Economy of Iran

Economy of Iran

File:Teh Ir.jpg Tehran skyline, Central Bank building in foreground.
Currency	1 toman (superunit) = 10 Iranian rial (IRR) () = 1000 dinar
Fiscal year	21 March – 20 March
Trade organizations	ECO, OPEC, GECF, WTO (observer) and others
Statistics
GDP	$863.5 billion (2010 est.) (PPP; 19th) 337.9 billion (2010 est.) (nominal; 29th)
GDP growth	3% (real growth; 2010 est.)
GDP per capita	$11,200 (2010 est.); (PPP; 99th)
GDP by sector	agriculture (11%), industry (45.9%), services (43.1%) (2010 est.)
GDP by component	Private consumption (36.4%) Government consumption (10.3%) Gross fixed investment (23.9%) Exports of goods/services (34.6%) Imports of goods/services (−19.7%) (2008 est.)
Inflation (CPI)	11.8% (2010 est.)
Population below poverty line	18.7% living below $11/day (2006) 3.1% living below $2/day (2006)
Gini coefficient	38% (2008 est.)
Labor force	25.7 million (2010 est.); note: shortage of skilled labor
Unemployment	14.6% according to the Iranian government (2010 est.)
Main industries	petroleum, petrochemicals, fertilizers, caustic soda, car manufacture, pharmaceuticals, home appliances, electronics, telecom, energy, power, textiles, construction, cement and other construction materials, food processing (particularly sugar refining and vegetable oil production), ferrous and non-ferrous metal fabrication, armaments
External
Exports	$78.69 billion (2010 est.) f.o.b.
Export goods	petroleum (80%), chemical and petrochemical products (4%), fruits and nuts (2%), cars (2%), carpets (1%), technical services
Main export partners	China 16.58%, Japan 11.9%, India 10.54%, South Korea 7.54%, Turkey 4.36% (2009)
Imports	$58.97 billion (2010 est.) f.o.b.
Import goods	industrial raw materials and intermediate goods (46%), capital goods (35%), foodstuffs and other consumer goods (19%), technical services
Main import partners	UAE 15.14%, China 13.48%, Germany 9.66%, South Korea 7.16%, Italy 5.27%, Russia 4.81%, India 4.12% (2009)
FDI stock	Home: $16.82 billion (72nd; 2010) Abroad: $2.075 billion (67th; 2010)
Gross external debt	$12.84 billion (31 December 2010 est.)
Public finances
Government debt	16.2% of GDP (2010 est.)
Revenues	$96.94 billion (2009 est.): ~45% from oil exports, 31% from taxes, tariffs and fees, 20% from government properties and holdings (on exchange rate basis, not PPP)
Expenses	$93.04 billion (2009 est.) (on exchange rate basis)
Economic aid	$121 million (2008 est.)
Credit rating	B for sovereign risk (June 2009)
Foreign reserves	$100 billion (30 October 2010 est.)
All values, unless otherwise stated, are in US dollars.

The economy of Iran is the eighteenth largest economy in the world by purchasing power parity (PPP). It is a transition economy with a large public sector and an estimated 50% of the economy centrally planned. Exports are dominated by oil and gas (80%) and constituted 60% of the government revenue in 2010. A unique feature of Iran's economy is the large size of the religious foundations whose combined budgets make up more than 30% that of the central government. Iran is one of the few major economies that has kept a positive growth, despite the 2008 global financial crisis and the international sanctions relating to its nuclear program.

Distortions resulting from a combination of price controls and subsidies, particularly on food and energy, continues to weigh down the economy; and contraband, administrative controls, widespread corruption, and other rigidities undermine the potential for private sector-led growth. President Mahmoud Ahmadinejad has proposed replacing energy subsidies with targeted social assistance. However, previous government-led efforts at reform – such as fuel rationing in July 2007 and the imposition of the value-added tax (VAT) in October 2008 – were met with stiff resistance and violent protests. Iran ranks 69th out of 139 in Global Competitiveness Report.

High oil prices in recent years have enabled Iran to amass $100 billion in foreign exchange reserves. Although this increased revenue has aided self-sufficiency and domestic investments, double-digit unemployment and inflation still remain. According to the Central Bank of Iran, annual inflation declined to 11.5% as of February 2010. The economy has seen only moderate growth. Iran's educated population, economic inefficiency, and insufficient foreign and domestic investment have prompted an increasing number of Iranians to seek employment overseas, resulting in significant "brain drain".

History

Main articles: Economic history of Iran and History of the Islamic Republic of Iran

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

The government's long-term objectives since the 1979 revolution has been economic independence, full employment, and a comfortable standard of living for citizens, but at the end of the 20th century, the country's economy faces many obstacles. Iran's population more than from 1980 to 2000, with an increasingly young population. Although a relatively large part of the population engages in farming, agricultural production has fallen consistently since the 1960s. By the late 1990s, Iran was a major food importer, and economic hardship in the countryside had driven vast numbers of people to migrate to cities.

