Jump to content

Economy of Iran: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Saadi2000 (talk | contribs)
61 edits
m added link for further reading
Line 369: Line 369:
*[http://books.google.com/books?id=lQnt2r5XzkQC&source=gbs_navlinks_s Iran encountering globalization: problems and prospects] - Ali Mohammadi (2003)
*[http://books.google.com/books?id=lQnt2r5XzkQC&source=gbs_navlinks_s Iran encountering globalization: problems and prospects] - Ali Mohammadi (2003)
*[http://books.google.com/books?id=zu8q4fvh26sC&source=gbs_navlinks_s The Economy of Iran: Dilemmas of an Islamic State] - Parvin Alizadeh, Hassan Hakimian, Massoud Karshenas (2000)
*[http://books.google.com/books?id=zu8q4fvh26sC&source=gbs_navlinks_s The Economy of Iran: Dilemmas of an Islamic State] - Parvin Alizadeh, Hassan Hakimian, Massoud Karshenas (2000)
*[http://m-01.fozoolemahaleh.com/2010/06/Is-Irans-economic-bubble-about-to-burst.pdf Is Iran's Economic Bubble About to Burst (English) ] - [http://www.fozoolemahaleh.com/2010/06/24/آیا-اقتصاد-ایران-در-حال-انفجاراست؟ آیا اقتصاد ایران در حال انفجاراست؟ (farsi)] - Amir Behravan (2010)


==External links==
==External links==

Revision as of 20:22, 26 June 2010

Economy of Iran
File:Privatization Iran.jpg
CurrencyIranian Rial (IRR)
21 March - 20 March
Trade organizations
ECO, OPEC, GECF, WTO (observer) and others
Statistics
GDP$335.7 billion (2009) (nominal; 29th)
$876 billion (2009) (PPP; 16th)
GDP growth
2.6% (real growth; 2009 est.)
GDP per capita
$12,900 (2009 est.); (PPP; 87th)
GDP by sector
agriculture (10.9%), industry (45.2%), services (43.9%) (2009 est.)
GDP by component
Private consumption (36.4%)
Government consumption (10.3%)
Gross fixed investment (23.9%)
Exports of goods/services (34.6%)
Imports of goods/services (-19.7%)(2008 est.)[1][2]
9.9% (2010)[3][4]
Population below poverty line
18% (2007 est.)
38% (2008 est.)[5]
Labor force
25.02 million (2009 est.); note: shortage of skilled labor
Unemployment11.8% according to the Iranian government (2009 est.)
Main industries
petroleum, petrochemicals, fertilizers, caustic soda, car manufacture, pharmaceuticals, home appliances, electronics, telecom, energy, power, textiles, construction, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and non-ferrous metal fabrication, armaments
External
Exports$70.16 billion (2009 est.) f.o.b.
Export goods
petroleum (80%), chemical and petrochemical products (4%), fruits and nuts (2%), cars (2%), carpets (1%), technical services
Main export partners
China 15.3%, Japan 14.3%, India 10.4%, South Korea 6.4%, Turkey 6.4%, Italy 4.5% (2008)
Imports$57.16 billion (2009 est.) f.o.b.
Import goods
industrial raw materials and intermediate goods (46%), capital goods (35%), foodstuffs and other consumer goods (19%), technical services
Main import partners
UAE 19.3%, China 13%, Germany 9.2%, South Korea 7%, Italy 5.1%, France 4.3%, Russia 4.2% (2008)
$18.73 billion (31 December 2009 est.)
Public finances
19.4% of GDP (2009 est.)
Revenues$97.71 billion (2009 est.): 45% from oil exports, 31% from taxes, tariffs and fees, 20% from government properties and holdings[6] (on exchange rate basis, not PPP)[7]
Expenses$84.78 billion (2009 est.) (on exchange rate basis)
Economic aid$121 million (2008 est.)[8]
B for sovereign risk (June 2009)[9]
$81.31 billion (31 December 2009 est.)
All values, unless otherwise stated, are in US dollars.


The economy of Iran is the sixteenth largest economy in the world by purchasing power parity (PPP). It is a transition economy with a large public sector and an estimated 50% of the economy centrally planned.[10][11] Exports are dominated by oil and gas which constituted 60% of the government revenue in 2010.[12][7][13] A unique feature of Iran's economy is the large size of the religious foundations whose combined budgets make up more than 30% that of the central government.[14][11][15] Iran is one of the few major economies that did not suffer directly from the 2008 global financial crisis.[16]

Distortions resulting from a combination of price controls and subsidies, particularly on food and energy,[17][18] continues to weigh down the economy; and contraband, administrative controls, widespread corruption,[19][20] and other rigidities undermine the potential for private sector-led growth.[21][22] President Mahmoud Ahmadinejad has proposed replacing energy subsidies with targeted social assistance.[23][24] However, previous government-led efforts at reform - such as fuel rationing in July 2007 and the imposition of the value-added tax (VAT) in October 2008 - were met with stiff resistance and violent protests.[25][26]

High oil prices in recent years have enabled Iran to amass US$ 97 billion in foreign exchange reserves.[21] Yet this increased revenue has not eased economic hardships, which include double-digit unemployment and inflation.[27] According to the Central Bank of Iran, annual inflation declined to 11.5% as of February 2010.[28] The economy has seen only moderate growth. Iran's educated population, economic inefficiency, and insufficient foreign and domestic investment have prompted an increasing number of Iranians to seek employment overseas, resulting in significant "brain drain".[29][30]

History

See also: Economic history of Iran and History of the Islamic Republic of Iran
Iran's GDP and population growth (from 1967 until 2007)

Pre-revolutionary Iran's economic development was rapid. Traditionally an agricultural society, Iran had achieved significant industrialization and economic modernization by the 1970s.[31][32] However, the pace of growth had slowed dramatically by 1978, just before the Islamic revolution. The flight of capital from Iran shortly before and after the revolution was in the range of $30 to $40 billion 1980 US dollars.[33]

Iran's long-term objectives since the 1979 revolution have been economic independence, full employment, and a comfortable standard of living for citizens, but at the end of the 20th century, the country's economic future faces many obstacles.[34] Iran's population more than doubled in a 20-year period, with an increasingly young population. Although a relatively large part of the population engages in farming, agricultural production has fallen consistently since the 1960s. By the late 1990s, Iran was a major food importer, and economic hardship in the countryside had driven vast numbers of people to migrate to cities.

After the end of hostilities with Iraq in 1988, the government tried to develop the country's communication, transportation, manufacturing, health care, education and energy infrastructures (including its prospective nuclear power facilities) and has begun the process of integrating its communication and transportation infrastructure with that of neighboring states.[35] The imposed war with Iraq claimed at least 300,000 Iranian lives and injured more than 500,000, at a cost of $500 billion to the Iranian economy.[36][37]

Five-year socio-economic development plan

Main articles: Government of Iran, Supreme Audit Court of Iran, and Constitution of Iran
See also: Iranian Economic Reform Plan and Management and Planning Organization of Iran
Iran's trade balance (2000-2007)

The fifth development plan (2010–15) sets the guidelines for the socio-economic development of the country over the next five years. It has been designed to give the power to the people through delegation.[38] The five-year plan is part of "vision 2025", a plan for long-term sustainable growth.

Iran aims for an annual growth rate of 8% until 2015 based on an inflation rate of 12% and a $65/barrel price for oil, which accounts for 80% of Iran's exports.[39] However, the country expects a drop of 10% in the oil sector's share of exports because of industrial diversification and the creation of 50 industrial parks.[40]

Tehran plans to invest $20 billion a year up until 2015 to develop its oil and gas capacity by inviting "foreign and private investments" to develop Iran's gas industry.[41][39] The investment aims primarily to boost the country's refining output, a sector in which Iran currently relies on imports for 11% of consumption, according to OPEC. Iran's petrochemical output capacity will increase to over 100 million tons per annum by 2015 from an estimated 50 million tpa in 2010 after 46 new petrochemical complexes come online.[42]

The target is self-reliance by 2015 and the implementation of an ambitious economic reform plan, which includes subsidy, banking, taxation, currency, infrastructure and productivity as its main focus. On the labor front, the five-year plan aims to bring down unemployment to 7% from the current official figure of 13% by creating almost one million new jobs a year.[39] Other main objectives of the fifth plan are making improvements in public healthcare, and expanding international relations.

