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| Iran non-oil economic growth above 4.2%: minister |
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 Iran’s non-oil economic growth in the previous calendar year (ended March 20, 2011) has certainly surpassed 4.2 percent, Finance and Economic Affairs Minister Shamseddin Hosseini said here on Saturday.
The country’s non-oil economic growth in the year ended March 2010 hit 4.2 percent, the minister said, adding that the figure would certainly be higher than 4.2 percent considering statistics on the growth of exports, capital market and domestic production.
The Central Bank of Iran had previously reported that Iran’s economic growth in the Iranian calendar year ended March 2010 stood at 3.5 percent and 4.3 percent including and excluding the oil sector, respectively.
Meanwhile, the World Bank stated in its latest 2011 report that economic growth in the Islamic Republic will double this year.
Fars news agency cited the report as saying that foreign investment in the Islamic Republic will reach $2.9 billion in the year which shows impotence of the international sanctions imposed on the country.
Iran’s economy grew 1.5 percent in 2010 and is predicted to reach 3 percent in 2011 and another 3 percent in 2012.
The report envisaged a positive trend of 3.3 percent for the world economy in 2011 recovering from the slump in 2008.
The average economic growth in the Middle East in 2010 was 3.3 percent which is predicted to hit 4.3 percent in 2011.
According to World Bank predictions GNP will also rise in Iran in 2011 and go up to 6.7 percent from 6.1 percent last year.
Iran absorbs $3.6b in foreign investments
Iran attracted over $3.6 billion in foreign investments in the previous (Iranian) calendar year, Shamseddin Hosseini said.
An official at the Organization for Investment, Economic and Technical Assistance of Iran had previously said in January that the country ranked sixth globally in 2010 in attracting foreign investments.
"The United Nations Conference on Trade and Development (UNCTAD) reported that despite the global economic meltdown foreign investment in Iran had increased by 86 percent," the Islamic Republic of Iran News Network quoted Vaqef Behrouzi as saying.
In December 2010, Iran announced a 95-percent leap in foreign investments, attributing the rise to overall security and many investment opportunities, economy minister Shamseddin Hosseini told IRNA news agency.
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