After the end of hostilities with Iraq in 1988, the government tried to develop the country's communication, transportation, manufacturing, health care, education and energy infrastructures (including its prospective nuclear power facilities) and has begun the process of integrating its communication and transportation infrastructure with that of neighboring states. The 8-year war with Iraq claimed at least 300,000 Iranian lives and injured more than 500,000, at a cost of $500 billion to the Iranian economy.

Macro-economic trends

See also: Demographics of Iran, Science and technology in Iran, and International rankings of Iran

In the early 21st century the service sector constituted the largest percentage of the gross domestic product (GDP), followed by industry (mining and manufacturing) and agriculture. In 2008 the GDP was estimated at $382.3 billion ($842 billion by PPP), or $5,470 per capita ($12,800 by PPP). The GDP figure is projected to double in the next five years. The informal economy is also important. Because of these figures and the country’s diversified but small industrial base, the United Nations classifies Iran's economy as semi-developed (1998). Due to huge energy subsidies, Iran is one of the most energy-inefficient countries of the world, with the energy intensity three times higher than global average and 2.5 times the middle eastern average. In 2009 the ratio of research to GDP was 0.87%, against the government's medium-term target of 2.5%. According to Goldman Sachs, Iran has a high potential to become one of the world's largest economies in the 21st century.

Iran's nominal GDP & projections (1999-2015 est). More than two-thirds of the Iranians are under the age of 30.

Year (Source: IMF)	GDP, current prices (billions IRR)	Implied PPP conversion rate (USD/IRR)	GDP at PPP per capita (current international dollar)	Inflation index (average CPI) (2000=100)	Population (million persons)
1980	6,622	58	2,974	2	38
1985	16,556	77	4,507	4	48
1990	35,315	144	4,489	12	55
1995	185,928	569	5,094	43	64
2000	580,473	1,341	6,800	100	64
2005	1,697,305	2,675	9,268	190	68
2010 (est.)	3,698,348	4,307	11,396	377	75

Fiscal and monetary policy

Main articles: Public finance and fiscal policy in Iran and Inflation and monetary policy in Iran

Since the Revolution the government’s general budget payments have averaged 59% for social affairs, 17% for economic affairs, 15% for national defense, and 13% for general affairs. Between the social affairs and economic affairs, payments have averaged 39% for education, health and social security, 20% for other social affairs, 3% for agriculture, 16% for water, power and gas, 5% for manufacturing and mining, 12% for roads and transportation and 5% for other economic affairs. Iran's gross net investment was 27.7% of GDP in 2009. Between 2002 and 2006, the rate of inflation has been fluctuating around 14%. In 2008, about 55% of the government's budget came from oil and natural gas revenues, and 31% came from taxes and fees. The budget for the Iranian year 2010 amounts to $368 billion, representing an increase of 31% on 2009 and is based on a projected oil price of $60. Iran had approximately $97 billion in foreign reserves at the start of 2009. Iran balances its external accounts around $75 per barrel.

Five-year socio-economic development plan

See also: Supreme Audit Court of Iran and Management and Planning Organization of Iran

Since Iran adopted a managed floating rate in 2003, the dollar/rial exchange rate has remained relatively stable.

The fifth development plan (2010–15) sets the guidelines for the socio-economic development of the country over the next five years. It has been designed to give power to the people through delegation. The five-year plan is part of "Vision 2025", a plan for long-term sustainable growth. Each year, after approval of the government’s annual budget, the Central Bank of Iran presents a detailed monetary and credit policy to the Money and Credit Council (MCC) for approval. Thereafter, major elements of these policies are incorporated in the five-year economic development plan. According to the IMF, Iran is in transition to a market economy.

Economic reform plan

See also: Iranian targeted subsidy plan

Other main objectives of the fifth plan are making improvements in public healthcare, and expanding international relations. The target is self-reliance by 2015 and the implementation of an ambitious economic reform plan, which includes subsidy reform, banking, currency, taxation, customs, infrastructure, employment, nationwide distribution of goods and services, social justice and productivity as its focus. By removing energy subsidies, Iran intends to make its industries more efficient and competitive with that of the world. The reforms target one of the major sources of inefficiency and price distortions in the Iranian economy, and will likely lead to major restructuring in almost all economic sectors. The banking sector in Iran is viewed as a potential hedge against the removal of subsidies, as the plan is not expected to have any direct impact on banks. According to plan, Iran will become the world's 12th largest economy by 2015.

Item in the plan	2010 (realized)	2010–15 (target)
GDP world ranking	18th largest economy by PPP	12th in 2015
Annual growth rate	2.6%	8% on average; BMI forecast: 3.6% on average (2009–14)
Unemployment	11.8% according to government; unofficially: 12–22%; 30% according to opposition	7% by 2015, by creating 1 million new jobs each year
Inflation rate	15% (as of January 2010)	12% on average
Value Added Tax	3%	8%
Oil price & revenues in budget	$60 per barrel	$65 per barrel on average / $250 billion in oil and gas revenues in 2015 once the current projects come on stream; IMF projections: ~$60 billion only
Natural gas production	—	900 million cubic meter/day
Share of non-oil exports	20%	30% ($110 billion) by 2015
Investment in oil and gas industry	—	$20 billion a year in private and foreign investment, in part to boost oil refining capacity
Petrochemical output	~50 million tpy	100 million tpy
Bunkering	25% market share in Persian Gulf	50% market share or 7.5 million  tpy of liquid fuel
Oil products storage capacity	11.5 billion liters	16.7 billion liters
Investment in mining and industry	—	$70 billion/700,000 billion rials
Crude steel production	~10 million tpy	42 million tpy by 2015
Iron ore production	~27 million tpy	66 million tpy by 2015
Cement	~71 million tpy	110 million tpy
Limestone	—	166 million tpy
New industrial parks	—	50 new industrial parks to be built by 2015
Tourism	—	20 million tourists annually by 2015 (including domestic tourism)
Ports capacity	150 million tons	200 million tons
Railway network development	—	$8 billion investment per annum

