Azerbaijan, Baku Aug. 28 / Trend, N. Umid /
Iran's industrial units are working at less than 30 percent of their full capacity, head of the Iran House of Industry, Mine and Commerce Abdolwahab Sahlabadi said, Tasnim News Portal reported.
He went on to note that, about 7 million laborers are working in Iran's industry sector.
Sahlabadi remarked that Iran ranked 144 among 182 countries in terms of ease of doing business in according to a 2012 World Bank report.
Iranian Industry, Mining and Trade Minister, Mohammadreza Nematzadeh stated on August 15 that Iran's industrial parks are working at under 50 percent of their capacity.
Iranian Minister of Finance and Economic Affairs Ali Tayyebnia said that Iran is in a state of stagflation, experiencing about zero percent of GDP growth, a 45 percent point-to point inflation rate. The country is going to face 8.5 million unemployed people in the near future.
Stagflation is when economic growth stagnates while inflation rises.
The Iranian president's deputy for planning Mohammad-Baqer Nobakht also quoted Iran's statistical center's statistics for August 26, saying the country's economy shrank by 5.4 percent in the past Iranian calendar year.
According to International Monetary Fund, Iran's GDP growth for 2012 was negative 1.9 percent, while the country's economy is expected to decrease by 1.3 percent in 2013.