Turkmenistan Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income Central Asian economy; has 10% of global natural gas reserves, exporting to Russia and China; natural resource rich; authoritarian and dominated by state-owned enterprises; major central-south Asian pipeline development

Real GDP (purchasing power parity)

$92.331 billion (2019 est.)

$86.859 billion (2018 est.)

$81.788 billion (2017 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.3% (2019 est.)

6.2% (2018 est.)

6.5% (2017 est.)

Real GDP per capita

$15,000 (2019 est.) note: data are in 2017 dollars

$14,300 (2018 est.) note: data are in 2017 dollars

$13,700 (2017 est.)

GDP (official exchange rate)

$40.819 billion (2018 est.)

Inflation rate (consumer prices)

8% (2017 est.)

3.6% (2016 est.)

GDP - composition, by sector of origin

agriculture: 7.5% (2017 est.)

industry: 44.9% (2017 est.)

services: 47.7% (2017 est.)

GDP - composition, by end use

household consumption: 50% (2017 est.)

government consumption: 10% (2017 est.)

investment in fixed capital: 28.2% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 26.2% (2017 est.)

imports of goods and services: -14.3% (2017 est.)

Agricultural products

milk, wheat, cotton, tomatoes, potatoes, watermelons, grapes, sugar beets, beef, rice

Industries

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

Industrial production growth rate

1% (2017 est.)

Labor force

1.998 million (2021 est.)

Labor force - by occupation

agriculture: 48.2%

industry: 14%

services: 37.8% (2004 est.)

Unemployment rate

5.08% (2021 est.)

4.95% (2020 est.)

4.27% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11%

male: 13.4%

female: 7.6% (2021 est.)

Population below poverty line

0.2% (2012 est.)

Gini Index coefficient - distribution of family income

40.8 (1998 est.)

Average household expenditures

on food: 37.5% of household expenditures (2018 est.)

on alcohol and tobacco: 2.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 31.7% (1998)

Budget

revenues: $5.954 billion (2019 est.)

expenditures: $6.134 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.8% (of GDP) (2017 est.)

Public debt

28.8% of GDP (2017 est.)

24.1% of GDP (2016 est.)

Taxes and other revenues

14.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$4.359 billion (2017 est.)

-$7.207 billion (2016 est.)

Exports

$7.458 billion (2017 est.)

$6.987 billion (2016 est.)

Exports - partners

China 82% (2019)

Exports - commodities

natural gas, refined petroleum, crude petroleum, cotton fibers, fertilizers (2019)

Imports

$4.571 billion (2017 est.)

$5.215 billion (2016 est.)

Imports - partners

Turkey 25%, Russia 18%, China 14%, Germany 6% (2019)

Imports - commodities

iron products, harvesting machinery, packaged medicines, broadcasting equipment, tractors (2019)

Reserves of foreign exchange and gold

$24.91 billion (31 December 2017 est.)

$25.05 billion (31 December 2016 est.)

Debt - external

$539.4 million (31 December 2017 est.)

$425.3 million (31 December 2016 est.)

Exchange rates

Turkmenistani 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: The information regarding Turkmenistan on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Turkmenistan 2023 information contained here. All suggestions for corrections of any errors about Turkmenistan 2023 should be addressed to the CIA or the source cited on each page.