Economy

iranintl – Despite tens of billions of dollars Iran spent in Syria to save Bashar al-Assad’s regime from being overrun by rebels, its exports to the Arab country have dwindled to negligible levels. Abdolamir Rabihavi, Director General of Iran’s Trade Promotion Organization for Western Asia, said Iran’s exports to Syria have plummeted by 50 percent to just $120 million annually. …

iranintl – Months away from the looming US presidential elections, the possibility of a return of a Donald Trump administration and the anti-JCPOA lobby in Iran’s next parliament is already causing negative shockwaves to Iran’s national currency. Economist Morteza Afghah told ILNA that every report about the possibility of Trump’s victory or polls in favor of the Republican Party leads to …

iranintl – With only 17 days remaining in the current Iranian year, the country’s Supreme Labor Council has yet to convene a session to establish next year’s workers’ wages. Within Iran’s state-controlled economy, the government sets wages for public sector workers, including thousands of companies and factories, which also determines salaries of ordinary workers in the private sector. According to …

Al-Arabia – Iran’s gas output will reach 1.3 billion cubic meters (bcm) per day in five years, Iran’s Oil Minister Javad Owji said on Sunday according to the semi-official Student News Network, up from 1.07 billion cubic meters per day currently. To “ensure Iran’s central role in global energy,” $80 billion will be invested in the development of its gas …

iranintl – In response to an unprecedented surge in currency and gold markets in Iran, security agencies clamped down on exchange bureaus, ordering them not post currency rates on Saturday. Major exchange dealers have even shut down their price announcement boards, according to reports received by Iran International. Following the parliamentary elections in Iran, the currency and gold markets witnessed …

iranintl – The recent revelation that Iran ranks as China’s 38th trading partner has once again cast doubt on the efficacy and depth of the much-touted economic ties between the two countries. While the Iranian regime heavily relies on Beijing as its primary oil customer, the actual data on bilateral economic relations appears less promising for the sanctions-stricken country. China’s …

iranintl – Data from the Statistical Center of Iran shows that the country’s GDP growth has been slowing, while remaining growth is fueled by higher government spending and more oil production. According to the Statistical Center’s data, released on February 24, Iran’s GDP growth stood at 5.1 percent in autumn (4Q2023). This is the second consecutive quarter that the country’s …

iranintl – A former Iranian minister said the government’s recent deals with Chinese companies to build residential units in the capital are an “insult to Iran’s engineering community” while the local economy is in freefall. A former Iranian minister said the government’s recent deals with Chinese companies to build residential units in the capital are an “insult to Iran’s engineering …

VOA – Iran is seeing an uptick in labor protests coinciding with annual deliberations on raising the minimum wage to keep up with increases in living costs, yet the actions have elicited no violent government crackdown such as the one that crushed a women’s rights movement one year ago. One of the Islamic republic’s most sustained labor protests of recent …

iranintl – The Gaza-Israel conflict has significant implications for Iran’s already strained economy, characterized by currency devaluation, reduced government revenues, and high inflation. Iran’s involvement in the regional conflict hinders its economic growth efforts, further reduces the value of the Iranian rial, and decreases government income. Additionally, it has worsened economic problems such as inflation, diminishing oil exports, and weaker GDP growth. …