The International Monetary Fund (IMF) releases its annual report on the Middle East and Central Asia for 2011 and 2012, saying that Iran's economy is in for an overall growth of 2.5 percent in 2011, Press TV reported.
According to IMF report, titled "Regional Economic Outlook Middle East and Central Asia," Iran's non-oil and oil sectors will respectively grow 2.6 percent and 1.5 percent in 2011.
The country's economic growth rate for 2012 has been projected to 3.4 percent.
Iran's oil sector, which saw no growth in 2010, will grow 1.5 percent in 2011. The growth figure for the oil sectors of other regional countries has been predicted to be 1.2 percent in 2011.
Based on the report, Iran's gross domestic product (GDP), which hit USD 407 in 2010, will increase by USD 68 billion in 2011 to reach USD 475 billion.
Iran's GDP growth figure for 2012 has been given at USD 494 billion.
The IMF report adds that Iran's oil production in 2011 will remain unchanged compared to the 3.6 million barrel per day (bpd) in 2010. Meanwhile, total crude oil output in the Middle East and Central Asia is projected to fall by 400,000 bpd from 24.5 million bpd in 2010 to 24.1 bpd in 2011.
The report added that Iran exported a daily average of two million bpd crude oil in 2010 which will remain relatively unchanged this year.
According to the IMF, high inflation will characterize the Iranian economy in 2011. Iran's inflation, which was recorded at 12.4 percent in 2010, is expected to hit 22.5 percent in 2011 mostly due to the reallocation of subsidies.