Economy of Iran

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Iranian Economic Reform Plan
)

Economy of Iran
Brics
and others
Country group
Statistics
PopulationIncrease 87,590,873 (2023 est.)[4]
GDP
GDP rank
GDP growth
  • Increase 4.7% (2021)[6]
  • Increase 3.0% (2022f)[6]
  • Increase 2.0% (2023f)[6]
GDP per capita
  • Increase $4,234 (nominal; 2023 est.)[5]
  • Increase $19,942 (PPP; 2023 est.)[5]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 49.7%
  • Government consumption: 14%
  • Investment in fixed capital: 20.6%
  • Investment in inventories: 14.5%
  • Exports of goods and services: 26%
  • Imports of goods and services: −24.9%
  • (2017 est.)[7]
Negative increase 40% (2022)[8]
NA[7]
Population below poverty line
Positive decrease 38.8 medium (2018)[11]
Labor force
  • Increase 27,358,987 (2019)[14]
  • Increase 39.1% employment rate (2018)[15]
Unemployment
  • Negative increase 8.90% (Dec 2021)[16]
  • Urban households:
  • IRR 17 million, monthly (FY 2013)[17]
  • Rural households:
  • IRR 10 million, monthly (FY 2013)[17]
Gross savings41.758% of GDP (2022)
automobiles, fruits and nuts, carpets
Main export partners
ImportsNegative increase $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
  • Increase $50.33 billion (December 31, 2017, est.)[7]
  • Abroad: Increase $5.226 billion (December 31, 2017, est.)[7]
  • Increase $32.031 billion (2022)[18]
  • 1.623% of GDP (2022)[18]
Positive decrease $9.142 billion (December 2022)[23]
Public finances
  • Positive decrease IRR 34,091,132 billion (2022)[18]
  • 34.172% of GDP (2022)[18]
+3% (of GDP) (2022 est.)[24]
RevenuesIRR 8,298,940 billion (2022)[18]
ExpensesIRR 12,487,173 billion (2022)[18]
Decrease $85.2 billion (December 31, 2020, est.)[24]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

gas reserves, Iran is considered an "energy superpower".[29][30][31][32][33]

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]

progress in science and technology".[40] Most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010.[41] However in March 2022, the Iranian parliament under new president Ebrahim Raisi decided to eliminate a major subsidy for importing food, medicines and animal feed, valued at $15 billion in FY2021.[42] Also in March 2022, 20 billion tons of basic goods exports from Russia including vegetable oil, wheat, barley and corn were agreed.[42]

Iran's

international sanctions. Consequently, for a short period, the tourism industry was significantly improved and the inflation of the country was decreased[citation needed] though US withdrawal from the JCPOA in 2018 hindered the growth of the economy again and increased inflation.[citation needed
]

GDP contracted in 2018 and 2019, but a modest rebound was expected in 2020.

History

Achaemenid gold coin
(circa 490 BC)

In 546 BC,

Persian Empire ran some 2,857 km from the city of Susa on the Karun (250 km east of the Tigris) to the port of Smyrna (modern İzmir in Turkey) on the Aegean Sea
.

Modern

The

Reza Shah Pahlavi (r. 1925–41) improved the country's overall infrastructure, implemented educational reform, campaigned against foreign influence, reformed the legal system, and introduced modern industries. During this time, Iran experienced a period of social change, economic development, and relative political stability.[54]

Reza Shah Pahlavi, who abdicated in 1941, was succeeded by his son,

Mohammad Reza Shah Pahlavi (r. 1941–79). No fundamental change occurred in the economy of Iran during World War II (1939–45) and the years immediately following. However, between 1954 and 1960 a rapid increase in oil revenues and sustained foreign aid led to greater investment and fast-paced economic growth, primarily in the government sector. Subsequently, inflation increased, the value of the national currency (the rial) depreciated, and a foreign-trade deficit developed. Economic policies implemented to combat these problems led to declines in the rates of nominal economic growth and per capita income by 1961.[54]

Prior to 1979, Iran developed rapidly. Traditionally agricultural, by the 1970s, the country had undergone significant industrialization and modernization.

