Economy of Iran
This article needs to be updated.(April 2023) |
Brics and others | |
Country group |
|
---|---|
Statistics | |
Population | 87,590,873 (2023 est.)[4] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
40% (2022)[8] | |
NA[7] | |
Population below poverty line |
|
38.8 medium (2018)[11] | |
Labor force | |
Unemployment |
|
Gross savings | 41.758% of GDP (2022) automobiles, fruits and nuts, carpets |
Main export partners | |
Imports | $54.46 billion (2018)[21] |
Import goods | industrial raw materials and intermediate goods (46%), capital goods (35%), foodstuffs and other consumer goods (19%), technical services |
Main import partners | |
FDI stock | |
Gross external debt | $9.142 billion (December 2022)[23] |
Public finances | |
+3% (of GDP) (2022 est.)[24] | |
Revenues | IRR 8,298,940 billion (2022)[18] |
Expenses | IRR 12,487,173 billion (2022)[18] |
| |
$85.2 billion (December 31, 2020, est.)[24] | |
A unique feature of Iran's economy is the presence of large religious foundations called bonyads, whose combined budgets represent more than 30 percent of central government spending.[34]
Iran's
GDP contracted in 2018 and 2019, but a modest rebound was expected in 2020.
History
In 546 BC,
Modern
The
Reza Shah Pahlavi, who abdicated in 1941, was succeeded by his son,
Prior to 1979, Iran developed rapidly. Traditionally agricultural, by the 1970s, the country had undergone significant industrialization and modernization.
Following the nationalizations in 1979 and the outbreak of the Iran–Iraq War, over 80% of the economy came under government control.[34] The eight-year war with Iraq claimed at least 300,000 Iranian lives and injured more than 500,000. The cost of the war to the country's economy was some $500 billion.[58][59]
After hostilities ceased in 1988, the government tried to develop the country's
The government's long-term objectives since the revolution were stated as economic independence, full employment, and a comfortable standard of living but Iran's population more than doubled between 1980 and 2000 and its median age declined.[61] Although many Iranians are farmers, agricultural production has consistently fallen since the 1960s. By the late 1990s, Iran imported much of its food. At that time, economic hardship in the countryside resulted in many people moving to cities.[57]
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Provinces of Iran by contribution to national GDP (2014)
-
Socioeconomic expenditures (2004)
-
Historical GDP per capita development in Iran (1820–2018)
-
Economic sectors (2002)
-
Inflation rate (1980–2010)
-
Market liquidity (2012)
-
CPI, broad money and foreign exchange reserves(2000–2011)
-
US dollar/Iranian rialexchange rate (2003–2014 est.)
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Debt service (1980–2000)
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Balance of payment(2003–2007)
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oil prices(2000–2009)
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Oil production and consumption (1977–2010)
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Oil and gas production (1970–2030 est.)
Macroeconomic trends
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green.[62]
Year | GDP
(in Bil. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Percent) |
Unemployment
(in Percent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 226.0 | 5,750.8 | 95.8 | 2,439.4 | -21.6% | 20.6% | n/a | n/a |
1981 | 233.2 | 5,713.0 | 101.5 | 2,485.7 | -5.7% | 24.2% | n/a | n/a |
1982 | 305.0 | 7,190.8 | 125.8 | 2,965.6 | 23.2% | 18.7% | n/a | n/a |
1983 | 352.1 | 7,988.8 | 156.9 | 3,560.3 | 11.1% | 19.7% | n/a | n/a |