Centralization and privatization

Main article: Privatization in Iran

See also: Tehran Stock Exchange and List of Iranian companies

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

File:Privatization Iran.jpg

Iran's economy is largely state owned. However the government continues in its drive towards privatization and economic liberalization.

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

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

Islamic Revolutionary Guard Corps

See also: Smuggling in Iran

The Islamic Revolutionary Guard Corps (IRGC) are thought to control about a third of Iran's economy through a series of subsidiaries and trusts. The Los Angeles Times estimates that IRGC has ties to over one hundred companies, with its annual revenue exceeding $12 billion in business and construction. IRGC has been awarded billions of dollars in contracts in the oil, gas and petrochemical industries, as well as major infrastructure projects. As enforcers of cross border activities, the IRGC has maintained a monopoly on smuggling. It runs laser eye-surgery clinics, makes cars, builds bridges and roads, develops gas and oil fields.

Religious foundations

Main article: Bonyad

Welfare programs for the needy are managed by more than 30 individual public agencies, and semi-state organizations named "Bonyad", as well as by several private non-governmental organizations. In 2003, the government began to consolidate its welfare organizations in an effort to eliminate redundancy and inefficiency. Bonyads are a consortium of over 120 organizations which are tax-exempt, receive government subsidies and religious donations and answer directly to the Supreme Leader of Iran. They control over 20% of Iran's GDP and they are involved in everything from vast soybean and cotton fields to hotels to soft drinks to auto-manufacturing to shipping lines. Bonyads are overstaffed, corrupt, and generally not profitable.

Labor and welfare

See also: Iranian labor law, Taxation in Iran, and Education in Iran

According to experts, annual economic growth above 5% would be needed to keep pace with the 750,000 new labor force entrants each year. Agriculture contributes just over 11% to the gross national product and employs a third of the labor force. The industrial sector—including mining, manufacturing, and construction—contributed 42% of the GDP and employed 31% of the labor force in 2004. Mineral products, notably petroleum, dominate Iran’s exports revenues (80%), but mining employs less than 1% of the country’s labor force. In 2004 the service sector ranked as the largest contributor to the GDP (48%) and employed 44% of workers. In 2005, Iranian women accounted for 33% of the workforce. More than two-thirds of the population (74 million) is under the age of 30.

Personal income

See also: Social class in Iran

Iran is classed as a middle income country and has made significant progress in provision of health and education services in the period covered by the Millennium Development Goals (MDGs). Net enrollment at primary school level is almost 100%. In 2010, Iran's average monthly income was about $500 (GNI per capita in 2009: $10,900 by PPP). There is a minimum national wage applicable to each sector of activity fixed by the Supreme Labor Council. In 2009 the minimum wage, determined by the Supreme Labor Council, was about $263 per month ($3,156 per year). The World Bank reports that in 2001, approximately 20% of household consumption was spent on food, 32% on fuel, 12% on health care, and 8% on education.

The poverty line for Tehran in the year ending March 20, 2008 was $9,612 per year and the national average was $4,932. In 2010, Iran's Department of Statistics announced that 10 million Iranians live under the absolute poverty line and 30 million live under the relative poverty line.

Social security

See also: Social Security Organization (Iran) and Healthcare in Iran

Iran did not legislate in favor of a universal social protection, but in 1996, the Center of the Statistics of Iran estimated that more than 73% of the Iranian population was covered by social security. Membership in the social security system for all employees is compulsory.

The social security makes it possible to ensure the employees against unemployment, disease, old age, and occupational accidents. In 2003 the minimum standard pension was 50% of the worker’s earnings but not less than the amount of the minimum wage. Iran spent 22.5% of its 2003 national budget on social welfare programs. More than 50% of that amount covered pensions.

Social protection covers the employees between the age of 18 and 65 years, and the financing is shared between the employee (7% of the wages), the employer (20–23%) and the State (which supplements the contribution of the employer up to a total value of 3%). Social protection is extended to the self-employed workers, who voluntarily contribute between 12% and 18% of income depending on the protection sought. Civil servants, the regular military, law enforcement agencies, and the Islamic Revolutionary Guard Corps, Iran’s second major military organization, have their own pension systems.