Centralization and privatization

Main article: Privatization in Iran
See also: Tehran Stock Exchange and List of Iranian companies
File:Teh Ir.jpg
Iran's economy is largely state owned. However the government continues in its drive towards privatization and economic liberalization.

The Iranian Government declared its intention to privatize most state industries after the Iran–Iraq War in 1988, in an effort to stimulate the ailing economy. The sale of state-owned factories and companies proceeded slowly, however, mostly because of opposition by a nationalist majority in Majlis, the Iranian parliament. Most industries, comprising 70% of the economy in 2006, remained state-owned. The majority of heavy industry—including steel, petrochemicals, copper, automobiles, and machine tools—was in the public sector, while most light industry was privately owned.

According to Article 44 of the Constitution, the economy of Iran is to consist of three sectors: state, cooperative, and private, and is to be based on systematic and sound planning. The state sector is to include all large-scale industries, foreign trade, major minerals, banking, insurance, power generation, dams and large-scale irrigation networks, radio and television, post, telegraph and telephone services, aviation, shipping, roads, railroads and the like; all these will be publicly owned and administered by the State. The cooperative sector is to include cooperative companies and enterprises concerned with production and distribution, in urban and rural areas, in accordance with Islamic criteria. 120,000 cooperatives are in operation across the country employing about 15 million people.[43] The private sector consists of those activities concerned with construction, agriculture, animal husbandry, industry, trade, and services that supplement the economic activities of the state and cooperative sectors.

A strict interpretation of the above has never been enforced in the Islamic Republic and the private sector has been able to play a much larger role than is outlined in the Constitution. In recent years, the role of the private sector has been further on the increase. Furthermore, an amendment of the article in 2004 has allowed 80% of state assets to be privatized, 40% of which will be conducted through the "Justice Shares" scheme and the rest through the Tehran Stock Exchange. The government will keep the title of the remaining 20%.[44][45] In 2005, the government's assets were estimated at about $120 billion. In the past five years, about $63 billion of the assets was privatized, bringing the government's share in the gross domestic product (GDP) from 80% to 40%.[46]

See also: Central Bank of Iran, Demographics of Iran, Science and technology in Iran, Next Eleven, and International rankings of Iran
Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%.[27]

Government spending as percent of total budget was 6% for health care, 16% for education and 8% for the military in the period 1992-2000 and contributed to an average annual inflation rate of 14% in the period 2000-2008. Iran's gross net investment was 27.7% of GDP in 2009.[21]

In the early 21st century the service sector contributed the largest percentage of the gross domestic product (GDP), followed by industry (mining and manufacturing) and agriculture. In 2008, about 55% of the government's budget came from oil and natural gas revenues, and 31% came from taxes and fees.[47] In 2008 the GDP was estimated at $382.3 billion ($842 billion by PPP), or $5,470 per capita ($12,800 by PPP).[21] GDP figure is projected to double in the next five years.[48] The informal economy is also important. Because of these figures and the country’s diversified but small industrial base, the United Nations classifies Iran's economy as semideveloped (1998).[49] The budget for the Iranian year 2010 amounts to $368 billion, representing an increase of 31% on 2009 and is based on a projected oil price of $60.[50] Iran had approximately $97 billion in foreign reserves at the start of 2009.[21]

Iran has the third largest consumption of natural gas in the world after United States and Russia.[21] Despite critical water shortage, Iranians use more than double the amount of water used by Europeans and their energy consumption is 6.5 times that of global average. The same goes with meat and soft drink consumption, and the amount of money an Iranian tourist spends on souvenirs during a foreign trip.

The following is the trend chart of the Iranian GDP at market prices estimated by the IMF with figures in millions of Iranian rial.[51] For PPP comparisons, the US dollar is exchanged at 3,149.33 Iranian rials only.

Iran's population reached 70 million in 2006. More than two-thirds of the Iranians are under the age of 30, and the literacy rate stands above 80%.[52]
Year GDP (IRR) USD/IRR Rate GDP at PPP ($ Billion) Inflation Index
(2000=100)		 Per Capita Income
(as % of USA)
1980 6,621,700 70.61 98.797 2.10 19.95
1985 16,555,801 207.29 186.782 4.40 9.43
1990 34,505,630 415.60 206.768 11 6.71
1995 185,927,978 2,046.80 206.768 43 5.10
2000 580,473,336 6,019.01 373.725 100 4.35
2005 1,768,665,370 9,005.01 554.775 194 6.54

Labor and welfare

See also: Labor and tax laws in Iran, Bonyad, Education in Iran, and Healthcare in Iran
CIA World Factbook based map showing the percentage of population by country living below that country's official poverty line.

Agriculture contributes just over 11% to the gross national product and employs a third of the labor force. The industrial sector—including mining, manufacturing, and construction—contributed 42% of the GDP and employed 31% of the labor force in 2004. Mineral products, notably petroleum, dominate Iran’s exports revenues (80%), but mining employs less than 1% of the country’s labor force. In 2004 the service sector ranked as the largest contributor to the GDP (48%) and employed 44% of workers. In 2005, Iranian women accounted for 33% of the workforce (out of 25 million people). In 2009, Iran's average monthly salary was $400 (GDP per capita: $12,300 PPP). According to experts, annual economic growth above five per cent would be needed to keep pace with the 750,000 new labor force entrants each year. More than two-thirds of the population (74 million) is under the age of 30.[53] Migrant Iranian workers abroad remitted less than $2 billion home in 2006.[54]

In 2009, Iran's average monthly salary was $400 (GDP per capita: $12,300 PPP). The Iranian Labor Law is very employee-friendly. In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees.[47] The informal economy is also important.

There is a minimum national wage applicable to each sector of activity fixed by the Supreme Labor Council. In 2009 the minimum wage, determined by the Supreme Labor Council, was about US$263 per month (US$3,156 per year).[55] Membership in the social security system for all employees is compulsory.[56]

Although Iranian workers have, in theory, a right to form labor unions, there is, in actuality, no union system in the country. Workers are represented ostensibly by the Workers' House, a state-sponsored institution that nevertheless attempts to challenge some state policies. Guild unions operate locally in most areas but are limited largely to issuing credentials and licenses. The right of workers to strike is generally not respected by the state, and since 1979 strikes have often been met by police action.

The comprehensive Labor Law covers all labor relations in Iran, including hiring of local and foreign staff. The Labor Law provides a very broad and inclusive definition of the individuals it covers, and written, oral, temporary and indefinite employment contracts are all recognized.

The Iranian Labor Law is very employee-friendly and makes it extremely difficult to layoff staff. Employing personnel on consecutive six-month contracts is illegal, as is dismissing staff without proof of a serious offense. Labor disputes are settled by a special labor council, which usually rules in favor of the employee.[56]

Social protection covers the employees between the age of 18 and 65 years, and the financing is shared between the employee (7% of the wages), the employer (20-23%) and the State (which supplements the contribution of the employer up to a total value of 3%). Social protection is extended to the self-employed workers, who voluntarily contribute between 12% and 18% of their income depending on the protection sought. The social security makes it possible to ensure the employees against unemployment, disease, old age, and occupational accidents. Iran did not legislate in favor of a universal social protection, but in 1996, the Center of the Statistics of Iran estimates that more than 73% of the Iranian population is covered by social security.[22]

Civil servants, the regular military, law enforcement agencies, and the Islamic Revolutionary Guard Corps, Iran’s second major military organization, have their own pension systems. The Guards are thought to control about a third of Iran's economy through a series of subsidiaries and trusts.[57] In 2003 the minimum standard pension was 50% of the worker’s earnings but not less than the amount of the minimum wage. Iran spent 22.5% of its 2003 national budget on social welfare programs. More than 50% of that amount covered pensions.