1984 | 338.8 | 7,397.4 | 161.7 | 3,531.2 | -7.1% | 12.6% | n/a | n/a |
1985 | 356.0 | 7,481.5 | 180.5 | 3,793.9 | 1.9% | 4.4% | n/a | n/a |
1986 | 327.7 | 6,626.6 | 208.9 | 4,225.5 | -9.8% | 23.7% | n/a | n/a |
1987 | 335.2 | 6,616.0 | 277.0 | 5,468.0 | -0.2% | 27.7% | n/a | n/a |
1988 | 325.9 | 6,278.2 | 311.9 | 6,009.2 | -6.1% | 28.9% | n/a | n/a |
1989 | 359.4 | 6,758.1 | 379.4 | 7,133.8 | 6.1% | 17.4% | n/a | n/a |
1990 | 423.6 | 7,772.9 | 581.0 | 10,661.5 | 13.6% | 9.0% | 14.2% | n/a |
1991 | 493.6 | 8,840.0 | 304.1 | 5,445.6 | 12.7% | 20.2% | 10.0% | n/a |
1992 | 521.5 | 9,204.7 | 50.5 | 890.8 | 3.3% | 24.5% | 10.0% | n/a |
1993 | 526.0 | 9,149.8 | 64.4 | 1,121.1 | -1.5% | 22.5% | 10.0% | n/a |
1994 | 528.1 | 9,053.8 | 79.8 | 1,368.4 | -1.7% | 34.9% | 10.0% | n/a |
1995 | 552.1 | 9,328.7 | 114.9 | 1,942.0 | 2.4% | 49.3% | 10.0% | n/a |
1996 | 598.0 | 9,956.8 | 158.0 | 2,631.5 | 6.4% | 23.9% | 9.1% | 35.8% |
1997 | 616.5 | 10,107.2 | 184.1 | 3,019.0 | 1.4% | 16.5% | 11.9% | 37.7% |
1998 | 636.4 | 10,290.5 | 205.0 | 3,314.9 | 2.1% | 18.5% | 13.6% | 36.2% |
1999 | 658.3 | 10,530.4 | 275.1 | 4,400.6 | 2.0% | 20.2% | 15.8% | 27.1% |
2000 | 712.5 | 11,218.5 | 366.9 | 5,776.9 | 5.8% | 12.3% | 16.0% | 22.2% |
2001 | 746.0 | 11,551.2 | 331.0 | 5,124.8 | 2.4% | 11.5% | 16.6% | 25.6% |
2002 | 818.9 | 12,471.8 | 132.7 | 2,020.8 | 8.1% | 15.8% | 12.2% | 28.5% |
2003 | 907.2 | 13,476.4 | 158.4 | 2,353.4 | 8.6% | 15.6% | 11.3% | 26.8% |
2004 | 971.9 | 14,220.6 | 189.0 | 2,764.8 | 4.3% | 15.3% | 12.3% | 25.7% |
2005 | 1,034.4 | 14,906.5 | 228.4 | 3,291.9 | 3.2% | 10.3% | 11.5% | 22.2% |
2006 | 1,119.6 | 15,881.6 | 272.4 | 3,863.5 | 5.0% | 12.0% | 11.3% | 18.2% |
2007 | 1,243.6 | 17,385.6 | 360.9 | 5,045.7 | 8.2% | 18.4% | 10.5% | 16.1% |
2008 | 1,270.7 | 17,583.0 | 425.7 | 5,890.7 | 0.3% | 25.3% | 10.4% | 12.4% |
2009 | 1,291.7 | 17,646.8 | 440.4 | 6,016.8 | 1.0% | 10.8% | 11.9% | 13.3% |
2010 | 1,383.0 | 18,649.5 | 517.9 | 6,983.8 | 5.8% | 12.3% | 13.5% | 14.8% |
2011 | 1,449.1 | 19,282.6 | 625.4 | 8,322.5 | 2.6% | 21.5% | 12.3% | 12.3% |
2012 | 1,295.7 | 17,040.7 | 421.9 | 5,548.3 | -3.7% | 30.6% | 12.1% | 13.6% |
2013 | 1,250.6 | 16,238.3 | 428.3 | 5,561.5 | -1.5% | 34.7% | 10.4% | 11.8% |
2014 | 1,255.8 | 16,106.1 | 460.8 | 5,910.1 | 5.0% | 15.6% | 10.6% | 12.6% |
2015 | 1,131.0 | 14,327.8 | 408.3 | 5,172.1 | -1.4% | 11.9% | 11.0% | 37.0% |
2016 | 1,221.4 | 15,281.9 | 458.0 | 5,730.8 | 8.8% | 9.1% | 12.4% | 47.9% |
2017 | 1,281.4 | 15,805.8 | 486.8 | 6,005.1 | 2.8% | 9.6% | 12.1% | 45.0% |
2018 | 1,287.9 | 15,689.7 | 516.2 | 6,288.9 | -1.8% | 30.2% | 12.1% | 40.6% |
2019 | 1,270.7 | 15,295.3 | 651.5 | 7,842.6 | -3.1% | 34.6% | 10.7% | 42.7% |
2020 | 1,328.8 | 15,811.8 | 971.2 | 11,557.0 | 3.3% | 36.4% | 9.6% | 44.1% |
2021 | 1,449.3 | 17,082.9 | 1,589.9 | 18,739.3 | 4.7% | 40.1% | 9.2% | 42.4% |
2022 | 1,599.2 | 18,663.2 | 1,973.7 | 23,033.5 | 3.0% | 40.0% | 9.4% | 34.2% |
2023 | 1,690.1 | 19,528.4 | 2,044.2 | 23,619.1 | 2.0% | 40.0% | 9.6% | 31.9% |
2024 | 1,760.9 | 20,144.9 | 2,135.7 | 24,432.9 | 2.0% | 30.0% | 9.9% | 32.2% |
2025 | 1,830.4 | 20,732.1 | 2,230.6 | 25,265.7 | 2.0% | 25.0% | 10.0% | 33.5% |
2026 | 1,903.4 | 21,345.7 | 2,330.0 | 26,129.9 | 2.0% | 25.0% | 10.0% | 34.8% |
2027 | 1,979.9 | 21,984.4 | 2,438.6 | 27,076.8 | 2.0% | 25.0% | 10.0% | 36.0% |
Iran has a broad and diversified
In the early 21st century, the service sector was the country's largest, followed by industry (mining and manufacturing) and agriculture. In 2008 GDP was estimated at $382.3 billion ($842 billion PPP), or $5,470 per capita ($12,800 PPP).[39]
In 2010, the nominal GDP was projected to double in the next five years.