Trade unions

See also: Trade unions in Iran

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

The comprehensive Labor Law covers all labor relations in Iran, including hiring of local and foreign staff. The Labor Law provides a very broad and inclusive definition of the individuals it covers, and written, oral, temporary and indefinite employment contracts are all recognized. The Iranian Labor Law is very employee-friendly and makes it extremely difficult to layoff staff. Employing personnel on consecutive six-month contracts is illegal, as is dismissing staff without proof of a serious offense. Labor disputes are settled by a special labor council, which usually rules in favor of the employee.

Sectors of the economy

Agriculture and foodstuff

Main article: Agriculture in Iran

See also: Geography of Iran and Environmental issues in Iran

Agriculture contributes just over 11% to the gross national product and employs a third of the labor force. By 1997, a quarter of Iran's non-oil exports were agricultural based.

About 11% of the land in Iran is arable. The main food-producing areas are in the Caspian region and in the valleys of the northwest. Some northern and western areas support rain-fed agriculture, while other areas require irrigation for successful crop production.

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

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

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

Manufacturing

Main article: Industry of Iran

See also: IDRO, Iran Electronics Industries, Iran Aviation Industries Organization, and Iranian Space Agency

Iran has a diversified and broad industrial base. In 1998, the United Nations classified Iran's economy as "semi-developed".

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

The country’s major manufactured products are petrochemicals, steel, and copper products. Other important manufactures include automobiles, home and electric appliances, telecommunications equipment, cement, industrial machinery (Iran has the largest operational stock of industrial robots in West Asia), paper, rubber products, agricultural products and processed foods, leather products and pharmaceuticals. Textile mills, based on domestic cotton and wool such as Tehran Patou and Iran Termeh, employed about 400,000 people in 2000 and are centered in Tehran, Isfahan and along the Caspian coast.

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

A 2003-report made by United Nations Industrial Development Organization regarding the state of small and medium enterprises (SME) in Iran identified these causes as the ones impeding Iran's industrial development: lack of monitoring institutions, inefficient banking system, lack of sufficient R&D, shortage of managerial skills, corruption, inefficient taxation, socio-cultural apprehensions, absence of social learning loops, lack of familiarity with international markets necessary for global competition, cumbersome bureaucratic procedures, shortage of skilled labor, lack of intellectual property protection, shortage of research centers, lack of social capital, social learning, social responsibility and socio-cultural values. However, recent studies reveal, in the past few years, Iran has rapidly progressed in various scientific and technological fields. Particularly, it has advanced in petrochemical, pharmaceutical, aerospace, defense, and heavy industries. Despite being under economic sanctions by the United States, the country seems to be leaping forward to become an emerging industrialized country.

Handicrafts

Main articles: Iranian art and Persian rug

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

Automobile manufacturing

Main article: Iranian automobile industry

Iran is the 12th biggest automaker in the world.

As of 2001, there were 13 public and privately owned automakers within Iran, of which two – Iran Khodro and Saipa – accounted for 94% of the total domestic production. Iran Khodro produced the most prevalent car brand in the country – Paykan – which was replaced in 2005 by Samand. Iran Khodro was still the largest with 61% of the market in 2001, while Saipa contributed 33% of Iran’s total production in the same year. The other car manufacturers, such as the Bahman Group, Kerman Motors, Kish Khodro, Raniran, Traktorsazi, Shahab Khodro, and others together produced only 6%. These automakers produce a wide range of automobiles including motorbikes, passenger cars such as Saipa's Tiba, vans, mini trucks, medium sized trucks, heavy duty trucks, minibuses, large size buses and other heavy automobiles used in commercial and private activities in the country. Iran ranked the world's 12th biggest automaker in 2010 and has a fleet of 11.5 million cars. Automobile production crossed the 1 million mark in 2005 and Iran car exports are projected to reach $1 billion by March 2009.

Defense industry

Main articles: Military of Iran and Iranian defense industry

See also: List of military equipment manufactured in Iran

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

Construction and real estate

Main article: Construction in Iran

See also: Water supply and sanitation in Iran, List of reservoirs and dams in Iran, and Iranian architecture

File:Tehranwnight34w.jpg

70% of the Iranians own homes, with huge amounts of idle money entering the housing market.

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

Mines and metals

Main article: Mining in Iran

Mineral production contributes only 0.6% to the country’s GDP (2011). Add other mining-related industries and this figure increases to just 4%. Many factors have contributed to this, namely lack of suitable infrastructure, legal barriers, exploration difficulties, and government control over all resources.

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

Iran has recoverable coal reserves of nearly 1.9 billion short tonnes. By mid-2008, the country produced about 1.3 million short tonnes of coal annually and consumed about 1.5 million short tonnes, making it a small net importer of coal. The country plans to increase hard-coal production to 5 million tons in 2012 from 2 million tons in November 2008. Main steel mills are located in Isfahan and Khuzestan. Iran became self-sufficient in steel production in 2009. Aluminum and copper production are projected to hit 245,000 and 383,000 tons respectively by March 2009. Cement production reached 65 million tons in 2009, while Iran exports this item to 40 countries.

Energy, gas, petroleum and petrochemicals

Main articles: Energy in Iran and Petroleum industry in Iran

See also: Asalouyeh, List of power stations in Iran, and Iranian nuclear program

Iran plans to generate 23,000 MWh of electricity through nuclear technology by 2025 to meet its increasing demand for energy.

