Day after day: real face of Iran's economy being unveiled

Day after day: real face of Iran's economy being unveiled

Dalga Khatinoglu, Trend Agency's Iran News Service Head

The consequences and hidden aspects of hard-line official management, extremist slogans, dismissal of hundreds of professionals and dominating Iran's macroeconomics spheres by Iran's Revolutionary Guard Corps (IRGC) - this is the real of face of Iran's economy that is being unveiled more and more, each day.

While Iran earned $578 billion of petrodollars during 8 years longed Mahmoud Ahmadinejad presidency, it equals to a half of Iran's total oil incomes for the last 103 years.

Iranian Parliament Research Center released a report, which says Iran's economy contracted 3 percent during the last Iranian year which ended on March 2013, and it is estimated to contract 1.3 percent more during the current Iranian solar year.

According to the report, an average economic growth during last 8 years is 3.52 percent, while Statistical Centre of Iran said earlier that Iran's economy contracted by 5.4 percent during last solar year.

Average economy growth

Oil incomes

Annual created new jobs

Spent USD for 1% economic growth

Mohammad Khatami

5.73%

$206 billion

700,000

$4.5 billion

Mahmoud Ahmadinejad

3.52%

$578 billion

14,000

$22.8 billion

During Mahmoud Ahmadinejad's presidency, all of government incomes reached $864 billion from petroleum sales, taxes, privatization, issuing bonds, etc.

The Parliament Research Center said that during 2006-2011, about 300,000 job opportunities have been lost, namely, number of the demands for labor force decreased from 20.84 million to 20.51 million.

These statistics are completely in contrast with Ahmadijenad's claims about 5.6 percent GDP growth or created 7 million new jobs during his 8 years presidency.

The report also says that Ahmadinejad's government has predicted allocating 290 trillion rials to complete 5,540 projects, while at the end of his presidency 970 trillion rials has been allocated to the projects, while only 1,400 projects have been completed.

Each USD during the beginning of Ahmadinejad's presidency was sold at below 10,000 rials, while the figure reached above 36,000 rials before last presidential elections in June, 2013.

According to Central Bank of Iran's latest statistics, inflation rate in last month reached 39 percent. On the other hand liquidity increased from about 700 trillion rials to above 4,790 trillion rials during last eight years.

Now, the new Iranian president Hassan Rohani has to manage and recover the economy, while Iran's oil exports have decreased from 2.2 million barrels per day (mbpd) to below one mbpd during last two years.

Iran's condensate and petrochemical exports have decreased by 26 percent and 40 percent during mentioned time, based on Custom Administration report.

Petroleum exports shares about 80 percent of the country's total exports.

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