FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
TEHRAN STOCK EXCHANGE
CAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOK
2010 ended, coinciding with the implementation
of energy subsidy reforms in Iran. It was
expected that will result in a slowdown in the
country‘s economic activities, as enterprises
should adjust to an environment of markedly
higher energy prices.
The first phase of reforms was launched in
2011, with some anticipated, but less severe
than the foreseen impacts on goods and
services prices; however, the effect was aimed
to be mitigated to some extent by compensatory
payments to households: the direct subsidy,
which is believed to buoy domestic demand.
Besides, the reform has resulted in a reduction
of domestic energy consumption, which is after
all, environmentally important.
Iranian nominal GDP in 2011 is reported as
US$ 475 billion and that includes an increase
of about US$ 68 billion than the figure of 2010.
However, due to the subsidy reform, the Iranian
economy suffered a lower growth rate. In 2011,
inflation was also considered as a troublesome
side effect of the subsidy reform and was
recorded as high as 22.5%.
Despite the reform implementation and direct
subsidy payments to the households, liquidity
growth in 2011 was less than the previous
year and stood at 23.8%. The figure in 2010
was announced as 26.7. It is expected that the
declining trend will continue in 2012 to reach
around 16%.
Iranian foreign currency reserves were reported
to increase US$ 26 billion and exceeded US$
104 billion. That was the first year that the
country‘s foreign currency reserves crossed
US$ 100 billion level, placing Iran in the third up
rank among the 30 Middle East and Central Asia
countries in this index.
The country‘s trade balance was positive in
2011 with the total value of US$ 137 billion
exports and US$ 100.3 billion import of goods
and services. The figures indicate 18 and 8%
increase respectively than the values of 2010.
ECONOMIC CHARTS AND TABLES
Real GDP Growth (Annual Change;%)
Consumer Price Inflation (Year Average;%)
Current Account Balance (% of GDP)
Real GDP Growth (Annual Change;%)
Oil and Non-Oil Real GDP Growth (Annual Change;%)
Current Oil Production and Exports (Million barrels day)
Consumer Price Inflation (Year Average;%)
General Government Fiscal Balance (% of GDP)
General Government Non-Oil Fiscal Balance (% of Non-Oil GDP)
General Government Non-Oil Revenue (% of Non-Oil GDP)
Exports of Goods and Services (Billion U.S Dollars)
Imports of Goods and Services (Billion U.S Dollars)
Current Account Balance (Billion U.S dollars)
Current Account Balance (% of GDP)
Gross Official Reserves (Billion U.S dollars)
2006 2006 2007 2007 2008 2009 2010 2011
5.5
13.5
5.1
5.5
5.9
3.7
13.5
2.9
-17.8
10.1
41.4
35.4
605
5.1
25.9 5.8
11.9
9.3
5.8
6.2
4
11.9
2.3
-25.3
12.4
82.3
62.1
20.6
9.3
60.5 10.8
18.4
10.5
10.8
11.4
4.1
18.4
7.4
-18.1
12.8
105.2
73.9
32.6
10.5
82.9 0.6
25.4
6.5
0.6
0.9
3.9
25.4
0.7
-26.1
14.1
109.9
88.4
22.9
6.5
79.6 3.5
10.8
3
3.5
4.3
3.6
10.8
1
-15.2
12.5
95.6
85
10.9
3
78 3.2
12.4
6
3.2
3.6
3.6
12.4
1.7
-16.5
10.8
116.5
92.4
24.4
6
78.9 2.5
22.5
7.8
2.5
2.6
3.6
22.5
2.4
-16.8
12.1
137.1
100.3
36.9
7.8
104.6 3.4
12.5
7.1
3.4
3.5
3.7
12.5
1
-16.1
11.9
140.8
105.1
35.2
7.1
138.7
Source: IMF, Regional Economic Outlook, Middle East and Central Asia, October 2011
Key Information Contacts
Tehran Stock Exchange Corporation http://www.iranbourse.com
Securities and Exchange Organization http://www.seo.ir
Iranian Privatization Organization http://www.en.ipo.ir
TSE’s Technology Management Company http://english.tsetmc.com
Central Bank of the Islamic Republic of Iran http://www.cbi.ir
Iranian Chamber of Commerce, Industries and Mines (ICCIM) http://www.iccim.com
Organization for Investment, Economic & technical Assistance (OIETAI) a division of the Ministry of Finance http://www.investiniran.ir
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