Iran holds 10% of the world's proven oil reserves and 15% of its gas reserves. Domestic oil and gas, along with hydroelectric power facilities, provide the country with power. Energy wastage in Iran amounts to six or seven billion dollars. The energy consumption in the country is extraordinarily higher than international standards. Iran recycles 28% of its used oil and gas whereas the figure for certain countries stands at 60%. Iran paid $84 billion in subsidies for oil, gas and electricity in 2008. It has the third largest consumption of natural gas in the world after United States and Russia. In 2010 Iran completed its first nuclear power plant in Bushehr with the help of Russia.

Since 1913 Iran has been a major oil exporting country. The chief oil fields are found in the central and southwestern parts of the Zagros mountains in western Iran. Oil also is found in northern Iran and in the offshore waters of the Persian Gulf. In 1978, Iran ranked as the fourth largest oil producer (OPEC's second largest oil producer) and the second largest oil exporter in the world. Following the 1979 revolution, however, the government reduced daily oil production in accordance with an oil conservation policy. Further production declines occurred as result of damage to oil facilities during the "imposed" war with Iraq. Oil production began increasing in the late 1980s due to the repair of damaged pipelines and the exploitation of newly discovered offshore oil fields in the Persian Gulf. By 2004, Iran’s annual oil production was 1.4 billion barrels and created a net profit of $50 billion. Officials in Iran estimate that Iran's annual oil and gas revenues could reach $250 billion by 2015 once the current projects come on stream. Iran manufactures 60–70% of its industrial equipment domestically, including refineries, oil tankers, drilling rigs, offshore platforms and exploration instruments.

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

Major refineries are located at Abadan (site of the country's first refinery), Kermanshah, and Tehran but fail to meet domestic demand for gasoline (2009). The oil refining industry of the country needs $15 billion investment over the next 5 years (2007–2012) to become self-sufficient and end imports. Pipelines move oil from the fields to the refineries and to such exporting ports as Abadan, Bandar-e Mashur, and Kharg Island. Since 1997, Iran's state-owned oil and gas industry has entered into major exploration and production agreements with foreign consortia. In 2008 the Iranian Oil Bourse (IOB) was inaugurated in Kish Island. The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies, primarily the euro and Iranian rial and a basket of other major currencies apart from the United States dollar. With a fertilizer plant in Shiraz, the largest ethylene unit in the world in Asalouyeh, and the completion of other special economic zone projects, Tehran expects to see a surge in petrochemical exports from $5.5 billion in 2007 to nearly $9 billion in 2008.

Services

See also: Education in Iran, Higher Education in Iran, and Science and technology in Iran

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

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

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

Retail and distribution

Main articles: Retail industry in Iran and Electronic commerce in Iran

At present the Iranian retail industry is largely in the hands of cooperatives, many of them government-sponsored, and of independent retailers in the bazaars. The bulk of food sales occur at street markets, where the Chief Statistics Bureau sets the prices. More mini-markets and supermarkets are emerging, but these are mostly one-off, independently owned operations. The biggest chainstores are state-owned Etka, Refah, Shahrvand and Hyperstar Market. It is predicted that Iran's electronic commerce will reach 10,000 billion rials ($1 billion) by March 2009.

Healthcare and pharma

Main article: Healthcare in Iran

IRAN: Healthcare (Source: Economist Intelligence Unit)	2005	2006	2007
Life expectancy, average (years)	70.0	70.3	70.6
Healthcare spending (% of GDP)	4.2	4.2	4.2
Healthcare spending ($ per head)	113	132	150

The constitution entitles Iranians to basic health care. By 2008, 73% of all Iranians were covered by the voluntary national health insurance system. Although over 85% of the population use an insurance system to reimburse their drug expenses, the government heavily subsidizes pharmaceutical production/importation in order to increase affordability of medicines and vaccines. The total market value of Iran’s health and medical sector was almost $24 billion in 2002 and was forecast to rise to $31 billion by 2007. In 2006, 55 pharmaceutical companies in Iran produced more than 96% (quantitatively) of medicines on the market worth $1.2 billion annually.

Tourism and traveling

Main article: Tourism in Iran

Iran currently ranks 68th in tourism revenues worldwide. Iran with attractive natural and historical sites is rated among the "10 most touristic countries in the world".

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

Banking, finance and insurance

Main articles: Central Bank of Iran, Iranian Rial, and Banking and Insurance in Iran

See also: Shetab Banking System, Tehran Stock Exchange, and Iran Mercantile Exchange

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

TSE has been one of the world's best performing stock exchanges in recent years.

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

The Tehran Stock Exchange trades shares of more than 330 registered companies (2010). The stock market capitalization of listed companies in Iran was valued at $100 billion in 2011. According to experts, the economy of Iran has many investment opportunities, particularly on its stock exchange.

Insurance premiums come to just below 1% of GDP (2008). This is partly attributable to low average income per head. Five state-owned insurance firms dominate the sector, four of which are active in commercial insurance. The leading player is the Iran Insurance Company, followed by 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%).