capital flight reached $30 to $40 billion 1980-US dollars just before the revolution.[57]

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

nuclear power facilities), and began integrating its communication and transportation systems with those of neighboring states.[60]

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]

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 Decrease-21.6% Negative increase20.6% n/a n/a
1981 Increase233.2 Decrease5,713.0 Increase101.5 Increase2,485.7 Decrease-5.7% Negative increase24.2% n/a n/a
1982 Increase305.0 Increase7,190.8 Increase125.8 Increase2,965.6 Increase23.2% Negative increase18.7% n/a n/a
1983 Increase352.1 Increase7,988.8 Increase156.9 Increase3,560.3 Increase11.1% Negative increase19.7% n/a n/a
1984 Decrease338.8 Decrease7,397.4 Increase161.7 Decrease3,531.2 Decrease-7.1% Negative increase12.6% n/a n/a
1985 Increase356.0 Increase7,481.5 Increase180.5 Increase3,793.9 Increase1.9% Increase4.4% n/a n/a
1986 Decrease327.7 Decrease6,626.6 Increase208.9 Increase4,225.5 Decrease-9.8% Negative increase23.7% n/a n/a
1987 Increase335.2 Decrease6,616.0 Increase277.0 Increase5,468.0 Decrease-0.2% Negative increase27.7% n/a n/a
1988 Decrease325.9 Decrease6,278.2 Increase311.9 Increase6,009.2 Decrease-6.1% Negative increase28.9% n/a n/a
1989 Increase359.4 Increase6,758.1 Increase379.4 Increase7,133.8 Increase6.1% Negative increase17.4% n/a n/a
1990 Increase423.6 Increase7,772.9 Increase581.0 Increase10,661.5 Increase13.6% Increase9.0% 14.2% n/a
1991 Increase493.6 Increase8,840.0 Decrease304.1 Decrease5,445.6 Increase12.7% Negative increase20.2% Positive decrease10.0% n/a
1992 Increase521.5 Increase9,204.7 Decrease50.5 Decrease890.8 Increase3.3% Negative increase24.5% Steady10.0% n/a
1993 Increase526.0 Decrease9,149.8 Increase64.4 Increase1,121.1 Decrease-1.5% Negative increase22.5% Steady10.0% n/a
1994 Increase528.1 Decrease9,053.8 Increase79.8 Increase1,368.4 Decrease-1.7% Negative increase34.9% Steady10.0% n/a
1995 Increase552.1 Increase9,328.7 Increase114.9 Increase1,942.0 Increase2.4% Negative increase49.3% Steady10.0% n/a
1996 Increase598.0 Increase9,956.8 Increase158.0 Increase2,631.5 Increase6.4% Negative increase23.9% Positive decrease9.1% 35.8%
1997 Increase616.5 Increase10,107.2 Increase184.1 Increase3,019.0 Increase1.4% Negative increase16.5% Negative increase11.9% Negative increase37.7%
1998 Increase636.4 Increase10,290.5 Increase205.0 Increase3,314.9 Increase2.1% Negative increase18.5% Negative increase13.6% Positive decrease36.2%
1999 Increase658.3 Increase10,530.4 Increase275.1 Increase4,400.6 Increase2.0% Negative increase20.2% Negative increase15.8% Positive decrease27.1%
2000 Increase712.5 Increase11,218.5 Increase366.9 Increase5,776.9 Increase5.8% Negative increase12.3% Negative increase16.0% Positive decrease22.2%
2001 Increase746.0 Increase11,551.2 Decrease331.0 Decrease5,124.8 Increase2.4% Negative increase11.5% Negative increase16.6% Negative increase25.6%
2002 Increase818.9 Increase12,471.8 Decrease132.7 Decrease2,020.8 Increase8.1% Negative increase15.8% Positive decrease12.2% Negative increase28.5%
2003 Increase907.2 Increase13,476.4 Increase158.4 Increase2,353.4 Increase8.6% Negative increase15.6% Positive decrease11.3% Positive decrease26.8%
2004 Increase971.9 Increase14,220.6 Increase189.0 Increase2,764.8 Increase4.3% Negative increase15.3% Negative increase12.3% Positive decrease25.7%
