Economy grew 5.8% last year, Iranian minister says

TEHRAN, Feb.20 (MNA) - Iran’s economy grew 5.8 percent in the last calendar year ended on March 20, 2011, Finance and Economic Affairs Minister Shamseddin Hosseini said on Sunday. The country posted the mark of 6.1 percent growth excluding the oil sector, Hosseini told a press conference. The Central Bank of Iran had previously announced that economic growth in the previous year stood at 3.5 percent including the oil sector, and 4.3 percent excluding the oil sector. The World Bank has predicted economic growth figure in the Islamic Republic will double this year. According to World Bank predictions, Iran’s gross national product will rise by 6.7 percent in 2011 compared to the 6.1 percent rise in 2010. Iran is the 26th largest economy in the world in terms of nominal GDP and 17th in terms of purchasing power parity globally, according to the International Monetary Fund.