The importance of oil industry in the output and employment of Iran's economy and its influence on other economical activities

Oil industry is one of the biggest and most influential industries all over the world, especially in Iran. Besides being the main source of energy in today’s world, oil plays an important role in determining a country’s national power and international credibility. The oil sector has provided the majority of income for many years in Iran and in fact, this sector plays the main role in the country’s economy. Also, with regard to the fact that developing countries have limited resources and unlimited needs and cannot develop all the economical sectors at the same time, they should give priority to key sectors. This study attempted to identify the key sectors and scrutinize the oil industry as an important and a key sector in Iran’s economy, through Input-Output table of 1380 (Iran's last Input-Output table) which was aggregated into 34 sectors. The sensitivity of dispersion index and the variance index of the oil industry were 1.027 and 0.17 respectively which indicate that the relationship between this industry and the other sectors is well above the average of whole sectors and this relation is distributed evenly among the other sectors. If the oil industry is removed from the output sum, 119219783 Rials (Leontief model) and 137162804 Rials (ghosh model) would be lost in production. Also, 130618 (Leontief model) and 344108 (ghosh model) job opportunities would be lost. Concerning total output elasticity, the oil industry ranks 4(among 34 sectors) and this shows that this industry is very important and has an increasingly role in total output. But Concerning total employment elasticity, it ranks 23. In addition, the oil industry has the highest costs for job opportunities up to 880721697 Rials.
Journal of Economic Growth and Development Research, Volume:1 Issue: 2, 2011
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