Communications and IT

Main articles: Communications in Iran, Telecommunication Company of Iran, and Media of Iran

Iran is among the first five countries which have had a growth rate of over 20% and the highest level of development in telecommunication.

The government runs the broadcast media, which includes five national radio stations and five national television networks, as well as dozens of local radio and television stations. In 2000 there were 252 radios and 158 television sets in use for every 1,000 residents. In 2008 there were 345 telephone lines and 106 personal computers for every 1,000 residents. Computers for home use became more affordable in the mid-1990s, and since then demand for access to the Internet has increased rapidly, where Iran has the world's third largest number of bloggers (2010). In 1998 the Ministry of Post, Telegraph & Telephone (renamed "Ministry of Information & Communication Technology") began selling Internet accounts to the general public. In 2006, the Iranian telecom industry's revenues were estimated at $1.2 billion. By the end of 2009, Iran's telecom market was the fourth-largest market in the Middle East at $9.2 billion and is expected to grow to $12.9 billion by 2014 at a CAGR of 6.9%. In 2006 Iran had 1,223 Internet Service Providers (ISPs), all private sector operated.

According to the World Bank, the information and communications technology (ICT) sector had a 1.4% share of GDP in 2008. About 150,000 people are employed in the ICT sector, including 20,000 in the software industry. There were 1,200 registered information technology (IT) companies in 2002, 200 of which were involved in software development. In 2008 software exports stood at $50 million.

Transport

Main article: Transport in Iran

See also: Tehran Metro, Islamic Republic of Iran Railways, Iran Shipping Lines, and Airlines of Iran

File:Tehran metroStation.jpg

Tehran is the hub of the country's communication and transport network.

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

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

Foreign trade and economic relations

See also: Economic Cooperation Organization, Middle East economic integration, Developing 8 Countries, and Colombo Plan

Iranian exports in 2006. Non-oil exports are rising as the country is moving towards industrial diversification. Pistachios, liquefied propane, methanol, hand-woven carpets and automobiles are the core items of Iran's non-oil exports.

Iran is a founding member of OPEC and the Organization of Gas Exporting Countries. Petroleum constitutes the bulk of Iran's exports (80%), valued at $46.9 billion in 2006. Iran's non-oil exports stood at $16.3 billion in 2007, a rise of 47.2% from the previous period, and $25 billion in 2010. Pistachios, liquefied propane, methanol (methyl alcohol), hand-woven carpets and automobiles are the core items of Iran's non-oil exports. Iran's export of technical and engineering services in 2007–08 was $2.7 billion; 40% of the export of technical services pertains to Central Asia and the Caucasus. About 30% ($350 million) to Iraq, and close to 20% ($205 million) to Africa and North Africa. Iranian firms have implemented projects in different fields such as energy, pipeline, irrigation, dam construction and power generation in different countries. Iran has made the development of non-oil exports a priority. The country has the advantage of a broad domestic industrial base, an educated and motivated workforce and geographical location, which gives it access to an estimated population of some 300 million people in Caspian markets, Persian Gulf states and some ECO countries further east.

The total volume of imports to Iran rose by 189% from $13.7 billion in 2000 to $39.7 billion in 2005. and $55.189 billion in 2009. Iran is among the few countries that has kept a positive GDP growth despite the 2008 global financial crisis. Iran's major commercial partners are China, India, Germany, South Korea, Japan, France, Russia and Italy. From 1950 until 1978, the United States was Iran's foremost economic and military partner; thus participating greatly in the modernization of its infrastructure and industry.

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

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

Since 2003, Iran has increasingly invested in the economy and reconstruction of its neighboring countries such as Iraq and Afghanistan. In Dubai, UAE, it is estimated that Iranian expatriates are handling over 20% of its domestic economy with an equal proportion of its population. Migrant Iranian workers abroad remitted less than $2 billion home in 2006. From 2005 to 2009, trade between Dubai and Iran tripled to $12 billion; money is invested in the local real estate market and import-export businesses, collectively known as the Bazaar, and geared towards providing Iran and other countries with the demanded consumer goods. It is estimated that one third of Iran's imported goods and exports are delivered through the black market, underground economy, and illegal jetties.

Foreign direct investment

Main article: Foreign Direct Investment in Iran

See also: Assalouyeh, Tehran International Fair, and Iranian citizens abroad

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

Foreign investment has been hindered by unfavorable or complex operating requirements and by international sanctions, although in the early 2000s the Iranian government liberalized investment regulations. Iran absorbed $24.3 billion of foreign investment from Iranian calendar year 1993 to 2007. Foreign direct investment in Iran hit a record $10.2 billion in 2007 from $4.2 billion in 2005 and $2 million in 1994. Foreign transactions with Iran amounted to $150 billion worth of major contracts between 2000 and 2007, including private and government lines of credit. In 2007, Iran had $62 billion worth of assets abroad. The EIU estimates that Iran's net FDI will rise by 100% within the next four years (2010–2014).

Foreign investors have concentrated their activities in few sectors of the economy; namely energy, vehicle manufacture, copper mining, construction, utilities, petrochemicals, clothing, food and beverages, telecom and pharmaceuticals. Iran is a member of the World Bank's Multilateral Investment Guarantee Agency. In 2006, the combined net worth of the Iranian citizens abroad was about 1.3 trillion dollars.