File:IR economy sectors.PNG
The share of Iran's oil sector in the GDP increased from 15% in 2002 to 25% in 2006, mainly because of a sharp increase in the price of oil.[58]

Welfare programs for the needy are managed by more than 30 individual public agencies, and semi-state organizations called Bonyads, as well as by several private non-governmental organizations. In 2003, the government began to consolidate its welfare organizations in an effort to eliminate redundancy and inefficiency. Bonyads are a consortium of over 120 organizations which are tax-exempt, receive government subsidies and religious donations and answer directly to the Supreme Leader of Iran. They control over 20% of Iran's GDP and they are involved in everything from vast soybean and cotton fields to hotels to soft drinks to auto-manufacturing to shipping lines. Bonyads are overstaffed, corrupt, and generally not profitable.[59] In 2007, Iran had 12 million people living below the poverty line. Six million of these people were not supported by any foundation or organization.[60] The poverty line for Tehran in the year ending March 20, 2008 was $9,612 per year and the national average was $4,932.[61] In 2010, Iran's Department of Statistics announced that 10 million Iranians live under the absolute poverty line and 30 million live under the relative poverty line.[62]

Sectors of the economy

Agriculture and foodstuff

Main article: Agriculture in Iran
See also: Geography of Iran and Environmental issues in Iran

About 20% of the land in Iran is arable. The main food-producing areas are in the Caspian region and in the valleys of the northwest. Some northern and western areas support rain-fed agriculture, while other areas require irrigation for successful crop production.[63]

Agriculture contributes just over 11% to the gross national product and employs a third of the labor force. By 1997, the gross value of products in Iran's agricultural sector reached $25 billion and by 2003, a quarter of Iran's non-oil exports were agricultural based.

The principal obstacles to agricultural production are primitive farming methods, overworked and underfertilized soil, poor seed, and scarcity of water. About one third of the cultivated land is irrigated; the construction of multipurpose dams and reservoirs along the rivers in the Zagros and Alborz mountains has increased the amount of water available for irrigation. Agricultural programs of modernization, mechanization, and crop and livestock improvement, and programs for the redistribution of land are increasing agricultural production.[64]

Wheat, the most important crop, is grown mainly in the west and northwest; rice is the major crop in the Caspian region. Barley, corn, cotton, sugar beets, tea, hemp, tobacco, fruits (including citrus), potatoes, legumes (beans and lentils), vegetables, fodder plants (alfalfa and clover), spices (including cumin, sumac, and saffron (world's largest producer)), nuts (pistachios (world's largest producer), almonds, and walnuts), dates (2nd largest producer[65]), berberis (world's largest producer) and berries (world's largest producer[66]) is raised. Livestock products include lamb, goat, meat, beef, poultry, milk, eggs, butter, cheese, wool, and leather. Honey is collected from beehives, and silk is harvested from silkworm cocoons. The northern slopes of the Alborz mountains are heavily wooded, and forestry products are economically important; the cutting of trees is rigidly controlled by the government, which also has a reforestation program. The rivers that drain into the Caspian Sea are fished for salmon, carp, trout, pike, sturgeon and caviar (world's largest producer[67]).[64]

Since 1979 commercial farming has replaced subsistence farming as the dominant mode of agricultural production. By 1997, the gross value of products in Iran's agricultural sector had reached $25 billion. Iran has attained 90% self-sufficiency in essential agricultural products; total rice production fails to meet domestic food requirements, however, making substantial imports necessary. In 2007 Iran reached self-sufficiency in wheat production, and for the first time became a net wheat exporter.[68] By 2003, a quarter of Iran's non-oil exports were agricultural based.[69] Major agricultural exports include fresh and dried fruits, nuts, animal hides, processed foods, and spices.

Manufacturing

See also: Industry of Iran, Industrial Development and Renovation Organization of Iran, Iran Electronics Industries (IEI), Iran Aviation Industries Organization, and Iranian Space Agency
File:Safir 2 rocket slv 2.jpg
Iran launched its second satellite Omid in 2009 aboard Safir. The Iranian Space Agency announced it would spend $500 million per year on a domestic space program between 2005 and 2010.[70]

Large-scale manufacturing in factories began in the 1920s and developed gradually. During the Iran–Iraq War, Iraq bombed many of Iran’s petrochemical plants, and the large oil refinery at Abadan was badly damaged and forced to halt production. Reconstruction of the refinery began in 1988 and production resumed in 1993. However, the war also stimulated the growth of many small factories producing import-substitution goods and materials needed by the military.

The country’s major manufactured products are petrochemicals, steel, and copper products. Other important manufactures include automobiles, home and electric appliances such as television sets, refrigerators, washing machines and other home appliances, telecommunications equipment, cement, industrial machinery (Iran has the largest operational stock of industrial robots in West Asia),[71] paper, rubber products, agricultural products and processed foods (including refined sugar and vegetable oil), leather products and pharmaceuticals. Textile mills, based on domestic cotton and wool such as Tehran Patou and Iran Termeh, employed about 400,000 people in 2000 and are centered in Tehran, Isfahan and along the Caspian coast. Iran, with a population of 74 million, requires 1.4 billion square meters of textiles annually.[72][73]

According to a report by the Economist, Iran has been ranked 39th for producing $23 billion of industrial products in 2008.[74] From 2008 to 2009 Iran has leaped to 28th place from 69th place in annual industrial production growth rate.[75]

A 2004-report made by United Nations Industrial Development Organization regarding the state of SME's in Iran identified these causes as the ones impeding Iran's industrial development: lack of monitoring institutions, inefficient banking system, lack of sufficient R&D, shortage of managerial skills, corruption, inefficient taxation, socio-cultural apprehensions, absence of social learning loops, lack of familiarity with international markets necessary for global competition, cumbersome bureaucratic procedures, shortage of skilled labor, lack of intellectual property protection, shortage of research centers, lack of social capital, social learning, social responsibility and socio-cultural values.[76]

Handicrafts

Main articles: Iranian art and Persian rug
File:Iranian art.gif
Iranian art

Iran has a long tradition of producing artisan goods, including Persian carpets, ceramics, copperware and brassware, glass, leather goods, textiles, and woodwork. Iran’s rich carpet-weaving tradition dates from pre-Islamic times, and it remains an important industry and contributes substantially to rural incomes. There is an estimated population of 1.2 million weavers in Iran producing carpets for domestic markets and international export.[77] Iran exports more than $500 million worth of hand-woven carpets each year or 30% of the world's market share (2008).[78][79] About 5.2 million people work in some 250 fields of the handicraft industry, contributing 3% to the GDP.[80]

Automobile manufacturing

Main article: Iranian automobile industry

As of 2001, there were 13 public and privately owned automakers within Iran, of which two - Iran Khodro and Saipa - accounted for 94% of the total domestic production. Iran Khodro produced the most prevalent car brand in the country - Paykan - which was replaced in 2005 by Samand. Iran Khodro was still the largest with 61% of the market in 2001, while Saipa contributed 33% of Iran’s total production in the same year. The other car manufacturers, such as the Bahman Group, Kerman Motors, Kish Khodro, Raniran, Traktorsazi, Shahab Khodro, and others together produced only 6%.[81] These automakers produce a wide range of automobiles including motorbikes, passenger cars such as Saipa's Tiba, vans, mini trucks, medium sized trucks, heavy duty trucks, minibuses, large size buses and other heavy automobiles used in commercial and private activities in the country. Iran ranked the world's 16th biggest automaker in 2006 and has a fleet of 7 million cars, which translates to almost one car per ten persons in the country (including pick-ups and buses).[82][83][84] Automobile production crossed the 1 million mark in 2005 and Iran car exports are projected to reach $1 billion by March 2009.[85][86]

Defense industry

Main articles: Military of Iran, Iranian defense industry, and List of military equipment manufactured in Iran

Iran's 2007 defense budget was estimated to be $7.31 billion (2.6% of GDP) by London's International Institute for Strategic Studies or $102 per capita, ranking the 25th largest defense expenditure globally. Iran's defense industry has taken great strides in the past 25 years, and now manufactures many types of arms and equipment. Since 1992, Iran's Defense Industries Organization (DIO) has produced its own tanks, armored personnel carriers, guided missiles, radar systems, guided missile destroyer, military vessels, submarines, and a fighter plane.[87] In 2006 Iran exported weapons to 57 countries, including NATO members, and sold $100 million worth of military equipment abroad.[88][89] [90]

Construction and real estate

Main article: Construction in Iran
See also: Water supply and sanitation in Iran, List of reservoirs and dams in Iran, Iranian architecture, Milad Tower, and Khatam al-Anbia
Iran is one of the largest dam builders in the world.[91] Most dams in Iran are built for hydropower, flood control and irrigation

The annual turnover in the construction industry amounted to $38.4 billion in 2005.[92] Until the early 1950s the construction industry was limited largely to small domestic companies. Increased income from oil and gas and the availability of easy credit, however, triggered a subsequent building boom that attracted major international construction firms to Iran. This growth continued until the mid-1970s, when, because of a sharp rise in inflation, credit was tightened and the boom collapsed. The construction industry had revived somewhat by the mid-1980s, but housing shortages and speculation have remained serious problems, especially in the large urban centers. Because of the poor quality of many constructions, many buildings need anti-seismic reinforcement or renovation.[93] Iran has a large dam building industry.[91] Today 70% of the Iranians own homes.[94] Construction is one of the most important sectors in Iran accounting for 20–50% of the total private investment. One of the prime investment targets of well off Iranians as tangible. Cement production capacity is expected to increase from 54 million tons in 2009 to 64 million tons once eight cement factories become operational.[95]

Energy, gas, petroleum and petrochemicals

Main articles: Energy in Iran, Ministry of Petroleum of Iran, National Iranian Oil Company, NIOC Recent Discoveries, and 2007 Gas Rationing Plan in Iran
See also: National Iranian Petrochemical Company, Asalouyeh, Iranian Oil Bourse, Iranian nuclear program, and List of power stations in Iran
Iran holds 10% of the world's proven oil reserves and 15% of its gas. It is OPEC's second largest exporter and the world's fourth oil producer.