2005 Increase1,034.4 Increase14,906.5 Increase228.4 Increase3,291.9 Increase3.2% Negative increase10.3% Positive decrease11.5% Positive decrease22.2%
2006 Increase1,119.6 Increase15,881.6 Increase272.4 Increase3,863.5 Increase5.0% Negative increase12.0% Positive decrease11.3% Positive decrease18.2%
2007 Increase1,243.6 Increase17,385.6 Increase360.9 Increase5,045.7 Increase8.2% Negative increase18.4% Positive decrease10.5% Positive decrease16.1%
2008 Increase1,270.7 Increase17,583.0 Increase425.7 Increase5,890.7 Increase0.3% Negative increase25.3% Positive decrease10.4% Positive decrease12.4%
2009 Increase1,291.7 Increase17,646.8 Increase440.4 Increase6,016.8 Increase1.0% Negative increase10.8% Negative increase11.9% Negative increase13.3%
2010 Increase1,383.0 Increase18,649.5 Increase517.9 Increase6,983.8 Increase5.8% Negative increase12.3% Negative increase13.5% Negative increase14.8%
2011 Increase1,449.1 Increase19,282.6 Increase625.4 Increase8,322.5 Increase2.6% Negative increase21.5% Positive decrease12.3% Positive decrease12.3%
2012 Decrease1,295.7 Decrease17,040.7 Decrease421.9 Decrease5,548.3 Decrease-3.7% Negative increase30.6% Positive decrease12.1% Negative increase13.6%
2013 Decrease1,250.6 Decrease16,238.3 Increase428.3 Increase5,561.5 Decrease-1.5% Negative increase34.7% Positive decrease10.4% Positive decrease11.8%
2014 Increase1,255.8 Decrease16,106.1 Increase460.8 Increase5,910.1 Increase5.0% Negative increase15.6% Negative increase10.6% Negative increase12.6%
2015 Decrease1,131.0 Decrease14,327.8 Decrease408.3 Decrease5,172.1 Decrease-1.4% Negative increase11.9% Negative increase11.0% Negative increase37.0%
2016 Increase1,221.4 Increase15,281.9 Increase458.0 Increase5,730.8 Increase8.8% Increase9.1% Negative increase12.4% Negative increase47.9%
2017 Increase1,281.4 Increase15,805.8 Increase486.8 Increase6,005.1 Increase2.8% Increase9.6% Positive decrease12.1% Positive decrease45.0%
2018 Increase1,287.9 Decrease15,689.7 Increase516.2 Increase6,288.9 Decrease-1.8% Negative increase30.2% Steady12.1% Positive decrease40.6%
2019 Decrease1,270.7 Decrease15,295.3 Increase651.5 Increase7,842.6 Decrease-3.1% Negative increase34.6% Positive decrease10.7% Negative increase42.7%
2020 Increase1,328.8 Increase15,811.8 Increase971.2 Increase11,557.0 Increase3.3% Negative increase36.4% Positive decrease9.6% Negative increase44.1%
2021 Increase1,449.3 Increase17,082.9 Increase1,589.9 Increase18,739.3 Increase4.7% Negative increase40.1% Positive decrease9.2% Positive decrease42.4%
2022 Increase1,599.2 Increase18,663.2 Increase1,973.7 Increase23,033.5 Increase3.0% Negative increase40.0% Negative increase9.4% Positive decrease34.2%
2023 Increase1,690.1 Increase19,528.4 Increase2,044.2 Increase23,619.1 Increase2.0% Negative increase40.0% Negative increase9.6% Positive decrease31.9%
2024 Increase1,760.9 Increase20,144.9 Increase2,135.7 Increase24,432.9 Increase2.0% Negative increase30.0% Negative increase9.9% Negative increase32.2%
2025 Increase1,830.4 Increase20,732.1 Increase2,230.6 Increase25,265.7 Increase2.0% Negative increase25.0% Negative increase10.0% Negative increase33.5%
2026 Increase1,903.4 Increase21,345.7 Increase2,330.0 Increase26,129.9 Increase2.0% Negative increase25.0% Steady10.0% Negative increase34.8%
2027 Increase1,979.9 Increase21,984.4 Increase2,438.6 Increase27,076.8 Increase2.0% Negative increase25.0% Steady10.0% Negative increase36.0%

