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Turkmenistan Economy 2017
http://www.theodora.com/wfbcurrent/turkmenistan/turkmenistan_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Turkmenistan Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 roughly 14% of GDP, it continues to employ nearly half of the country's workforce. Hydrocarbon exports (mainly natural gas) make up 31% of Turkmenistan’s GDP, with 60% of gas exports going to China and the remainder to Russia and Iran. 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. Turkmenistan continues to report GDP growth of nearly 10% per year and claims substantial foreign currency reserves, but non-transparent data limit international institutions’ ability to verify this information.

GDP (purchasing power parity):
$94.77 billion (2016 est.) $89.95 billion (2015 est.) $84.46 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 84
[see also: GDP country ranks ]

GDP (official exchange rate):
$36.57 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.4% (2016 est.) 6.5% (2015 est.) 10.3% (2014 est.)
country comparison to the world: 27
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,300 (2016 est.) $16,700 (2015 est.) $15,900 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 96
[see also: GDP - per capita country ranks ]

Gross national saving:
20.1% of GDP (2016 est.) 9.6% of GDP (2015 est.) -22.1% of GDP (2014 est.)
country comparison to the world: 84
[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: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 33.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -21.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 13.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 47.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 39.2% (2016 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% (2016 est.)
country comparison to the world: 149
[see also: Industrial production growth rate country ranks ]

Labor force:
2.305 million (2013 est.)
country comparison to the world: 118
[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: 123
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

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: $3.765 billion
[see also: Budget revenues country ranks ]
expenditures: $4.753 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
10.3% of GDP (2016 est.)
country comparison to the world: 211
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2016 est.)
country comparison to the world: 92
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
11% (2016 est.) 16% (2015 est.)
country comparison to the world: 205
[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: 77
[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: 143
[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: 104
[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: 81
[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:
-$6.78 billion (2016 est.) -$3.695 billion (2015 est.)
country comparison to the world: 174
[see also: Current account balance country ranks ]

Exports:
$8.756 billion (2016 est.) $10.38 billion (2015 est.)
country comparison to the world: 94
[see also: Exports country ranks ]

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

Exports - partners:
China 68.6%, Turkey 4.9% (2015)

Imports:
$7.467 billion (2016 est.) $8.198 billion (2015 est.)
country comparison to the world: 106
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, foodstuffs

Imports - partners:
Turkey 24.9%, Russia 12.3%, China 10.9%, UAE 9.1%, Kazakhstan 5.1%, Germany 4.6%, Iran 4.4% (2015)

Reserves of foreign exchange and gold:
$10.9 billion (31 December 2016 est.) $13.62 billion (31 December 2015 est.)
country comparison to the world: 72
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$502.8 million (31 December 2016 est.) $454.7 million (31 December 2015 est.)
country comparison to the world: 178
[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: 106
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Turkmen manat (TMM) per US dollar - 4.25 (2016 est.) 3.5 (2015 est.) 3.5 (2014 est.) 2.85 (2013 est.) 2.85 (2012 est.)


NOTE: The information regarding Turkmenistan on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkmenistan Economy 2017 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2017 should be addressed to the CIA.




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