Iran holds 10% of the world's proven oil reserves. Iran also has the world's second largest reserves of natural gas (15% of the world's total), mainly in South Pars; these are exploited primarily for domestic use. Since 1913 Iran has been a major oil exporting country. The chief oil fields are found in the central and southwestern parts of the Zagros mountains in western Iran. Oil also is found in northern Iran and in the offshore waters of the Persian Gulf. Domestic oil and gas, along with hydroelectric power facilities, provide the country with power. Iran built its first $1 billion nuclear power plant in Bushehr in March 2009, called Bushehr 1.[96]

In the late 1970s, it ranked as the fourth largest oil producer (OPEC's second largest oil producer) and the second largest oil exporter in the world. Following the 1979 revolution, however, the government reduced daily oil production in accordance with an oil conservation policy. Further production declines occurred as result of damage to oil facilities during the imposed war with Iraq. Oil production began increasing in the late 1980s due to the repair of damaged pipelines and the exploitation of newly discovered offshore oil fields in the Persian Gulf.

Major refineries are located at Abadan (site of the country's first refinery, built 1913), Kermanshah, and Tehran but fail to meet domestic demand for gasoline. The oil refining industry of the country needs a $15 billion investment for its development over the next 5 years to become self-sufficient and end imports.[97] Pipelines move oil from the fields to the refineries and to such exporting ports as Abadan, Bandar-e Mashur, and Kharg Island. Since late 1990s, Iran's state-owned oil and gas industry has entered into major exploration and production agreements with foreign consortia, notably in Asalouyeh.

With a fertilizer plant in Shiraz, the largest ethylene unit in the world in Asalouyeh and the completion of other PSEEZ projects, Tehran expects to see a surge in petrochemical exports from of $5.5 billion in 2007 to a total of nearly $9 billion in 2008.[98][99]

By 2004, Iran’s annual oil production was 1.4 billion barrels, creating a net profit of $50 billion.[100] Iran manufactures 50-80% of its industrial equipment domestically, including refineries, oil tankers, drilling rigs, offshore platforms and exploration instruments.[101][102] In February 2008 the Iranian Oil Bourse was inaugurated in Kish Island to trade crude oil and petrochemical products.[103] The transactions are made in the Iranian rial and other major currencies (except for USD).[104]

In 2008 energy wastage in Iran amounted to six or seven billion dollars. The energy consumption in the country is extraordinarily higher than international standards. Iran recycles 28% of its used oil and gas whereas the figure for certain countries stands at 60%.[105] Iran paid $84 billion in subsidies for oil, gas and electricity in 2008.[106]

Mines and metals

Main article: Mining in Iran
Iran is among the top ten countries in the world in terms of diversity of minerals. Close to 30% of the country’s investment has been made in the field in recent years. 45% of the stock market's capitalization is in the mineral industries.[107]

Mineral production contributes only 0.6% to the country’s GDP. Add other mining-related industries and this figure increases to just 4%. Many factors have contributed to this, namely lack of suitable infrastructure, legal barriers, exploration difficulties, and government control over all resources.[108]

Although the petroleum industry provides the majority of economic revenues, about 75% of all mining sector employees work in mines producing minerals other than oil and natural gas. These include coal, iron ore, copper, lead, zinc, chromium, barite, salt, gypsum, molybdenum, strontium, silica, uranium, and gold (most as a coproduct of the Sar Cheshmeh copper complex operations). The mines at Sar Cheshmeh in Kerman Province contain the world's second largest lode of copper ore. Large iron ore deposits lie in central Iran, near Bafq, Yazd, and Kerman. The government owns 90% of all mines and related large industries in Iran and is seeking foreign investment for the development of the mining sector. In the steel and copper sectors alone, the government is seeking to raise around $1.1 billion in foreign financing.[109] The sector accounts for 3% percent of the country’s exports.[107]

Iran has recoverable coal reserves of nearly 1.9 billion short tonnes. By mid-2008, the country produced about 1.3 million short tonnes of coal annually and consumed about 1.5 million short tonnes, making it a small net importer of coal.[110] The country plans to increase hard-coal production to 5 million tons in 2012 from 2 million tons in November 2008.[111] Main steel mills are located in Isfahan and Khuzestan.[112] Steel production capacity will reach 17 million tons from 10 million tons in 2009 after the private and state projects come on stream and 40 million tons in 2012.[111] Iran became self-sufficient in steel production in 2009.[113] Aluminum and copper production are projected to hit 245,000 and 383,000 tons respectively by March 2009.[95][111]

Services

See also: Education in Iran, Higher Education in Iran, Science and technology in Iran, and List of Iranian Research Centers

Despite efforts in the 1990s toward economic liberalization, government spending—including expenditures by quasi-governmental foundations that dominate the economy—has been high. Estimates of service sector spending in Iran are regularly more than two-fifths of the GDP, and much of that is government-related spending, including military expenditures, government salaries, and social service disbursements.

File:HORCSCT.jpg
Iran is amongst the top 10 countries in stem cell research. [114] Iran will invest 2.5 billion dollars in the country's stem cell research over the next five years (2008-2013).[115]

Urbanization has contributed to significant growth in the service sector. Important service industries include public services (including education), commerce, personal services, professional services, and tourism. Iran's national science budget is about $900 million (2005) and it has not been subject to any significant increase since 15 years ago.[116] By early 2000, Iran allocated around 0.4% of its GDP to R&D, which ranks it "far behind industrialized societies" and the world average of 1.4%.[117] By 2009 this ratio of research to GDP reached 0.87% and the set target is 2.5%.[2]

The total value of transport and communications GDP will rise to $46 billion in nominal terms by 2013, representing 6.8% of Iran’s GDP. Projections based on employment figures compiled for the International Labor Organization in 1996 suggest that Iran’s transport and communications sector employed 3.4 million people, or 20.5% of the labor force, in 2008.[118]

Retail and distribution

See also: Communications in Iran § Electronic commerce

At present the Iranian retail industry is largely in the hands of cooperatives, many of them government-sponsored, and of independent retailers in the bazaars. The bulk of food sales occur at street markets, where the Chief Statistics Bureau sets the prices. More mini-markets and supermarkets are emerging, but these are mostly one-off, independently owned operations. The most significant chains are the state-owned Etka, Refah and Shahrvand supermarkets, all of which are gearing up for expansion.[119] French supermarket group Carrefour and Migros Turk have also investment projects in Iran.

Healthcare and pharma

Main article: Healthcare in Iran

The constitution entitles Iranians to basic health care. In the early 2000s, about 65% of the population was covered by the voluntary national health insurance system. Although over 85% of the population use an insurance system to reimburse their drug expenses, the government heavily subsidies pharmaceutical production/importation in order to increase affordability of medicines and vaccines. The total market value of Iran’s health and medical sector was almost $24 billion in 2002 and was forecast to rise to $31 billion by 2007.[120] In 2006, 55 pharmaceutical companies in Iran produced more than 96% (quantitatively) of medicines on the market worth $1.2 billion annually.[121][122][123]

Tourism and traveling

Main article: Tourism in Iran
File:DizinIran.jpeg
Iran currently ranks 68th in tourism revenues worldwide. Iran with attractive natural and historical sites is rated among the 10 most touristic countries in the world.[124] Iranian hospitality and culture are some of the unique and distinctive features of its people.