research and development, ranking the country behind the world average of 1.4%.[64] In 2009 the ratio of research to GDP was 0.87% against the government's medium-term target of 2.5%.[65] Iran ranked first in scientific growth in the world in 2011 and 17th in science production in 2012.[citation needed
]

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.

resistive economy.[71][73][74] According to the International Monetary Fund, Iran is a "transition economy", i.e., changing from a planned to a market economy.[75]

The

smuggling and speculation instead of production and manufacturing.[citation needed] According to Goldman Sachs, Iran has the potential to become one of the world's largest economies in the 21st century.[80][81] Iranian President Hassan Rouhani stated, in 2014, that the country has the potential to become one of the ten largest economies within the next 30 years.[82]

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]

250
500
750
1,000
1,250
1,500
5,000
10,000
15,000
20,000
2000
2004
2008
2012
2015
  •   GDP, PPP, million (current international $)
  •   GDP per capita, PPP (current international $)
population of Iran
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

banking sector is seen as a potential hedge against the removal of subsidies, as the plan is not expected to directly impact banks.[91]

National planning

Majlis, the central bank presents a detailed monetary and credit policy to the Money and Credit Council (MCC) for approval. Thereafter, major elements of these policies are incorporated into the five-year economic development plan.[54] The plan is part of "Vision 2025", a strategy for long-term sustainable growth.[92]

Fifth Economic Development Plan (2010–15)
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
FDI);[94][95] BMI Archived January 31, 2011, at the Wayback Machine forecast: 3.6% on average (2009–14)[96]
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]
Oil price & revenues in budget
$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
foreign investment, in part to boost oil refining capacity[94][109]
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:

Fiscal and monetary policy

Since the 1979 revolution,

monthly subsidies but the trend could reverse if high inflation persists.[129]

Iran had an estimated $110 billion in

fiscal deficit is expected to deteriorate to 2.7% of GDP in FY 2016 from 1.7% in 2015.[134]

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

Nordea Bank Abp,[46] holding billions of dollars of non-performing loans,[47] and the private sector remains "anemic".[46] The unofficial Iranian rial to US dollar exchange rate, which had plateaued at 40,000 to one in 2017, has fallen 120,000 to one as of November 2019.[48] Iran's economy has a relatively low rating in the Heritage Foundation's "Index of Economic Freedom" (164 out of 180);[49][46] and ease of doing business ranking (127 among 190) according to the World Bank.[50] Critics have complained that privatization has led not to state owned businesses being taken over by "skilled businesspeople" but by the powerful Islamic Revolutionary Guard Corps "and its associates".[139] In 2020, an Iranian businessperson complained to a foreign journalist (Dexter Filkins) that the uncertainty of "chronic shortages of material and unruly inspectors pushing for bribes" made operating his business very difficult -- "Plan for the next quarter? I can't plan for tomorrow morning."[139]

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

Social class in Iran[54][141][142][143]

  
absolute poverty
(6.7%)

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

Shariah law. As of 2012, 5,923 consumer cooperatives, employed 128,396.[145] Consumer cooperatives have over six million members.[145] Private sector operate in construction, agriculture, animal husbandry, industry, trade, and services that supplement the economic activities of the state and cooperative sectors.[146]

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

fuel). IRGC also runs the telecommunication company, laser eye-surgery clinics, makes cars, builds bridges and roads and develops oil and gas fields.[157]

Religious foundations

Setad is a multi-sector business organization, with holdings of 37 companies, and an estimated value of $95 billion. It is under the control of the Supreme Leader, Ali Khamenei, and created from thousands of properties confiscated from Iranians.[161]