According to the head of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), Iran ranked 142 among 181 countries in terms of working conditions in 2008. Iran stands 96 in terms of business start, 165 in getting permits, 147 in employment, 147 in registering assets, 84 in getting credits, 164 in legal support for investments, 104 in tax payment, 142 in overseas trade, 56 in feasibility of contracts and 107 in bankruptcy. Iran ranks 69th out of 139 in Global Competitiveness Report.

Firms from over 50 countries have invested in Iran in the past 16 years (1992–2008), with Asia and Europe receiving the largest share, as follows:

Continent of origin	Leading countries investing in Iran (1992–2008)	Number of projects	Total amount invested
Asia	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 USA and Jamaica	7	$1.4 billion
Africa	Mauritius, Liberia and South Africa	—	$8 billion
Australia	Australia	1	$682 million

Iran and the World Trade Organization

Main articles: Iran and WTO and Group of 15

See also: Middle East economy and Intellectual property in Iran

Middle East economic integration is a step towards WTO accession and a prime market opportunity for Iran's non-oil exports.

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

If Iran does eventually gain membership status in the WTO, among other prerequisites, copyright laws will have to be obeyed in Iran. This would require a major overhaul of business and trade operations in Iran, a change which many experts believe would be a price too heavy for Iran's economy to pay at the present time. Iran is hoping to attract billions of dollars worth of foreign investment while creating a more favorable investment climate, such as reduced restrictions and duties on imports and the creation of free trade zones such as Qeshm, Chabahar and Kish Island. Iran has allocated $20 billion in loans to launch 20 trade centers in other countries (2010).

International sanctions

Main article: International sanctions against Iran

See also: U.S. sanctions against Iran and European Union sanctions against Iran

After the Iranian Revolution in 1979, the United States ended its economic and diplomatic ties with Iran, banned Iranian oil imports and froze approximately $11 billion of its assets. In 1996, the U.S. Government passed the Iran and Libya Sanctions Act (ILSA) which prohibits U.S. (and non-U.S. companies) from investing and trading with Iran for more than $20 million annually, with the exception, since 2000, for items like pharmaceuticals and medical equipment.

Since 2006, Iran's Nuclear Program has become the subject of contention with the West because of suspicions regarding Iran's military intentions. This has led the UN Security Council to impose sanctions against Iran on select companies linked to this program, thus furthering its economic isolation on the international scene. Sanctions notably bar nuclear, missile and many military exports to Iran and target investments in oil, gas and petrochemicals, exports of refined petroleum products, as well as the Iranian Republican Guard Corps, banks, insurance, financial transactions and shipping.

See also

• Donya-e-Eqtesad – leading Iranian business newspaper
• Energy superpower
• Foreign relations of Iran – bilateral info on trade (by country)
• Government of Iran – with links to ministries and affiliated agencies
• International Association of Iranian Managers
• Iran's international rankings in economy
• Iran Chamber of Commerce Industries and Mines
• Iranian Calendar
• Iranian Economic Reform Plan
• Iranian economists
• List of Iranian companies
• List of Iranian people by net worth
• List of major economic laws in Iran
• Ministry of Economic Affairs and Finance (Iran)
• Next Eleven – list of countries having a high potential of becoming the world's largest economies in the 21st century
• Ravand Institute – Iran's "Davos Forum"
• Taxation in Iran

References

Books

• Nash, Jason John; Sasmaz, Aytng (2011), The Business Year 2011: Iran, London, U.K.: The Business Year, p. 232, ISBN 978-1908180001 {{citation}}: Cite has empty unknown parameter: |chapterurl= (help); Unknown parameter |month= ignored (help)
• Doing Business and Investing in Iran Guide, Washington D.C., USA: International Business Publications, 2009, p. 320, ISBN 978-1433011023 {{citation}}: Cite has empty unknown parameters: |chapterurl= and |month= (help)
• Gheissari, Ali (2009), Contemporary Iran: Economy, Society, Politics, New York, USA: Oxford University Press, p. 400, ISBN 978-0-19-537849-8 {{citation}}: Cite has empty unknown parameter: |chapterurl= (help); Unknown parameter |month= ignored (help)
• Wehrey, Frederic (2009), The Rise of the Pasdaran: Assessing the Domestic Roles of Iran's Islamic Revolutionary Guards Corps (PDF), Santa Monica, California, USA: RAND Corporation, p. 152, ISBN 978-0833046208 {{citation}}: Cite has empty unknown parameters: |month= and |chapterurl= (help)
• Curtis, Glenn; Hooglund, Eric (2008), Iran, a country study (PDF), Washington, D.C., USA: Library of Congress, p. 354, ISBN 978–0–8444–1187–3 {{citation}}: Check |isbn= value: invalid character (help); Cite has empty unknown parameter: |chapterurl= (help); Unknown parameter |month= ignored (help)
• Jbili, A.; Kramarenko, V.; Bailén, J. M. (2007), Islamic Republic of Iran: Managing the Transition to a Market Economy (PDF), International Monetary Fund, p. 80, ISBN 9781589064416 {{citation}}: Unknown parameter |month= ignored (help)
• Mohammadi, Ali (2003), Iran encountering globalization: problems and prospects, London, U.K.: Routledge, p. 288, ISBN 978-0415308274 {{citation}}: Cite has empty unknown parameter: |chapterurl= (help); Unknown parameter |month= ignored (help)
• Parvin, Alizadeh; Hakimian, Hassan (2001), The Economy of Iran: Dilemmas of an Islamic State, London, U.K.: I. B. Tauris, p. 272, ISBN 978-1860644641 {{citation}}: Cite has empty unknown parameter: |chapterurl= (help); Unknown parameter |month= ignored (help)