The tourist industry declined dramatically during the war with Iraq in the 1980s but has subsequently revived. About 1,659,000 foreign tourists visited Iran in 2004; most came from Asian countries, including the republics of Central Asia, while a small share came from the countries of the European Union and North America.[6][125] The most popular tourist destinations are Isfahan, Mashhad, and Shiraz. In the early 2000s the industry still faced serious limitations in infrastructure, communications, regulatory norms, and personnel training.[126] The majority of the 300,000 tourist visas granted in 2003 were obtained by Asian Muslims, who presumably intended to visit important pilgrimage sites in Mashhad and Qom. Several organized tours from Germany, France, and other European countries come to Iran annually to visit archaeological sites and monuments. Iran currently ranks 68th in tourism revenues worldwide. Iran with attractive natural and historical sites is rated among the 10 most touristic countries in the world. Close to 1.8% of national employment is generated in the tourism sector which is slated to increase to 10% in the next five years.[127]

Banking, finance and insurance

See also: Central Bank of Iran, Iranian Rial, Banking and Insurance in Iran, Shetab Banking System, and Tehran Stock Exchange

The government makes loans and credits available to industrial and agricultural projects, primarily through banks. Iran’s unit of currency is the rial. The official exchange rate averaged 9,326 rials to the U.S. dollar in 2007.[21] However, rials are exchanged on the unofficial market at a higher rate. In 1979, the government nationalized all private banks and announced the establishment of a banking system whereby, in accordance with Islamic law, interest on loans was replaced with handling fees; the system went into effect in the mid-1980s.

As of June 2008, 400 companies, with a market capitalization of $70 billion were listed on the Tehran Stock Exchange (TSE).[128] TSE which is a full member of the World Federation of Exchanges and a founding member of the Federation of Euro-Asian Stock Exchanges, has been one of the world's best performing stock exchanges in recent years.[129]

The banking system consists of the central bank also known as Bank Markazi, which issues currency and oversees all state and private banks; several commercial banks that are headquartered in Tehran but have branches throughout the country; two development banks; and a housing bank that specializes in home mortgages. Accounts of the state-owned commercial banks are dominated by loans to state and Bonyad enterprises, large-scale private firms and four thousand wealthy/connected individuals who don't always repay their loans.[130][131] The government began to privatize the banking sector in 2001, when it issued licenses to two new privately owned banks.[132] Iranian reserves in foreign banks in mid-February 2008 reached over $81 billion.[133]

The Tehran Stock Exchange trades the shares of more than 400 registered companies. The stock market capitalization of listed companies in Iran was valued at $70 billion in 2008.[134] According to experts, the economy of Iran has many investment opportunities, particularly on its stock exchange.[135] Iran's electronic commerce will reach 10,000 billion rials ($1 billion) by March 2009.[136]

Insurance premiums come to just below 1% of GDP. This is partly attributable to low average income per head.[110] Five state-owned insurance firms dominate the sector, four of which are active in commercial insurance. The leading player is the Iran Insurance Company, followed by the Asia Insurance Company, the Alborz Insurance Company and the Dana Insurance Company. In 2001/02 third-party liability insurance accounted for 46% of premiums, followed by health insurance (13%), fire insurance (around 10%) and life insurance (9.9%).[137]

Communications and IT

Main articles: Communications in Iran, Telecommunication Company of Iran, and Media of Iran
Iran is among the first five countries which have had a growth rate of over 20% and the highest level of development in telecommunication.[138][139] Iran has been awarded the UNESCO special certificate for providing telecom services to rural areas.

The government runs the broadcast media, which includes five national radio stations and five national television networks, as well as dozens of local radio and television stations. In 2000 there were 252 radios and 158 television sets in use for every 1,000 residents. There were 219 telephone lines and 110 personal computers for every 1,000 residents. Computers for home use became more affordable in the mid-1990s, and since then demand for access to the Internet has increased rapidly, where Iran has now the world's fourth largest number of bloggers. In 1998 the Ministry of Post, Telegraph & Telephone (renamed Ministry of Information & Communication Technology) began selling Internet accounts to the general public. In 2006, the Iranian telecom industry's revenues were estimated at $1.2 billion.[140] By the end of 2009, Iran's telecom market was the fourth-largest market in the region at $9.2 billion and is expected to grow to $12.9 billion by 2014 at a CAGR of 6.9%.[141] Iran currently has 1,223 Internet Service Providers (ISPs) all private sector operated.[142]

According to the Electronic Journal on Information Systems in Developing Countries (EJISDC), the information and communications technology (ICT) sector had a 1.1-1.3% share of GDP in 2002. About 150,000 people are employed in the ICT sector, including around 20,000 in the software industry.[143] There were 1,200 registered information technology (IT) companies in 2002, 200 of which were involved in software development. Software exports stood around $50 million in 2008.[144]

Transport

Main article: Transport in Iran
See also: Tehran Metro, Islamic Republic of Iran Railways, Iran Shipping Lines, and Airlines of Iran
Tehran is the hub of the country's communication and transport network. The city has numerous large museums, art centers, palace complexes and cultural centers and host 45% of Iran's industries.[145]

Iran has an extensive paved road system linking most of its towns and all of its cities. In 2007 the country had 178,152 kilometers (111,000 mi) of roads, of which 66% were paved. There were approximately 100 passenger cars for every 1,000 inhabitants.[82] Trains operated on 11,106 km (6,942 mi) of railroad track.[21][146][147]

The country’s major port of entry is Bandar-Abbas on the Strait of Hormuz. After arriving in Iran, imported goods are distributed throughout the country by trucks and freight trains. The Tehran-Bandar-Abbas railroad, opened in 1995, connects Bandar-Abbas to the railroad system of Central Asia via Tehran and Mashhad. Other major ports include Bandar Anzali and Bandar Torkaman on the Caspian Sea and Khoramshahr and Bandar Imam Khomeini on the Persian Gulf. Dozens of cities have airports that serve passenger and cargo planes. Iran Air, the national airline, was founded in 1962 and operates domestic and international flights. All large cities have mass transit systems using buses, and several private companies provide bus service between cities. Tehran, Mashhad, Shiraz, Tabriz, Ahvaz and Isfahan are in the process of constructing underground mass transit rail lines. More than one million people work in the transportation sector, accounting for 9% of GDP (2008).[148]

Foreign trade and economic relations

See also: Economic Cooperation Organization, Middle East economic integration, Developing 8 Countries, Colombo Plan, United Nations Security Council Resolution 1747, and International rankings of Iran
Iranian exports in 2006. Part of the non-oil exports are rising as the country is moving towards industrial diversification. Pistachios, liquefied propane, methanol (methyl alcohol), hand-woven carpets and automobiles are the core items of Iran's non-oil exports.

Iran is a founding member of OPEC and the Organization of Gas Exporting Countries.[149] Petroleum constitutes the bulk of Iran's exports (80%), valued at $46.9 billion in 2006.[150] Iran's non-oil exports stood at $16.3 billion in the year ending March 20, 2007, a rise of 47.2% from the previous period.[151] and 21.321 billion dollars in 2009.[152] Pistachios, liquefied propane, methanol (methyl alcohol,) hand-woven carpets and automobiles are the core items of Iran's non-oil exports.[153] Iran's export of technical and engineering services in 2007-08 was $2.7 billion; 40% of the export of technical services pertains to Central Asia and the Caucasus. About 30%, equivalent to $350 million, to Iraq, and close to 20% ($205 million) to Africa and North Africa.[154] Iranian firms have implement projects in different fields such as energy, pipeline, irrigation, dam construction and power generation in different countries.[155]

The total volume of imports to Iran rose by 189% from $13.7 billion in 2000 to an estimated $39.7 billion in 2005[156] and $55.189 billion in 2009.[152] Iran is among the few countries that has kept a positive GDP growth despite the 2008 global financial crisis.

Iran's major commercial partners are China, India, Germany, South Korea, Japan, France, Russia and Italy. From 1950 until 1978, the United States was Iran's foremost economic and military partner; thus participating greatly in the modernization of its infrastructure and industry.[31][32] After the Iranian Revolution in 1979 though, the United States ended its economic and diplomatic ties, banned Iranian oil imports and froze $12 billion of its assets. In 1996, the U.S. Government passed the Iran and Libya Sanctions Act (ILSA) which prohibits U.S. (and non-U.S. companies) from investing and trading with Iran for more than $20 million annually,[157] with the exception, since 2000, for items like pharmaceuticals, medical equipment, caviar and Persian rugs.

Map of the Economic Cooperation Organization (ECO) member states which is headquartered in Tehran.