The
One major problem often cited by Iranian industrialists is that the government is not supporting them by authorizing imports of similar parts or products into the country, thus undermining their activity and domestic market. This is partly due to corrupt interests inside the government and mismanagement.[citation needed]
- GDP, PPP, million (current international $)
- GDP per capita, PPP (current international $)
Year (Source: IMF)[83] |
GDP, current prices )(billions IRR |
Implied PPP conversion rate (USD/IRR) |
GDP per capita, PPP )(current international dollar |
CPI ) (2011/2012=100) |
Current account balance (billions US dollars) |
Population (million persons) |
---|---|---|---|---|---|---|
1980 | 6,622 | 40 | 4,267 | 0.5 | -3.6 | 38 |
1985 | 16,556 | 53 | 6,469 | 0.9 | -0.9 | 48 |
1990 | 35,315 | 101 | 6,410 | 2.5 | -2.7 | 55 |
1995 | 185,928 | 399 | 7,265 | 9 | 3.4 | 64 |
2000 | 580,473 | 940 | 9,666 | 21 | 12.5 | 64 |
2005 | 1,831,739 | 2,025 | 13,036 | 40 | 15.4 | 69 |
2010 | 4,333,088 | 3,498 | 16,664 | 82 | 27.3 | 74 |
2015 (est.) | 13,077,142 | 9,788 | 16,918 | 253 | 6.9 | 79 |
Reform plan
Expansion of
National planning
Item | 2010 (achieved) | 2010–15 (target) |
---|---|---|
GDP world ranking | 18th largest economy by PPP[93] | 12th in 2015[citation needed] |
Annual growth rate | 2.6% | 8% on average (based on $1.1 trillion domestic and |
Unemployment | 11.8% according to government; unofficially: 12–22%;[97] 30% according to opposition[98] | 7% by 2015, by creating 1 million new jobs each year[94] |
Inflation rate | 15% (as of January 2010) | 12% on average[94] |
Value Added Tax |
3% | 8%[99] |
Privatization | — | 20% of state-owned firms to be privatized each year[100] |
Share of cooperative sector (% GDP) | < 5%[101] | 25%[102] |
R&D (% GDP) | 0.87% | 2.5%[65] |
Share of non-oil exports | 20% | 30% ($83 billion) by 2016[94][99][103] |
$60 per barrel | $65 per barrel on average current projects come on stream; International Monetary Fund projections: ~$60 billion only[105]
| |
National Development Fund |
— | 30% of National Development Fund by 2015[106]
|
Oil production | 4.1 million bpd | 5.2 million bpd (with some 2,500 oil and gas wells to be drilled and commissioned)[107] |
Natural gas production | — | 900 million cubic meter/day[citation needed] |
R&D projects in oil industry | — | Implementation of 380 research projects by 2015 covering the enhancement of the recovery rate, gas conversion and hydro conversion[108] |
Investment in oil and gas industry | — | $20 billion a year in private and |
Petrochemical output |
~50 million tpy | 100 million tpy[110][111] |
Bunkering | 25% market share in Persian Gulf | 50% market share or 7.5 million tpy of liquid fuel[112] |
Oil products storage capacity | 11.5 billion liters | 16.7 billion liters[citation needed] |
Natural gas storage capacity |
— | 14 billion cubic meters[citation needed] |
Electricity generation capacity | 61,000 MW | 86,000 MW[113] |
Efficiency of power plants | 38% | 45%[114] |
Investment in mining and industry | — | $70 billion / 700,000 billion rials[115] |
Crude steel production | ~10 million tpy | 42 million tpy by 2015[115] |
Iron ore production | ~27 million tpy | 66 million tpy by 2015[115] |
Cement | ~71 million tpy | 110 million tpy[115] |
Limestone | — | 166 million tpy[115] |
Industrial parks | — | 50 new industrial parks to be built by 2015[116] |
Ports capacity | 150 million tons | 200 million tons[117] |
Railways |
10,000 kilometers[118] | 15,000 kilometers by 2015 at a cost of $8 billion per annum[86] |
Transit | 7 million tons | 40 million tons of goods[119] |
Electronic trade |
— | 20% of domestic trade, 30% of foreign trade and 80% of government transactions to be made electronically[120] |
- Sixth development plan (2016–2021)
The sixth five-year development plan for the 2016–2021 period places emphasis on "guidelines" rather than "hard targets".[121] It defines only three priorities:
- the development of a resilient economy;
- progress in science and technology;
- and the promotion of cultural excellence.[122]
Fiscal and monetary policy
Since the 1979 revolution,
Iran had an estimated $110 billion in
Money in circulation reached $700 billion in March 2020 (based on the 2017 pre-devaluation exchange rate), thus furthering the decline of the Iranian rial and rise in inflation.[135][136]
Challenges
The GDP of Iran contracted in FY 2018 and FY 2019 and modest rebound is expected in 2020/2021 according to an April 2020 World Economic Outlook by the IMF.[46] Challenges to the economy include the
According to the NIOC, daily consumption of gasoline in Iran has surpassed 85 million liters, i.e., 10 times more than Turkey with almost the same population.[140]
Ownership
Following the hostilities with Iraq, the Government declared its intention to privatize most industries and to liberalize and decentralize the economy.[144] Sale of state-owned companies proceeded slowly, mainly due to opposition by a nationalist majority in the parliament. In 2006, most industries, some 70% of the economy, remained state-owned.[39] The majority of heavy industries including steel, petrochemicals, copper, automobiles, and machine tools remained in the public sector, with most light industry privately owned.[39]
Article 44 of the
Since Article 44 has never been strictly enforced, the private sector has played a much larger role than that outlined in the constitution.[147] In recent years, the role of this sector has increased. A 2004 constitutional amendment allows 80% of state assets to be privatized. Forty percent of such sales are to be conducted through the "Justice Shares" scheme and the rest through the Tehran Stock Exchange. The government would retain the remaining 20%.[148][149] In 2005, government assets were estimated at around $120 billion. Some $63 billion of such assets were privatized from 2005 to 2010, reducing the government's direct share of GDP from 80% to 40%.[citation needed] Many companies in Iran remain uncompetitive because of mismanagement over the years, thus making privatization less attractive for potential investors.[150] According to then-President Mahmoud Ahmadinejad, 60% of Iran's wealth is controlled by just 300 people.[151]
Islamic Revolutionary Guard Corps
The
Religious foundations
Labor force
After the revolution, the government established a national education system that improved adult literacy rates: as of 2008 85% of the adult population was literate, well ahead of the regional average of 62%.[163][164] The Human Development Index was 0.749 in 2013, placing Iran in the "high human development" bracket.[45]
Annual economic growth of above 5% is necessary to absorb the 750,000 new labor force entrants each year.