Papers

• Iran Business Forecast Report, Business Monitor International, November 2010 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Regional Economic Outlook: Middle East and Central Asia (PDF), International Monetary Fund, October 2010 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Islamic Republic of Iran (PDF), International Monetary Fund, March 2010 {{citation}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
• Economic Prospects for the Middle East and North Africa Region (PDF), World Bank, January 2010 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Normalization of Economic Relations: Consequences for Iran’s Economy and the United States (PDF), (US) National Foreign Trade Council, 2008 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• The N-11: More Than an Acronym (PDF), Goldman Sachs, March 2007 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Small and Medium Enterprises in Iran (PDF), United Nations Industrial Development Organization, 2003 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Islamic Republic of Iran – Services for Agriculture and Rural Development (PDF), World Bank, June 1994 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)

Government publications

• Annual Review 2009/10 (PDF), Central Bank of Iran, November 2010 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Memorandum of the foreign trade regime of Iran (PDF), Ministry of Commerce (Iran), November 2009 {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Ilias, Shayerah (June 2008), Iran's Economy (PDF), U.S. Congressional Research Service {{citation}}: Cite has empty unknown parameter: |coauthors= (help)
• Millennium Development Goals (PDF), United Nations, 2004, archived from the original (PDF) on November 28, 2007 {{citation}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)

News

• "Ambitious modernization program for the Tehran Stock Exchange". Retrieved 18 October 2010.

Articles

• "Suzanne Maloney: The Revolutionary Economy". Retrieved 16 November 2010.
• "Dr. Sohrab Behdad: Where Did Iran's Islamic Economy Come From and Where Did it Go?". Retrieved 25 October 2010.
• "Dr. Abbas Bakhtiar: Iran and its Economy". Retrieved 18 October 2010.
• "Djavad Salehi-Isfahani: Iran's Economy - Short Term Performance and Long Term Potential". Retrieved 18 October 2010.
• "Hossein Askari: Iran's economic self-mutilation". Retrieved 18 October 2010.
• "Dr. Abbas Bakhtiar: Ahmadinejad's Achilles Heel - The Iranian Economy". Retrieved 18 October 2010.

Videos

• Iran's Economic Reform Plan (Webcast). Tehran, Iran: PressTV. December 2010. {{cite AV media}}: External link in |title= (help)
• Fifth Development Plan in Majlis (Webcast). Tehran, Iran: PressTV. November 2010. {{cite AV media}}: External link in |title= (help)
• Iran's Prospering Economy and the Global Financial Crisis (Webcast). Tehran, Iran: PressTV. November 2010. {{cite AV media}}: External link in |title= (help)
• Karim Sadjadpour (April 2010). Iran's Economic Health and the Impact of Sanctions (Youtube video). Washington D.C., USA: Carnegie Endowment for International Peace. {{cite AV media}}: External link in |title= (help)
• Davos Annual Meeting 2007 – Voices from Iran (Youtube video). Davos, Switzerland: World Economic Forum. January 2007. {{cite AV media}}: External link in |title= (help)

External links

Publications and statistics

• The World Factbook: Iran's entry – United States Central Intelligence Agency
• The Economist: Iran – Forecast, factsheet, economic data & structure (Login required for Economist Intelligence Unit reports)
• Template:En icon Statistical Center of Iran – Database & index of publications
• World Bank Statistics – Social and economic indicators for Iran
• Global Investment in Iran – American Enterprise Institute (List of major international companies investing in Iran broken down by their nationality, sector of activity and amount invested)
• Template:En icon Turquoise Partners – "Iran Investment Monthly" (Reports on the Tehran Stock Exchange and Iran's economy)

Government websites

• Template:En icon Central Bank of Iran (Including detailed statistics about Iran's economy and sectors)
• Template:En icon Trade Promotion Organization of Iran – 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)
• US Department of Energy: Iran's entry – Oil, gas, electricity, data, profile, analysis, weblinks/resources
• Australian Government – Doing Business in Iran and Iran Profile – Many practical information and sector specific reports, with useful websites and resources (Login required for sector reports)
• Template:En icon High Council of Iran Free Trade-Industrial Zone – Official site with information on Iran's Free Trade Zones

General

• Iran in Maps – BBC (Population, land, infrastructure)
• Pars Times – Iran Business Resources – Comprehensive list of resources on the Internet relating to Iran and its economy
• Iran Economic Development at Curlie
• Template:Wikitravel – Business etiquette and tourism information on Iran