Labor force

Employment by sectors (2003)[65]
sector persons
Agriculture
4,009,155
Social, personal and household services & Public service
3,934,317
Mining & Manufacturing
3,019,576
Trade, restaurant & hotel
2,820,927
Construction & Real estate services
2,395,144
Transportation, warehousing & Telecommunications
1,541,401
Financial & monetary institutions services
366,352
Oil & gas
136,803
Electricity
77,026
Water
63,510
Labor force: 18,364,211 (total)
note: Lack of skilled labor[162]

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.

brain drain.[39][167] According to the government, some 40% of the workforce in the public sector are either in excess or incompetent.[168]

Personal income and poverty

Unemployment rate, per-capita income growth and minimum wage (2000–2009)
GNI per capita:
  Iran in 2010: $4,520 nominal; (2012: $13,000 PPP)[169]
  Higher GNI per capita compared to Iran
  Lower GNI per capita compared to Iran

Iran is classed as a

GNI per capita in 2012: $13,000 by PPP).[39][169][170][171] A minimum national wage applies to each sector of activity as defined by the Supreme Labor Council. In 2009 this was about $263 per month ($3,156 per year).[172] The World Bank reported that in 2001, approximately 20% of household consumption was spent on food, 32% on fuel, 12% on health care and 8% on education.[173] Iranians have little debt.[174] Seventy percent of Iranians own their homes.[175]

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]

relative poverty line.[180]

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.

social welfare programs of which more than 50% covered pension costs.[184] Out of the 15,000 homeless in Iran in 2015, 5,000 were women.[185]

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%.

Civil servants, the regular military, law enforcement agencies, and IRGC have their own pension systems.[187]

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

Workers' House, a state-sponsored institution that attempts to challenge some state policies.[188] Guild unions operate locally in most areas, but are limited largely to issuing credentials and licenses. The right to strike is generally not respected by the state. Since 1979 strikes have often been met by police action.[189]

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

Wheat, the most important crop, is grown mainly in the west and northwest whilst rice is the major crop in the Caspian region.

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

Zagros and Alborz mountains have increased the amount of water available for irrigation. Agricultural production is increasing as a result of modernization, mechanization, improvements to crops and livestock as well as land redistribution programs.[192]

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

berries and the second largest date producer.[193]
Meat and dairy products include lamb, goat meat, beef, poultry, milk, eggs, butter, and cheese.

Non-food products include wool, leather, and silk. Forestry products from the northern slopes of the

Alborz Mountains are economically important. Tree-cutting is strictly controlled by the government, which also runs a reforestation program. Rivers drain into the Caspian Sea and are fished for salmon, carp, trout, pike, and sturgeon that produce caviar, of which Iran is the largest producer.[192][194]

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.

foodstuffs in 2007 and $1 billion (~600,000 tonnes) in 2010.[197] A total of 12,198 entities are engaged in the Iranian food industry, or 12% of all entities in the industry sector
. The sector also employs approximately 328,000 people or 16.1% of the entire industry sector's workforce.[198]

Manufacturing

Large-scale factory manufacturing began in the 1920s. During the

Iran's petrochemical plants, damaging the large oil refinery at Abadan bringing production to a halt. Reconstruction began in 1988 and production resumed in 1993. In spite of the war, many small factories sprang up to produce import-substitution goods and materials needed by the military.[199]

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.

pharmaceuticals. In 2000, textile mills, using domestic cotton and wool such as Tehran Patou and Iran Termeh employed around 400,000 people around Tehran, Isfahan and along the Caspian coast.[201][202]

Machine Sazi Arak (MSA)

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:

Despite these problems, Iran has progressed in various

industrialized country.[203]

Handicrafts

Persian carpet

Iran has a long tradition of producing

ceramics, copperware, brassware, glass, leather goods, textiles and wooden artifacts. The country's carpet-weaving tradition dates from pre-Islamic times and remains an important industry contributing substantial amounts to rural incomes. An estimated 1.2 million weavers in Iran produce carpets for domestic and international export markets.[citation needed] More than $500 million worth of hand-woven carpets are exported each year, accounting for 30% of the 2008 world market.[204][205] Around 5.2 million people work in some 250 handicraft fields and contribute 3% of GDP.[citation needed
]

Automobile manufacturing

Iran Khodro is the largest car manufacturer in the Middle-East. It has established joint-ventures with foreign partners on 4 continents.