Personal income and poverty
Iran is classed as a
According to the Statistical Center of Iran, median household income of Iran in the fiscal year of 2018–2019 was 434,905,000 rials (a bit above $3,300), an 18.6% rise from the previous yearlong period of 2017–2018, where median household income was about 366,700,000 rials.[citation needed] Adjusted for purchasing power parity, Iran's 2017–2018 median income was equivalent to about $28,647 (2017 conversion factor, private consumption, LCU).[176] As the average Iranian household size is 3.5, this puts median personal income at around $8,185.[177] While Iran rates relatively well on income, median wealth is very low for its income level (on par with Vietnam or Djibouti), indicating a high level of spending. According to SCI, median household spending in the FY 2018 was 393,227,000 rials, or 90.5% of the median household income of 434,905,000 rials.[citation needed]
Social security
Although Iran does not offer universal social protection, in 1996, the Iranian Center for Statistics estimated that more than 73% of the Iranian population was covered by social security.[181] Membership of the social security system for all employees is compulsory.[182]
Social security ensures employee protection against unemployment, disease, old age and occupational accidents.
Employees between the age of 18 and 65 years are covered by the social security system with financing shared between the employee (7% of salary), the employer (20–23%) and the state, which in turn supplements the employer contribution up to 3%.
Trade unions
Although Iranian workers have a theoretical right to form labor unions, there is no union system in the country. Ostensible worker representation is provided by the
A comprehensive law covers labor relations, including hiring of foreign workers. This provides a broad and inclusive definition of the individuals it covers, recognizing written, oral, temporary and indefinite employment contracts. Considered employee-friendly, the labor law makes it difficult to lay off staff. Employing personnel on consecutive six-month contracts (to avoid paying benefits) 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.[182]
Sectors
Agriculture and foodstuffs
Agriculture contributes 9.5% to the gross domestic product and employs 17% of the labor force.[46] About 9% of Iran's land is arable,[190] with the main food-producing areas located in the Caspian region and in northwestern valleys. Some northern and western areas support rain-fed agriculture, while others require irrigation.[191] Primitive farming methods, overworked and under-fertilized soil, poor seed and water scarcity are the principal obstacles to increased production. About one third of total cultivated land is irrigated. Construction of multipurpose
Wheat, the most important crop, is grown mainly in the west and northwest. Rice is the major crop in the Caspian region. Other crops include barley, corn, cotton, sugar beets, tea, hemp, tobacco, fruits, potatoes, legumes (beans and lentils), vegetables, fodder plants (alfalfa and clover), almonds, walnuts and spices including
Non-food products include wool, leather, and silk. Forestry products from the northern slopes of the
Since the 1979 revolution, commercial farming has replaced subsistence farming as the dominant mode of agricultural production. By 1997, the gross value reached $25 billion.
Manufacturing
Large-scale factory manufacturing began in the 1920s. During the
Iran's major manufactured products are petrochemicals, steel and copper products. Other important manufactures include automobiles, home and electric appliances, telecommunications equipment, cement and industrial machinery. Iran operates the largest operational population of industrial robots in West Asia.
A 2003 report by the United Nations Industrial Development Organization regarding small and medium-sized enterprises (SMEs)[162] identified the following impediments to industrial development:
- Lack of monitoring institutions;
- Inefficient banking system;
- Insufficient research & development;
- Shortage of managerial skills;
- Corruption;
- Inefficient taxation;
- Socio-cultural apprehensions;
- Absence of social learning loops;
- Shortcomings in international market awareness necessary for global competition;
- Cumbersome bureaucratic procedures;
- Shortage of skilled labor;
- Lack of intellectual property protection;
- Inadequate social capital, social responsibility and socio-cultural values.
Despite these problems, Iran has progressed in various
Handicrafts
Iran has a long tradition of producing
Automobile manufacturing
As of 2001, 13 public and privately owned automakers within Iran, led by
Defense industry
In 2007 the
Construction and real estate
Until the early 1950s construction remained in the hands of small domestic companies. Increased income from oil and gas and easy credit triggered a building boom that attracted international construction firms to the country. This growth continued until the mid-1970s when a sharp rise in inflation and a credit squeeze collapsed the boom. The construction industry had revived somewhat by the mid-1980s, although housing shortages and speculation remained serious problems, especially in large urban centers. As of January 2011, the
Annual turnover amounted to $38.4 billion in 2005 and $32.8 billion in 2011.[217][218] Because of poor construction quality, many buildings need seismic reinforcement or renovation.[219] Iran has a large dam building industry.[220]
Mines and metals
Mineral production contributed 0.6% of the country's GDP in 2011,[citation needed] a figure that increases to 4% when mining-related industries are included. Gating factors include poor infrastructure, legal barriers, exploration difficulties, and government control over all resources.[222] Iran is ranked among the world's 15 major mineral-rich countries.[223]
Although the petroleum industry provides the majority of revenue, about 75% of all mining sector employees work in mines producing minerals other than oil and natural gas.