Since the mid 90's, Iran has increased its economic cooperation with other developing countries in "south-south integration" including Syria, India, China, South Africa, Cuba and Venezuela. Iran's trade with India crossed US$13 billion in 2007, an 80% increase in trade volume within a year.[158] Iran is expanding its trade ties with Turkey and Pakistan and shares with its partners the common objective for the creation of a single economic market in West and Central Asia called ECO.

Since 2003, Iran has increasingly invested in the economy and reconstruction of its neighboring countries like in Iraq and Afghanistan. In Dubai, UAE, it is estimated that Iranian expatriates are handling over 20% of its domestic economy with an equal proportion of its population.[159][160] From 2005 to 2009, trade between Dubai and Iran tripled to $12 billion; money is invested in the local real estate market and import-export businesses, collectively known as the Bazaar, and geared towards providing Iran and other countries with the demanded consumer goods.[161] It is estimated that one third of the imported goods and exports are delivered through the black market, underground economy, and illegal jetties.[162]

In 2006, the combined net worth of the Iranian citizens abroad was about 1.3 trillion dollars.[163]

Since 2006, Iran's Nuclear Program has become the subject of contention with the West because of suspicions regarding Iran's military intentions. This has led the UN Security Council to impose sanctions against Iran on select companies linked to this program, thus furthering its economic isolation on the international scene.

Foreign direct investment

See also: Foreign Direct Investment in Iran, Assalouyeh, Tehran International Fair, Iranian citizens abroad, and Sanctions against Iran

In the 1990s and early 2000s, some indirect oilfield development agreements were made with foreign firms. Buyback contracts in the oil sector, for instance, were arranged in which the contractor funded all the investments, and then received remuneration from the National Iranian Oil Company (NIOC) in the form of an allocated production share, then transferred operation of the field to NIOC after a set number of years, at which time the contract was completed.

Foreign Direct Investment in Iran hit a record $10.2 billion in 2007 from $4.2 billion in 2005 and $2 million in 1994.[164] In 2009 Iran invested $793 million abroad and received $7.854 billion at home.[21]

Foreign investment has been hindered by unfavorable or complex operating requirements and by international sanctions, although in the early 2000s the Iranian government liberalized investment regulations. Iran absorbed $24.3 billion of foreign investment from Iranian calendar year 1993 to 2007.[165] Foreign direct investment in Iran hit a record $10.2 billion in 2007 from $4.2 billion in 2005 and $2 million in 1994.[164] Foreign transactions with Iran amounted to $150 billion worth of major contracts between 2000 and 2007, including private and government lines of credit.[166] In 2007, Iran had $62 billion worth of assets abroad.[167] The EIU estimates that Iran's net FDI will rise by 100 per cent within the next four years.[16]

Firms from over 50 countries have invested in Iran, with Asia and Europe receiving the largest share. Asian firms have invested over $11.6 billion in 190 Iranian projects, with those from the United Arab Emirates (UAE) leading the way, followed by Singapore, Indonesia and Oman. Over 20 European countries, particularly Germany, the Netherlands and Spain, made investments worth over $10.9 billion in 253 projects. The UK, Turkey, Italy and France also have had a great share in Iranian investments. Companies from Canada, Panama, the USA and Jamaica are also involved in seven economic projects in Iran, valued over $1.4 billion. Investors from Mauritius, Liberia and South Africa have invested a combined total of $8 billion in Iran. In addition, Australia has invested $682 million in an Iranian project.[168]

Foreign investors have concentrated their activity in a few sectors of the economy: energy, vehicle manufacture, copper mining, construction, utilities, petrochemicals, clothing, food and beverages, telecom, and pharmaceuticals.

According to the head of Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), Iran ranked 142 among 181 countries in terms of working conditions in 2008. Iran stands 96 in terms of business start, 165 in getting permits, 147 in employment, 147 in registering assets, 84 in getting credits, 164 in legal support for investments, 104 in tax payment, 142 in overseas trade, 56 in feasibility of contracts and 107 in bankruptcy.[169]

Iran has made the development of non-oil exports a priority. The country has the advantage of a broad domestic industrial base, an educated and motivated workforce and geographical location, which gives it access to an estimated population of some 300 million people in Caspian markets, Persian Gulf states and countries further east.

Iran and the World Trade Organization

See also: Iran and WTO, Group of 15, Middle East economy, and Intellectual property in Iran
Middle East economic integration is a step towards WTO accession and a prime market opportunity for Iran's non-oil exports.

Iran has an observer status at the World Trade Organization (WTO) since 2005. The United States has consistently blocked Iran's bid to join the WTO since Tehran first asked for membership several years ago.[170] but accepted the country in as a goodwill gesture so as to ease the nuclear negotiations between Iran and the international community.

Yet, if Iran does eventually gain membership status in the WTO, among other prerequisites, copyright laws will have to be obeyed in Iran. This would require a major overhaul of business and trade operations in Iran, a change which many experts believe would be a price too heavy for Iran's economy to pay at the present time. Still, Iran is hoping to attract billions of dollars worth of foreign investment while creating a more favorable investment climate, such as reduced restrictions and duties on imports and the creation of free trade zones like in Qeshm, Chabahar and Kish Island. Iran has allocated $20 billion in loans to launch 20 trade centers in other countries.[171]

See also

Wikimedia Commons has media related to Economy of Iran.