As of 2001, 13 public and privately owned automakers within Iran, led by

Tiba, vans, mini trucks, medium-sized trucks, heavy trucks, minibuses, large buses and other heavy automobiles used for commercial and private activities in the country. In 2009 Iran ranked fifth in car production growth after China, Taiwan, Romania and India.[207] Iran was the world's 12th biggest automaker in 2010 and operates a fleet of 11.5 million cars.[208][209][210][211] Iran produced 1,395,421 cars in 2010, including 35,901 commercial vehicles.[citation needed
]

Defense industry

In 2007 the

Bavar 373.[215]

Construction and real estate

HEPCO motor grader (HG180D1) is working on road construction

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

Mehr housing scheme.[216] Construction is one of the most important sectors accounting for 20–50% of total private investment in urban areas and was one of the prime investment targets of well-off Iranians.[184]

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

Mobarakeh in Isfahan is Iran's largest steel mill listed on the Tehran Stock Exchange.[221]

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.

Kerman Province is home to the world's second largest store of copper.[225]
Large iron ore deposits exist in central Iran, near Bafq, Yazd and Kerman. The government owns 90% of all mines and related industries and is seeking foreign investment.[222] The sector accounts for 3% of exports.[222]

In 2019, the country was the 2nd largest world producer of

salt.[231] It was the 13th largest producer in the world of uranium in 2018.[232]

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

Khuzestan. Iran became self-sufficient in steel in 2009.[235] Aluminum and copper production are projected to hit 245,000 and 383,000 tons respectively by March 2009.[234][236] Cement production reached 65 million tons in 2009, exporting to 40 countries.[236][237]

Petrochemicals

Iran's refining capacity (2007–2013 est.)

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

Dow Chemical with Iran housing some of the world's largest chemical complexes.[110]

Giant gas reactor of Yadavaran gas refinery designed and manufactured by AzarAb Industries Corporation

fuel smuggling with neighboring countries.[244]

In November 2019, Iran raised the gasoline prices by 50% and imposed

target prices set in the subsidy reform plan, however. The policy changes came in effect to the US sanctions, and caused protests across the country.[245] The result of the rationing, a year later, was reduced pollution and wasteful domestic consumption and increase in exports.[246]

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

Energy[39]
Electricity:

  • 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:

Iran plans to generate 23,000 MW of electricity through nuclear technology by 2025 to meet its increasing demand for energy.[248]
  • 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)
second largest reserves
after Russia

Iran possesses 10% of the world's

subsidies for oil, gas and electricity.[36] It is the world's third largest consumer of natural gas after United States and Russia.[39] In 2010 Iran completed its first nuclear power plant at Bushehr with Russian assistance.[250]

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

current projects come on stream.[104]

Pipelines move oil from the fields to the

US dollar.[citation needed] According to the Petroleum Ministry, Iran plans to invest $500 billion in its oil sector by 2025.[257]

Retail and distribution

Electronic commerce in Iran passed the $1 billion mark in 2009.[259]

In 2012, Iranians spent $77 billion on food, $22 billion on clothes and $18.5 billion on

disposable income are projected at $176.4 billion and $287 billion respectively.[261]

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

pharmaceutical companies in Iran produced 96% (quantitatively) of the medicines for a market worth $1.2 billion.[262][265][266] This figure is projected to increase to $3.65 billion by 2013.[264]

Tourism and travel

19 historic sites which have been inscribed on UNESCO
World Heritage List.