In 2019, the country was the 2nd largest world producer of
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 net importer.[233] The country plans to increase hard-coal production to 5 million tons in 2012 from 2 million tons in November 2008.[234]
The main steel mills are located in Isfahan and
Petrochemicals
Iran manufactures 60–70% of its equipment domestically, including refineries, oil tankers, drilling rigs, offshore platforms, and exploration instruments.[238][239][240][241]
Based on a fertilizer plant in
In November 2019, Iran raised the gasoline prices by 50% and imposed
Services
Despite 1990s efforts towards economic liberalization, government spending, including expenditure by quasi-governmental foundations, remains high. Estimates of service sector spending in Iran are regularly more than two-fifths of GDP, much government-related, including military expenditures, government salaries, and social security disbursements.[39] Urbanization contributed to service sector growth. Important service industries include public services (including education), commerce, personal services, professional services and tourism.
The total value of transport and communications is expected to rise to $46 billion in nominal terms by 2013, representing 6.8% of Iran's GDP.[247] Projections based on 1996 employment figures compiled for the International Labour Organization suggest that Iran's transport and communications sector employed 3.4 million people, or 20.5% of the labor force in 2008.[247]
Energy, gas, and petroleum
- production: 258 billion kWh (2014)
- consumption: 218 billion kWh (2014)
- exports: 9.7 billion kWh (2014)
- imports: 3.8 billion kWh (2014)
Electricity – production by source:
- fossil fuels: 85.6% (2012)
- hydro: 12.4% (2012)
- other: 0.8% (2012)
- nuclear: 1.2% (2012)
Oil:
- production: 3,300,000 bbl/d (520,000 m3/d) (2015)
- exports: 1,042,000 bbl/d (165,700 m3/d) (2013)
- imports: 87,440 bbl/d (13,902 m3/d) (2013)
- proved reserves: 157.8 Gbbl (25.09×10 9 m3) (2016)
Natural gas:
- production: 174.5 km3 (2014)
- consumption: 170.2 km3 (2014)
- exports: 9.86 km3 (2014)
- imports: 6.886 km3 (2014)
- proved reserves: 34,020 km3 (2016)
Iran possesses 10% of the world's
Iran has been a major oil exporter since 1913. The country's major oil fields lie in the central and southwestern parts of the western
Pipelines move oil from the fields to the
Retail and distribution
In 2012, Iranians spent $77 billion on food, $22 billion on clothes and $18.5 billion on
Healthcare and pharma
IRAN: Healthcare (Source: EIU)[262] | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
---|---|---|---|---|---|---|
Life expectancy, average (years) | 70.0 | 70.3 | 70.6 | 70.9 | 71.1 | 71.4 |
Healthcare spending (% of GDP) | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 |
Healthcare spending ($ per head) | 113 | 132 | 150 | 191 | 223 | 261 |
Tourism and travel
Although tourism declined significantly during the war with Iraq, it has subsequently recovered. About 1,659,000 foreign tourists visited Iran in 2004 and 2.3 million in 2009 mostly from Asian countries, including the republics of Central Asia, while about 10% came from the European Union and North America.[76][267]
The most popular tourist destinations are
Banking, finance and insurance
Government loans and credits are available to industrial and agricultural projects, primarily through banks. Iran's unit of currency is the
The
State-owned commercial banks predominantly make loans to the state,
Foreign transactions with Iran amounted to $150 billion of major contracts between 2000 and 2007, including private and government lines of credit.
As of 2010, the Tehran Stock Exchange traded the shares of more than 330 registered companies.[272] Listed companies were valued at $100 billion in 2011.[279]
Insurance premiums accounted for just under 1% of GDP in 2008,[233] a figure partly attributable to low average income per head.[233] Five state-owned insurance firms dominate the market, four of which are active in commercial insurance. The leading player is the Iran Insurance Company, followed by Asia, Alborz and Dana insurances. In 2001/02 third-party liability insurance accounted for 46% of premiums, followed by health insurance (13%), fire insurance (10%) and life insurance (9.9%).[273]
Communications, electronics and IT
Broadcast media, including five national radio stations and five national television networks as well as dozens of local radio and television stations are run by the government. In 2008, there were 345 telephone lines and 106 personal computers for every 1,000 residents.
According to the World Bank, Iran's information and communications technology sector had a 1.4% share of GDP in 2008.[280] Around 150,000 people work in this sector, including 20,000 in the software industry.[285] 1,200 IT companies were registered in 2002, 200 in software development. In 2014 software exports stood at $400 million.[citation needed] By the end of 2009, Iran's telecom market was the fourth-largest in the Middle East at $9.2 billion and was expected to reach $12.9 billion by 2014 at a compound annual growth rate of 6.9%.[286]
Transport
Iran has an extensive paved road system linking most towns and all cities. In 2011, the country had 173,000 kilometres (107,000 mi) of roads, of which 73% were paved. In 2007 there were approximately 100 passenger cars for every 1,000 inhabitants.[208] Trains operated on 11,106 kilometres (6,901 mi) of track.[39]
The country's major port of entry is
In August 2022, President
International trade
Iran is a founding member of
are also export items of Iran.Technical and engineering service exports in FY 2007 were $2.7 billion of which 40% of technical services went to Central Asia and the Caucasus, 30% ($350 million) to Iraq, and close to 20% ($205 million) to Africa.[292] Iranian firms have developed energy, pipelines, irrigation, dams and power generation in different countries. The country has made non-oil exports a priority[94] by expanding its broad industrial base, educated and motivated workforce and favorable location, which gives it proximity to an estimated market of some 300 million people in Caspian, Persian Gulf and some ECO countries further east.[293][294]
Total import volume rose by 189% from $13.7 billion in 2000 to $39.7 billion in 2005 and $55.189 billion in 2009.