References

  1. ^ "Annual Review" for 1387(2008/09)". Cbi.ir. 2009-12-01. Retrieved 2010-05-10.
  2. ^ a b [http://www.irantradelaw.com/wp-content/uploads/2010/03/Irans-Foreign-Trade-Regime-Report.pdf Ministry of Commerce (Iran): Memorandum - THE FOREIGN TRADE REGIME OF THE ISLAMIC REPUBLIC OF IRAN]. Retrieved April 8, 2010.
  3. ^ http://www.presstv.ir/detail.aspx?id=129249&sectionid=351020605
  4. ^ "Fars News Agency : كاهش نرخ تورم به 10.8 درصد در سال 88". Farsnews.com. Retrieved 2010-05-10.
  5. ^ CBI: Economic Trends 2008/2009. Retrieved July 4, 2009.
  6. ^ a b Encarta: Iran's entry[dead link‍] Retrieved June 26, 2009. Archived 2009-10-31.
  7. ^ a b IRNA: Crude price pegged at dlrs 39.6 a barrel under next year's budget. Retrieved December 5, 2008.
  8. ^ "Development Economics, Development Data Group (DECDG)" (Document). World Bank. 2009-03-27. {{cite document}}: Cite has empty unknown parameters: |editor-first=, |format=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution-url= ignored (help); Unknown parameter |contribution= ignored (help)
  9. ^ "Country risk summary" (Document). Economist Intelligence Unit. 12 June 2009. {{cite document}}: Cite has empty unknown parameters: |editor-first=, |format=, |contribution-url=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution= ignored (help)
  10. ^ PressTV: Iran privatizes $63bn of state assets. Retrieved January 28, 2010.
  11. ^ a b Economist, Jan 18, 2003
  12. ^ PressTV: Iran oil exports top 844mn barrels Retrieved June 16, 2010
  13. ^ Foreign and CommonWealth Office: Iran's entry. Retrieved June 21, 2009.
  14. ^ The Rise of the Pasdaran: RAND corporation Retrieved June 10, 2010
  15. ^ Abrahamian, History of Modern Iran, (2008), p.178
  16. ^ a b Ajazeera.net: The tragicomedy of Iran sanctions Retrieved May 22, 2010
  17. ^ "U.S. targets Iran's vulnerable oil". Los Angeles Times. 2007-01-08. Retrieved 2007-07-17.
  18. ^ "Energy subsidies reach $84b". Iran-Daily. 2007-01-08. Archived from the original on 2008-05-06. Retrieved 2008-04-27.
  19. ^ Transparency International: Iran falls to 168 in Corruption Perception Index 2009 . Retrieved November 19, 2009.
  20. ^ Freedom House: Iran Country Report. Retrieved October 29, 2009.
  21. ^ a b c d e f g h i "Iran's entry". Central Intelligence Agency. October 28, 2008. Retrieved 2009-11-06.
  22. ^ a b "Development Progress" (Document). World Bank. June 2009. {{cite document}}: Cite has empty unknown parameters: |editor-first=, |format=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution-url= ignored (help); Unknown parameter |contribution= ignored (help)
  23. ^ Iran Daily: New Plan Focus On Subsidies[dead link‍]. Retrieved June 5, 2009.
  24. ^ Atieh Bahar: Planned Economic Reforms Retrieved May 24, 2009
  25. ^ PressTV: Iran VAT suspension stirs controversy Retrieved May 24, 2009
  26. ^ Iran Daily: Gov’t Set to Change Economic Course[dead link‍]. Retrieved June 5, 2009.
  27. ^ a b "Iran Inflation Rate". index Mondi.
  28. ^ Iran's inflation reaches four year low. Retrieved February 27, 2010.
  29. ^ Frances Harrison (January 8, 2007). "Huge cost of Iranian brain drain". BBC News.
  30. ^ Gheissari, Ali (April 2, 2009). Contemporary Iran: Economy, Society, Politics. USA: Oxford University Press. pp. 3–4 (Paperback edition). ISBN 0195378490. {{cite book}}: Cite has empty unknown parameter: |coauthors= (help)
  31. ^ a b Iran's Industrial Progress (part 1). Retrieved January 20, 2010.
  32. ^ a b Iran's Industrial Progress (part 2). Retrieved January 20, 2010.
  33. ^ Migration information source: Iran. Retrieved July 18, 2009.
  34. ^ Gheissari, Ali (April 2, 2009). Contemporary Iran: Economy, Society, Politics. USA: Oxford University Press. pp. 7–8 (Paperback edition). ISBN 0195378490. {{cite book}}: Cite has empty unknown parameter: |coauthors= (help)
  35. ^ "Iranian Economy in Six Snapshots". Payam-e Emruz; Economic, Social, Cultural (Monthly). 2001-02-23. Archived from the original on 2007-09-27. Retrieved 2007-07-17.
  36. ^ MSN Encarta: Iran-Iraq War[dead link‍] Retrieved January 29, 2009. Archived 2009-10-31.
  37. ^ Globalsecurity.org: Iran-Iraq war (1980-1988). Retrieved October 21, 2009.
  38. ^ PressTV: The fifth Iranian development plan. Retrieved January 20, 2010.
  39. ^ a b c [1][dead link‍] Retrieved Juanuary 20, 2010
  40. ^ Mehrnews[dead link‍]. Retrieved 12 February 2008.
  41. ^ Mehr News Agency: South Pars attracts $15b in domestic investment Retrieved June 15, 2010
  42. ^ Tehran Times: Iran to build 46 new petchem units. Retrieved January 30, 2010.
  43. ^ 120,000 cooperatives operating in Iran[dead link‍]. Retrieved June 30, 2008.
  44. ^ Justice Shares Payment Soon[dead link‍]. Retrieved December 25, 2008.
  45. ^ "BBC Persian.com". BBC. 2006-07-16. Retrieved 2007-07-17.
  46. ^ PressTV: Iran privatizes $63bn of state assets. Retrieved November 29, 2009.
  47. ^ a b Iran: Crude price pegged at dlrs 39.6 a barrel under next year's budget. Retrieved 30 January 2008.
  48. ^ Iran's GDP to grow by $55.5B: The Economist. Retrieved April 7, 2010.
  49. ^ Encarta: Iran's entry[dead link‍] Retrieved July 3, 2009. Archived 2009-10-31.
  50. ^ Financial Times: Ahmadi-Nejad unveils expansionary Iran budget. Retrieved January 26, 2010.
  51. ^ IMF World Economic Outlook database. Retrieved 12 February 2008.
  52. ^ UNDP.org Table H
  53. ^ PressTV: Iranian unemployment rate not reduced to target. Retrieved January 26, 2010.
  54. ^ Overseas Workers Remit Over $2b. Retrieved 12 February 2008.
  55. ^ ILNA.ir:Iran's Poor Face a Logjam in the Labyrinths of Work. Retrieved January 24, 2010.
  56. ^ a b Rouznameh, Rasmi (November 20, 1990). "Labour Code". International Labour Organization. Retrieved 2009-03-01.
  57. ^ BBC: Iran's Guards in $2.5bn rail deal. Retrieved November 12, 2009.
  58. ^ Statistical Centre of Iran
  59. ^ "Ahmadinejad's Achilles Heel: The Iranian Economy" by Dr. Abbas Bakhtiar. Retrieved 12 February 2008.
  60. ^ Tehran Times - Poverty in Iran[dead link‍]. Retrieved 12 February 2008.
  61. ^ PressTV: 29-33% of Iranians live below poverty line. Retrieved June 7, 2009.
  62. ^ Radio Zamaneh: Ten Million Iranians Under "Absolute Poverty Line" Retrieved May 28, 2010
  63. ^ Library Of Congress: Country Profile - Iran. Retrieved April 7, 2008.
  64. ^ a b World bank: Iran - Services for Agriculture and Rural Development. Retrieved April 7, 2008.
  65. ^ Faostat. Faostat.fao.org. Retrieved on 2010-01-30.
  66. ^ Faostat. Faostat.fao.org. Retrieved on 2010-01-30
  67. ^ BUSINESS | Crunch time for Caspian caviar. BBC News (2001-06-19). Retrieved on 2010-01-30.
  68. ^ Iran Daily: Trade With PGCC To Improve[dead link‍]. Retrieved April 7, 2008.
  69. ^ [2]. Retrieved April 7, 2008.
  70. ^ SPACE.com: Iran Sets its Space Sights Higher After Satellite Launch. Retrieved June 20, 2009.
  71. ^ [3][dead link‍]. Retrieved 12 February 2008.
  72. ^ Iran daily: Textile Smuggling Harms Domestic Production[dead link‍]. Retrieved July 4, 2009.
  73. ^ Iran daily: Textile factories in trouble. Retrieved September 11, 2009.
  74. ^ The Economist[dead link‍]. Retrieved June 7, 2009.
  75. ^ "Iran advances 41 places in industrial production". tehran times. 2010-02-28. Retrieved 2010-05-10.
  76. ^ UNIDO: Iran's Small and Medium Enterprises. Retrieved February 2, 2010.
  77. ^ "Iran to form carpet export consortium". PressTV. November 9, 2008. Retrieved 2009-03-01.
  78. ^ Health Insurance for Carpet Weavers[dead link‍]. Retrieved December 16, 2008.
  79. ^ http://www.ft.com/cms/s/0/5a5c0444-1669-11df-bf44-00144feab49a.html Financial Times: Iran’s oldest craft left behind]. Retrieved February 10, 2009.
  80. ^ PressTv: Iran's Handicrafts. Retrieved January 10, 2010.
  81. ^ SAPCO: Iran Automotive Industry’s Market Shares (September 2001). Retrieved November 14, 2008.
  82. ^ a b "Economist Intelligence Unit". August 18, 2008. {{cite journal}}: |access-date= requires |url= (help); |contribution= ignored (help); Cite has empty unknown parameters: |editors= and |coauthors= (help); Cite journal requires |journal= (help)
  83. ^ Iran 16th Biggest Automaker. Retrieved 12 February 2008.
  84. ^ Gasoline Quota Will Change In Two Months. Retrieved 12 February 2008.
  85. ^ Made In Iran. Retrieved 12 February 2008.
  86. ^ Payvand:Iran and car exports projected to reach $1b by March. Retrieved October 24, 2008.
