median age is 229 years and the population growth rate is 108 Life expectancy is 6935 years 6804 years for males and 7073 years for females The system of government theocratic republic is based on the Laws of Islam the execution of which is assured under the concept of valiy-e faqih or the guardianship of a religious jurist Irans current faqih is Ayatollah Ali Hoseini-Khamenei the spiritual leader who is chosen for his knowledge of Islamic theology Khamenei oversees the operation of the government to ensure that its policies and actions conform to Islamic principles President Ali Mohammad Khatami Ardakani is elected for a four-year term similar to the 290 members of the unicameral PEOPLE Population68278826
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