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

Iran Travel and Tourism Organization (ITTO), Iran is rated among the "10 most touristic countries in the world".[269] Domestic tourism in Iran is one of the largest in the world.[270]

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

Islamic law. This system took effect in the mid-1980s.[54]

The Tehran Stock Exchange has been one of the world's best performing stock exchanges in recent years.[271][272]

The

state and private banks. Several commercial banks have branches throughout the country. Two development banks exist and a housing bank specializes in home mortgages. The government began to privatize the banking sector in 2001 when licenses were issued to two new privately owned banks.[273]

State-owned commercial banks predominantly make loans to the state,

Iranian banks held some $38 billion of delinquent loans, with capital of only $20 billion.[citation needed
]

Foreign transactions with Iran amounted to $150 billion of major contracts between 2000 and 2007, including private and government lines of credit.

FDI, $7.4 billion was from international commercial bank loans, and around $900 million consisted of loans and projects from international development banks.[278]

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.

Ministry of Information & Communication Technology) began selling Internet accounts to the general public. In 2006, revenues from the Iranian telecom industry were estimated at $1.2 billion.[282] In 2006, Iran had 1,223 Internet Service Providers (ISPs), all private sector operated.[283] As of 2014, Iran has the largest mobile market in the Middle East, with 83.2 million mobile subscriptions and 8 million smart-phones in 2012.[284]

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

Locomotive production line of Wagon Pars company

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

Bandar Imam Khomeini on the Persian Gulf. Dozens of cities have passenger and cargo airports. Iran Air, the national airline, was founded in 1962 and operates domestic and international flights. All large cities have bus transit systems and private companies provide intercity bus services. Tehran, Mashhad, Shiraz, Tabriz, Ahvaz and Isfahan are constructing underground railways. More than one million people work in the transportation sector, accounting for 9% of 2008 GDP.[287]

In August 2022, President

sanctions imposed on Iran. Regular Iranian citizens were unable to buy safe cars at affordable prices.[288]

International trade

Iran is a founding member of

fruits, saffron and caviar
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.

Russia, and South Korea. From 1950 until 1978, the United States was Iran's foremost economic and military partner, playing a major role in infrastructure and industry modernization.[55][56] It is reported that around 80% of machinery and equipment in Iran is of German origin.[296]
In March 2018, Iran had banned Dollar in trade.[297] In July 2018, France, Germany and the UK agreed to continue trade with Iran without using Dollar as a medium of exchange.[298]

Since the mid-1990s, Iran has increased its economic cooperation with other

Pakistan and shares with its partners the common objective to create a common market in West and Central Asia through ECO.[citation needed
]

Since 2003,

Foreign direct investment

FDI stock in Iran (1980–2010)

In the 1990s and early 2000s, indirect oilfield development agreements were made with foreign firms, including

buyback contracts in the oil sector whereby the contractor provided project finance in return for an allocated production share. Operation transferred to National Iranian Oil Company (NIOC) after a set number of years, completing the contract.[304]

Unfavorable or complex operating requirements and

Iranian calendar years 1993 and 2007.[305] The EIU estimates that Iran's net FDI will rise by 100% between 2010 and 2014.[306]

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

Iranian citizens abroad was about 1.3 trillion dollars.[308]

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

Map of the Economic Cooperation Organization (ECO) member states

Iran has held observer status at the

most complex country".[319]

Should Iran eventually gain

Qeshm, Chabahar, and Kish Island are expected to assist in this process. Iran allocated $20 billion in 2010 to loans for the launch of twenty trade centers in other countries.[320]

International sanctions

See also Economic Recession in Iran

After the

In 2018, the

Effects

to purchase new planes
.

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

price of crude petroleum by 10%, saving the United States annually $76 billion (at the proximate 2008 world oil price of $100/bbl).[315]

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.

Automobile production declined 40% between 2011 and 2013.[340] According to the U.S. government in 2015, Iran's economy has reached a point where it is "fundamentally incapable of recovery" without a nuclear accommodation with the West.[341]

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

Lists
Institutions

Notes

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  1. ^ Iran devalued its currency in July 2013

[1]

General references

Encyclopedia Iranica entries

Articles

Books

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Papers

External links

General
Governments
Publications and statistics
  1. ^ "Iran's GDP stands at $1tr despite the economic war". Tehran Times. December 27, 2021. Retrieved December 27, 2021.