  87. ^ Iran Launches Production of Stealth Sub. Retrieved 13 February 2008.
  88. ^ IRI exports warfare to 50 countries. Retrieved 12 February 2008.
  89. ^ Iran exports military equipment. Retrieved 12 February 2008.
  90. ^ PressTv: Advanced attack chopper joins Iran fleet Retrieved May 24, 2009
  91. ^ a b Simultaneous Dam, Spillways Construction Obligatory - 30% Drinking Water Wasted. Retrieved 12 February 2008.
  92. ^ Australian Trade: Construction in Iran[dead link‍] Retrieved May 12, 2008
  93. ^ Iran Daily: Housing for All[dead link‍]. Retrieved April 12, 2009.
  94. ^ 70% of Population Own Homes. Retrieved 12 February 2008.
  95. ^ a b IRNA:Iran: $30 Billion Dollar to be invested in industry. Retrieved November 15, 2008.
  96. ^ "Iran set to build more nuclear plants". PressTV. March 1, 2009. Retrieved 2009-03-01.
  97. ^ Iran Daily: Iran's oil refining industry needs dlrs 15b investment: Oil Minister. Retrieved October 16, 2008.
  98. ^ PressTV: Iran opens world largest ethylene unit. Retrieved June 5, 2009.
  99. ^ Press TV: Iran exports $570M of petrochemicals. Retrieved June 5, 2009.
  100. ^ Associated Press: Iran oil industry founders. Retrieved 12 February 2008.
  101. ^ Iran Daily:Dehloran Refinery Under Construction[dead link‍]. Retrieved November 14, 2008.
  102. ^ Company Advances In Energy Capabilities. Retrieved 12 February 2008.
  103. ^ IRNA: 1st phase of Iran oil stock inaugurated on Kish island. Retrieved 17 February 2008.
  104. ^ PressTV: Oil bourse opens in Iran's Kish Island. Retrieved 17 February 2008.
  105. ^ IRNA: Energy Wastage In Iran Equals 6-7 Billion Dollars Per Year. Retrieved November 2, 2008.
  106. ^ Iran Daily: Energy Subsidies Reach $84b. Retrieved November 2, 2008.
  107. ^ a b Iran daily: Iran Top Mineral Producer[dead link‍]. Retrieved June 21, 2009.
  108. ^ "Mining to Iran". Australian Government. July 31, 2007. Retrieved 2009-03-01.[dead link‍]
  109. ^ Australian Trade: Mining in Iran. Retrieved April 8, 2008.
  110. ^ a b "Energy and Electricity Forecast" (Document). Economist Intelligence Unit. 18 June 2008. {{cite document}}: Cite has empty unknown parameters: |editor-first=, |format=, |contribution-url=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution= ignored (help)
  111. ^ a b c Iran Plans to Produce 250,000 Tons of Copper in Year to March. Retrieved November 28, 2008.
  112. ^ Iran Daily: Steel Output up[dead link‍]. Retrieved June 20, 2009.
  113. ^ Iran daily: Steel Self-sufficiency[dead link‍]. Retrieved June 20, 2009.
  114. ^ http://isg-mit.org/projects-storage/StemCell/stem_cell_iran.pdf
  115. ^ PressTV: Iran invests $2.5b in stem cell research. Retrieved February 15, 2010.
  116. ^ SCIENCE IN IRAN: An Islamic Science Revolution?. Retrieved November 15, 2008.
  117. ^ Medical Science and Research in Iran. Retrieved December 4, 2008.
  118. ^ Freight transport report[dead link‍]. Retrieved June 20, 2009.
  119. ^ "Retailing in Iran". Euromonitor.com. Retrieved 2010-05-10.
  120. ^ Australian Trade - Health Sector in Iran. Retrieved 12 February 2008.
  121. ^ Australian Trade. Retrieved 12 February 2008.
  122. ^ 18% of Medicines Thrown Out Annually. Retrieved 12 February 2008.
  123. ^ "Economist Intelligence Unit". August 18, 2008. {{cite journal}}: |access-date= requires |url= (help); |contribution= ignored (help); Cite has empty unknown parameters: |editors= and |coauthors= (help); Cite journal requires |journal= (help)
  124. ^ Travel To Iran - Tourism in Iran. Retrieved 12 February 2008.
  125. ^ "Economist Intelligence Unit". August 18, 2008. {{cite journal}}: |access-date= requires |url= (help); |contribution= ignored (help); Cite has empty unknown parameters: |editors= and |coauthors= (help); Cite journal requires |journal= (help)
  126. ^ COUNTRY PROFILE: IRAN. Retrieved 12 February 2008.
  127. ^ Travel To Iran - Tourism in Iran. Retrieved 23 January 2008.
  128. ^ PressTV: Iran stock market to see record $5B deal. Retrieved February 14, 2010.
  129. ^ BBC: Iran blocks share price gains. Retrieved February 15, 2010.
  130. ^ Iran Daily: Banking System Needs Overhaul[dead link‍]. Retrieved October 9, 2008.
  131. ^ Iran Daily: President in Birjand Rally[dead link‍]. Retrieved October 9, 2008.
  132. ^ "Economist Intelligence Unit" (Document). The Economist. 18 August. {{cite document}}: Check date values in: |date= and |year= / |date= mismatch (help); Cite has empty unknown parameters: |editor-first=, |format=, |contribution-url=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution= ignored (help)
  133. ^ Mehr News Agency: Iran's reserves in foreign banks increases 36% to $81B Retrieved May 12, 2008
  134. ^ Mehr News Agency: Value of Tehran Stock Exchange to top $70b. Retrieved 12 February 2008.
  135. ^ Iran Daily: Vast Economic Potential Lauded[dead link‍]. Retrieved October 8, 2008.
  136. ^ IRNA: Iran's e-commerce to reach rls10,000b. Retrieved December 3, 2008.
  137. ^ "Economist Intelligence Unit". August 18, 2008. {{cite journal}}: |access-date= requires |url= (help); |contribution= ignored (help); Cite has empty unknown parameters: |editors= and |coauthors= (help); Cite journal requires |journal= (help)
  138. ^ Burkhart, Grey, ed. (March 1998). "Iran". National Security and the Internet in the Persian Gulf Region. Georgetown University. Retrieved 2009-07-15. {{cite book}}: Cite has empty unknown parameters: |editors= and |coauthors= (help)
  139. ^ "Telecoms and technology" (Document). Economist Intelligence Unit. 18 June 2008. {{cite document}}: Cite has empty unknown parameters: |editor-first=, |format=, |contribution-url=, |editors=, |coauthors=, and |editor-last= (help); Unknown parameter |accessdate= ignored (help); Unknown parameter |contribution= ignored (help)
  140. ^ Privatization of Telecom Companies. Retrieved 12 February 2008.
  141. ^ Pyramid Research: Iran Telecom Market Expected to Reach $12.9 Billion by 2014: Report. Retrieved January 24, 2010.
  142. ^ Australian Trade: Information and communications technology (ICT) to Iran Retrieved May 9, 2009
  143. ^ Economist Intelligence Unit: Iran. Retrieved December 5, 2008.
  144. ^ Iran Daily: Software Exports Hit $45m[dead link‍]. Retrieved November 2, 2008.
  145. ^ CSIS: The US, Israel, the Arab States and a Nuclear Iran. Retrieved January 27, 2010.
  146. ^ Iran-Daily. Retrieved April 9, 2008.
  147. ^ [4]. Retrieved April 8, 2008.
  148. ^ Road Construction Projects Upbeat[dead link‍] December 20, 2008
  149. ^ Farsnews: Iran to Join Gas Exporters Club Soon. Retrieved January 22, 2010.
  150. ^ US Department of Energy - Background about Iran's economy. Retrieved 23 January 2008.
  151. ^ Iran's non-oil export up to dlrs 16.3b. Retrieved 23 January 2008.
  152. ^ a b PressTV: Iran's non-oil exports stand $21.321bn. Retrieved April 7, 2010.
  153. ^ Presstv:Iran to launch more trade counselors. Retrieved October 25, 2008.
  154. ^ Engineering Service Exports Improve[dead link‍] retrieved on November 23, 2008
  155. ^ "Iran's trade not limited to Europe". Presstv.com. 2010-04-13. Retrieved 2010-05-10.
  156. ^ The Cost of Economic Sanctions on Major Exporters to Iran. Retrieved 23 January 2008.
  157. ^ [5]. Retrieved 23 January 2008.
  158. ^ PressTV:$13bn: new record in Iran-India trade. Retrieved November 2, 2008.
  159. ^ Iran Daily - Domestic Economy (Islamic WTO proposed). Retrieved 23 January 2008.
  160. ^ In 2005: Import Bill From Dubai $28.7b. Retrieved 23 January 2008.
  161. ^ Bloomberg news: Dubai Helps Iran Evade Sanctions as Smugglers Ignore U.S. Laws. Retrieved January 26, 2010.
  162. ^ [http://rand.org/pubs/monographs/2008/RAND_MG821.pdf RAND: The Rise of the Pasdaran] Retrieved June 10, 2010
  163. ^ Expats Worth $1.3 Trillion. Retrieved 23 January 2008.
  164. ^ a b Foreign Investment At Record Level. Retrieved 23 January 2008.
  165. ^ Iran attracted $24.3 billion foreign capital in 16 years. Retrieved 23 January 2008.
  166. ^ AEI - Global Investment in Iran. Retrieved 23 January 2008.
  167. ^ [6]. Retrieved 23 January 2008.
  168. ^ $34 billion in 16 years[dead link‍]. Retrieved December 10, 2008.
  169. ^ [7][dead link‍]
  170. ^ WTO Membership. Retrieved 23 January 2008.
  171. ^ Iran Plans to Open Trade Centers Abroad. Retrieved January 18, 2010.

Further reading

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Economy_of_Iran&oldid=370299613"