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Iran’s Economy Grew 5.5 Percent Last Year, Tehran Times Says

Dec. 28 (Bloomberg) -- Iran’s economy grew at a rate of 5.5 percent in the last Iranian calendar year that ended March 20, Tehran Times reported, citing deputy economy minister Mohammad-Reza Farzin.

Economy Minister Shamseddin Hosseini said in October the country’s economic growth in the last Iranian calendar year was 4 percent, according to the newspaper.

Iran needs an annual $300 billion in foreign direct investment to meet its objectives of 8 percent economic growth by 2015, another Deputy Economy Minister, Behrouz Alishiri said in October, according to the Times. The country attracted about $15 billion in foreign investment last year, the newspaper cited Alishiri as saying.

The subsidy reform plan is being implemented amid tight international sanctions, which indicates the country’s economic stability, the newspaper cited Farzin as saying.

To contact the reporter on this story: Ayesha Daya at adaya1@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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