Turkmenistan Economy - 2024

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.)

Unemployment rate

5.08% (2021 est.)
4.95% (2020 est.)
4.27% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11% (2021 est.)

male: 13.4%

female: 7.6%

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)

Remittances

0% of GDP (2019 est.)
0% of GDP (2018 est.)
0.01% of GDP (2017 est.)

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 -

Exchange rates:
4.125 (2017 est.)
3.5 (2016 est.)
3.5 (2015 est.)
3.5 (2014 est.)
2.85 (2013 est.)