Top Trading Partners for Iran for 2016[299] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
Since the mid-1990s, Iran has increased its economic cooperation with other
Since 2003,
Foreign direct investment
In the 1990s and early 2000s, indirect oilfield development agreements were made with foreign firms, including
Unfavorable or complex operating requirements and
Foreign investors concentrated their activities in the energy, vehicle manufacture, copper mining, construction, utilities, petrochemicals, clothing, food and beverages, telecom and pharmaceuticals sectors. Iran is a member of the World Bank's
According to the head of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), in 2008 Iran ranked 142 among 181 countries in working conditions. Iran stands at number 96 in terms of business start-ups, 165 in obtaining permits, 147 in employment, 147 in asset registration, 84 in obtaining credit, 164 in legal support for investments, 104 in tax payments, 142 in overseas trade, 56 in contract feasibility and 107 in bankruptcy.[309] Firms from over 50 countries invested in Iran between 1992 and 2008, with Asia and Europe the largest participants as shown below:[310]
Continent of origin | Leading countries investing in Iran (1992–2008) | Number of projects | Total amount invested |
---|---|---|---|
Asia | India, United Arab Emirates (UAE), Singapore, Indonesia and Oman | 190 | $11.6 billion |
Europe | Germany, the Netherlands, Spain, UK, Turkey, Italy and France (20 countries in total) | 253 | $10.9 billion |
Americas | Canada, Panama, the US and Jamaica | 7 | $1.4 billion |
Africa | Mauritius, Liberia and South Africa | — | $8 billion |
Australia | Australia | 1 | $682 million |
The economic impact of a partial lifting of sanctions extends beyond the energy sector; The New York Times reported that "consumer-oriented companies, in particular, could find opportunity in this country with 81 million consumers, many of whom are young and prefer Western products".[311] The consumer-goods market is expected to grow by $100 billion by 2020.[312] Iran is considered "a strong emerging market play" by investment and trading firms.[313] Opening Iran's market place to foreign investment could also be a boon to competitive multinational firms operating in a variety of manufacturing and service sectors, worth $600 billion to $800 billion in new investment opportunities over the next decade.[314][315][316][317]
World Trade Organization
Iran has held observer status at the
Should Iran eventually gain
International sanctions
See also Economic Recession in Iran
After the
In 2018, the
Effects
According to U.S. Undersecretary of State
The IEA estimated that Iranian exports fell to a record of 860,000 bpd in September 2012 from 2.2 million bpd at the end of 2011. This fall led to a drop in revenues and clashes on the streets of Tehran when the local currency, the rial, collapsed. September 2012 output was Iran's lowest since 1988.[338]
According to the U.S. Iran could reduce the world
According to NIAC, sanctions cost the United States over $175 billion in lost trade and 279,000 lost job opportunities.[339] Between 2010 and 2012, sanctions cost the E.U. states more than twice as much as the United States in terms of lost trade revenue. Germany was hit the hardest, losing between $23.1 and $73.0 billion between 2010–2012, with Italy and France following at $13.6-$42.8 billion and $10.9-$34.2 billion respectively.[339]
GDP growth turned negative in 2013 (−5%). The unofficial unemployment rate was 20% by mid-2012.
The tentative rapprochement between
Iran and the US, which began in the second half of 2013, has the potential to become a world-changing development, and unleash tremendous geopolitical and economic opportunities, if it is sustained […] if Iran and the US were to achieve a diplomatic breakthrough, geopolitical tensions in the Middle East could decline sharply, and Iran could come to be perceived as a promising emerging market in its own right.[342]
In January 2019, President Hassan Rouhani blamed the US for Iran's declining economy. Following the US pullout from an international nuclear deal with Iran and re-imposed sanctions, Iran faced the toughest economic situation in 40 years.[343] According to Majlis, this has caused damages estimated between 150 and 200 billion dollars to the Iranian economy.[344]
See also
- Corruption in Iran
- Electronic currency in Iran
- Energy superpower
- Foreign relations of Iran
- Iranian calendar
- Iran's international rankings in economy
- Iranian targeted subsidy plan
- Smuggling in Iran
- Venture capital in Iran
- Lists
- List of Iranians by net worth
- List of Iranian companies
- List of Iranian economists
- List of major economic laws in Iran
- Institutions
- Donya-e-Eqtesad – leading Iranian business newspaper
- Government of Iran – with links to ministries and affiliated agencies
- International Iranian Economic Association
- Iran Chamber of Commerce Industries and Mines – with links to information on commercial dispute resolution
- Ministry of Economic Affairs and Finance (Iran)
- Ministry of Industries and Business (Iran) – merger of Ministry of Commerce with Ministry of Industries and Mines
- Ministry of Petroleum (Iran)
- National Development Fund – Iran's sovereign wealth fund
- Ravand Institute – Iran's "Davos Forum"
- Supreme Audit Court of Iran
Notes
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General references
Encyclopedia Iranica entries
- Hakimian, Hassan (1997). "ECONOMY viii. IN THE QAJAR PERIOD". Encyclopaedia Iranica. Vol. VIII, Fasc. 2. pp. 138–143.
- Nowshirvani, Vahid F. (1999). "ECONOMY x. UNDER THE ISLAMIC REPUBLIC". Encyclopaedia Iranica. Vol. VIII, Fasc. 2. pp. 156–163.
- Pesaran, M. Hashem (1997). "ECONOMY ix. IN THE PAHLAVI PERIOD". Encyclopaedia Iranica. Vol. VIII, Fasc. 2. pp. 143–156.
