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Turkmenistan Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Turkmenistan Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and significant natural gas and oil resources. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Although agriculture accounts for almost 8% of GDP, it continues to employ nearly half of the country's workforce. Hydrocarbon exports, the bulk of which is natural gas going to China, make up 25% of Turkmenistan’s GDP. Ashgabat has explored two initiatives to bring gas to new markets: a trans-Caspian pipeline that would carry gas to Europe and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline. Both face major financing and security hurdles and are unlikely to be completed soon.Turkmenistan’s autocratic governments under presidents NIYAZOW (1991-2006) and BERDIMUHAMEDOW (since 2007) have made little progress improving the business climate, privatizing state-owned industries, and combatting corruption, limiting economic development outside the energy sector. High energy prices in the mid-2000s allowed the government to undertake extensive development and social spending, including providing heavy utility subsidies.Low energy prices since mid-2014 are hampering Turkmenistan’s economic growth and reducing government revenues. The government has cut subsidies in several areas, and wage arrears have increased. In January 2014, the Central Bank of Turkmenistan devalued the manat by 19%, and downward pressure on the currency continues. There is a widening spread between the official exchange rate (4.1 TMM per US dollar) and the black market exchange rate (approximately 7 TMM per US dollar). Currency depreciation, corruption, isolationist policies, and limited spending on public services has resulted in a stagnate economy that is nearing crisis. Turkmenistan claims substantial foreign currency reserves, but non-transparent data limit international institutions’ ability to verify this information.

GDP (purchasing power parity):
$103.5 billion (2017 est.) $97.16 billion (2016 est.) $91.48 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 84

GDP (official exchange rate):
$41.67 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.5% (2017 est.) 6.2% (2016 est.) 6.5% (2015 est.)
country comparison to the world: 18
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,700 (2017 est.) $17,800 (2016 est.) $17,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 94

Gross national saving:
23.9% of GDP (2017 est.) 23.5% of GDP (2016 est.) 19.1% of GDP (2015 est.)
country comparison to the world: 60
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -16.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cotton, grain, melons; livestock

Industries:
natural gas, oil, petroleum products, textiles, food processing

Industrial production growth rate:
1% (2017 est.)
country comparison to the world: 167
[see also: Industrial production growth rate country ranks ]

Labor force:
2.305 million (2013 est.)
country comparison to the world: 117
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 48.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 37.8% (2004 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2014 est.) 10.6% (2013)
country comparison to the world: 142
[see also: Unemployment rate country ranks ]

Population below poverty line:
0.2% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.7% (1998)

Distribution of family income - Gini index:
40.8 (1998)
country comparison to the world: 58
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.436 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.703 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
10.6% of GDP (2017 est.)
country comparison to the world: 212
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.6% of GDP (2017 est.)
country comparison to the world: 52
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
23.9% of GDP (2016 est.) 19.4% of GDP (2015 est.)
country comparison to the world: 181
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6% (2017 est.) 3.6% (2016 est.)
country comparison to the world: 182
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5% (31 December 2014) 5% (31 December 2013)
country comparison to the world: 81
[see also: Central bank discount rate country ranks ]

Stock of narrow money:
$1.326 billion (31 December 2015 est.) $1.255 billion (31 December 2014 est.)
country comparison to the world: 148
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.23 billion (31 December 2015 est.) $5.632 billion (31 December 2014 est.)
country comparison to the world: 103
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$28.4 billion (31 December 2015 est.) $13.09 billion (31 December 2014 est.)
country comparison to the world: 83
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$6.417 billion (2017 est.) -$7.605 billion (2016 est.)
country comparison to the world: 179
[see also: Current account balance country ranks ]

Exports:
$7.394 billion (2017 est.) $6.987 billion (2016 est.)
country comparison to the world: 101
[see also: Exports country ranks ]

Exports - commodities:
gas, crude oil, petrochemicals, textiles, cotton fiber

Exports - partners:
China 70%, Turkey 5.3%, Italy 5.3%, Afghanistan 4.5%, Russia 4.1% (2016)

Imports:
$4.801 billion (2017 est.) $5.001 billion (2016 est.)
country comparison to the world: 124
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, foodstuffs

Imports - partners:
Turkey 26.4%, Russia 10.5%, Japan 8.6%, Germany 8.2%, South Korea 7.8%, China 7.2%, Italy 5.2% (2016)

Reserves of foreign exchange and gold:
$20.6 billion (31 December 2017 est.) $25.05 billion (31 December 2016 est.)
country comparison to the world: 59
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$443.4 million (31 December 2017 est.) $425.3 million (31 December 2016 est.)
country comparison to the world: 181
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$3.061 billion (2013 est.) $3.117 billion (2012 est.)
country comparison to the world: 111
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Turkmen manat (TMM) per US dollar - 4.125 (2017 est.) 3.5 (2016 est.) 3.5 (2015 est.) 3.5 (2014 est.) 2.85 (2013 est.)


NOTE: 1) The information regarding Turkmenistan on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkmenistan Economy 2018 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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