Articles
- Khajehpour, Bijan (August 9, 2019). "Can Iran combat corruption in petroleum sector?". Al-Monitor. Retrieved February 2, 2020.
- Saki, M.A. (March 5, 2019). "Blind subsidy system costing economy greatly". Tehran Times. Retrieved June 21, 2019.
- "Why Fuel Is Smuggled Out Of Iran And Why No One Stops It". Radio Farda. February 21, 2019. Retrieved July 18, 2019.
- Hossein-Zadeh, Ismael (November 9, 2018). "Why Iran Needs a War Economy". Payvand.com. Archived from the original on May 2, 2019. Retrieved December 22, 2018.
- Khajehpour, Bijan (July 17, 2015). "Preventing Iran's post-sanctions job crisis". Atieh Group. Al-Monitor. Archived from the original on August 11, 2016. Retrieved July 27, 2015.
- Khajehpour, Bijan (April 10, 2015). "How the nuclear deal will help Iran's economy". Atieh Group. Al-Monitor. Retrieved April 12, 2015.
- "Iran's Neoliberal Austerity-Security Budget". Hooshang Amirahmadi. Payvand.com. February 16, 2015. Archived from the original on August 21, 2016. Retrieved February 21, 2015.
- Khajehpour, Bijan (January 8, 2015). "Iran's new budget to focus on privatization, subsidy reforms". Atieh Group. Al-Monitor. Retrieved February 2, 2015.
- Khan, Jeremy (August 17, 2014). "Iran Lures Investors Anticipating Nuclear Deal May End Sanctions". Bloomberg News. Retrieved August 20, 2014.
- Stecklow, Steve; Dehghanpisheh, Babak; Torbati, Yeganeh (November 11, 2013). "Assets of the Ayatollah". Reuters. Retrieved December 7, 2013.
- "Iran's bold economic reform – Economic jihad". The Economist. June 23, 2011. Retrieved April 7, 2012.
- Behdad, Sohrab (October 25, 2010). "Where Did Iran's Islamic Economy Come From and Where Did it Go?". Payvand.com. Archived from the original on October 28, 2010. Retrieved October 25, 2010.
- Askari, Hossein (August 26, 2008). "Iran's economic self-mutilation". )
- "Ambitious modernization program for the Tehran Stock Exchange". Global Investment House. June 22, 2007. Archived from the original on November 15, 2012. Retrieved October 18, 2010.
- Higgins, Andrew (June 2, 2007). "Inside Iran's Holy Money Machine". The Wall Street Journal. Archived from the original on March 14, 2016. Retrieved July 23, 2014.
- "Still failing, still defiant". The Economist. December 9, 2004. Retrieved July 23, 2014.
- Klebnikov, Paul (July 21, 2003). "Millionaire Mullahs". Forbes. Retrieved March 16, 2008.
Books
- Suzanne, Maloney (June 2015). Iran's Political Economy since the Revolution. New York, USA: ISBN 978-0-521-73814-9.
- ISBN 978-1-85743-748-5.
- Parvin, Alizadeh; Hakimian, Hassan (December 2013). Iran and the Global Economy: Petro Populism, Islam and Economic Sanctions. London, U.K.: ISBN 978-1-315-86720-5.
- Ayse, Valentine; Nash, Jason John; Leland, Rice (January 2013). The Business Year 2013: Iran. London, U.K.: The Business Year. ISBN 978-1-908180-11-7. Archived from the originalon March 27, 2015.
- Nash, Jason John; Sasmaz, Aytng (January 2011). The Business Year 2011: Iran. London, U.K.: The Business Year. ISBN 978-1-908180-00-1. Archived from the originalon April 17, 2014.
- Gheissari, Ali (April 2009). Contemporary Iran: Economy, Society, Politics. New York, USA: ISBN 978-0-19-537849-8.
- Wehrey, Frederic (2009). The Rise of the Pasdaran: Assessing the Domestic Roles of Iran's Islamic Revolutionary Guards Corps (PDF). Santa Monica, California, USA: ISBN 978-0-8330-4620-8.
- Curtis, Glenn; ISBN 978-0-8444-1187-3.
- Jbili, A.; Kramarenko, V.; Bailén, J. M. (March 2007). Islamic Republic of Iran: Managing the Transition to a Market Economy (PDF). ISBN 978-1-58906-441-6.
- Mohammadi, Ali (April 2003). Iran encountering globalization: problems and prospects. London, U.K.: ISBN 978-0-415-30827-4.
- Parvin, Alizadeh; Hakimian, Hassan (March 2001). The Economy of Iran: Dilemmas of an Islamic State. London, U.K.: ISBN 978-1-86064-464-1.
- ISBN 978-1-349-04778-9.
Governments
- "Annual Review 2013/14". Central Bank of Iran. February 2015. Archived from the original (PDF) on May 2, 2019. Retrieved August 22, 2015.
- "Annual Review 2012/13". Central Bank of Iran. July 2014. Archived from the original (PDF) on August 8, 2014. Retrieved August 8, 2014.
- "A Review of the Iranian Tax System". Organization for Investment Economic and Technical Assistance of Iran. January 2014. Archived from the original on September 7, 2014.
- Katzman, Kenneth (January 2014). "Iran Sanctions" (PDF). U.S. Congressional Research Service.
- "Memorandum of the foreign trade regime of Iran" (PDF). Ministry of Commerce (Iran). November 2009. Archived from the original (PDF) on July 13, 2011.
- Ilias, Shayerah (June 2008). "Iran's Economy" (PDF). U.S. Congressional Research Service.
- "Doing Business in Iran". Austrade. 2006. Archived from the original on May 25, 2006.
- "The National Report on E-Commerce in Iran" (PDF). Ministry of Commerce (Iran). 2004. Archived from the original (PDF) on April 27, 2006.
- "Millennium Development Goals" (PDF). Management and Planning Organization of Iran. 2004. Archived from the original (PDF) on November 28, 2007.
- "Basic Data on the Economy Of Iran". Overseas Business Reports. U.S. Department of Commerce. December 1971.
Papers
- "Science, Technology and Innovation Policy Review – The Islamic Republic of Iran" (PDF). United Nations Conference on Trade and Development. 2016. Archived from the original (PDF) on December 20, 2016. Retrieved December 7, 2016.
- "Iran: Concluding Statement of an IMF Staff Visit". International Monetary Fund. October 3, 2016. Retrieved December 12, 2016.
- "Entrepreneurship Ecosystem in Iran" (PDF). Iran Entrepreneurship Association. Winter 2014. Archived from the original on September 13, 2015.
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- "Investment Guide To Iran". Atieh Bahar Consulting. February 2014. Archived from the original on March 17, 2014.
- "Regional Economic Outlook: Middle East and Central Asia" (PDF). International Monetary Fund. April 2011.
- "Regional Economic Outlook: Middle East and Central Asia" (PDF). International Monetary Fund. October 2010.
- doi:10.1080/00210862.2011.570510. Archived from the original(PDF) on May 3, 2013. Retrieved September 1, 2012.
- IMF Staff Report (March 2010). "Islamic Republic of Iran" (PDF). International Monetary Fund.
- "Economic Prospects for the Middle East and North Africa Region" (PDF). World Bank. January 2010.
- "Normalization of Economic Relations: Consequences for Iran's Economy and the United States" (PDF). National Foreign Trade Council. 2008.
- The N-11: More Than an Acronym (PDF) (Report). Goldman Sachs. March 2007. Archived from the original (PDF) on March 31, 2010.
- "Science, Technology and Innovation Policy Review – The Islamic Republic of Iran" (PDF). United Nations Conference on Trade and Development. February 2005.
- "Small and Medium Enterprises in Iran" (PDF). United Nations Industrial Development Organization. 2003. Archived from the original (PDF) on September 3, 2013. Retrieved January 31, 2010.
- Nichols, Brian; Sahay, Sundeep (2003). Building Iran's Software Industry (PDF) (Report). University of Manchester. Archived from the original (PDF) on March 4, 2016. Retrieved March 22, 2014 – via United Nations.
- "Islamic Republic of Iran – Services for Agriculture and Rural Development". World Bank. June 1994. Archived from the original (PDF) on July 23, 2008.
External links
- General
- BBC – Iran in Maps (Population, land and infrastructure)
- DMOZ Archived April 15, 2014, at the Wayback Machine – Business and Economy of Iran (Open Directory)
- Financial Tribune – Iran's economic and business newspaper (in English)
- Pars Times – Iran Business Resources (Comprehensive list of resources on the Internet relating to Iran and its economy)
- Governments
- (in English) Ministry of Economic Affairs and Finance Of Iran Archived December 3, 2010, at the Wayback Machine – Official Website
- (in English) Ministry of Industry, Mine & Trade of Iran Archived December 17, 2020, at the Wayback Machine – Official Website
- (in English) Central Bank of Iran Archived November 24, 2020, at the Wayback Machine – Detailed statistics about Iran's economy and sectors, including national accounts and annual reviews
- High Council of Iran Free Trade-Industrial Zone Archived February 9, 2012, at the Iran's Free Trade Zones
- Organization For Investment, Economic and Technical Assistance of Iran Archived June 20, 2020, at the Wayback Machine – Government "one-stop institution" for foreign direct investment in Iran (Including information on labor laws, taxation and customs)
- Trade Promotion Organization of Iran Archived September 17, 2016, at the Wayback Machine – Many useful information about trade, FDI, economic reports, customs, laws, statistics, links and opportunities for investors in Iran (Affiliated to Iran's Ministry of Commerce)
- Austrade Archived October 2, 2016, at the Wayback Machine – Iran Profile (Many practical information and sector specific reports, with useful websites and resources. Login required for sector reports)
- U.K. Department for International Trade – Doing business in Iran (Trade and export guide)
- U.S. Central Intelligence Agency: Iran's entry – The World Factbook
- U.S. Department of Energy: Iran's entry – Oil, gas, electricity, data, profile, analysis and resources
- Publications and statistics
- American Enterprise Institute – Global Investment in Iran (Indicative list of major international companies investing in Iran broken down by their nationality, sector of activity and amount invested)
- Business Monitor International Archived February 22, 2015, at the Wayback Machine – Iran Business Forecast Report (Login required for sector reports)
- Business Year – Iran (VIP interviews, economic data, sector reports, investment opportunities)
- Economist Intelligence Unit: Iran's entry – Forecast, factsheet, regulation, economic data & structure (Login required for some reports)
- International Monetary Fund – Analysis, reports and recommendations for Iran
- Statistical Center of Iran – Statistics by topic, database and metadata
- Turquoise Partners – Iran Investment Monthly (Reports on the Tehran Stock Exchange and Iran's economy)
- World Bank – Social and economic indicators for Iran
- ^ "Iran's GDP stands at $1tr despite the economic war". Tehran Times. December 27, 2021. Retrieved December 27, 2021.