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    Turkmenistan Economy - 2003

      Economy - overview: Turkmenistan is largely desert country with intensive agriculture in irrigated oases and huge gas (fifth-largest reserves in the world) and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth-largest producer. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. The sale of Turkmen gas to Russia and other CIS countries resumed in December 1999. With an authoritarian ex-Communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. Privatization goals remain limited. In 1998-2002, Turkmenistan suffered from the continued lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. At the same time, however, total exports rose sharply because of higher international oil and gas prices. Prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error.

      GDP: purchasing power parity - $26 billion (2002 est.)

      GDP - real growth rate: 6% (2002 est.)

      GDP - per capita: purchasing power parity - $5,500 (2002 est.)

      GDP - composition by sector: agriculture: 27%
      industry: 50%
      services: 23% (2001 est.)

      Population below poverty line: 34.4% (2001 est.)

      Household income or consumption by percentage share: lowest 10%: 2.6%
      highest 10%: 31.7% (1998)

      Distribution of family income - Gini index: 40.8 (1998)

      Inflation rate (consumer prices): 5% (2002 est.)

      Labor force: 2.34 million (1996)

      Labor force - by occupation: agriculture 48%, industry 15%, services 37% (1998 est.)

      Unemployment rate: NA%

      Budget: revenues: $588.6 million
      expenditures: $658.2 million, including capital expenditures of $NA (1999 est.)

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

      Industrial production growth rate: 1% (2002 est.)

      Electricity - production: 10.18 billion kWh (2001)

      Electricity - production by source: fossil fuel: 99.9%
      hydro: 0.1%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption: 8.507 billion kWh (2001)

      Electricity - exports: 980 million kWh (2001)

      Electricity - imports: 20 million kWh (2001)

      Oil - production: 162,500 bbl/day (2001 est.)

      Oil - consumption: 63,000 bbl/day (2001 est.)

      Oil - exports: NA (2001)

      Oil - imports: NA (2001)

      Oil - proved reserves: 273 million bbl (January 2002 est.)

      Natural gas - proved reserves: 1.43 trillion cu m (January 2002 est.)

      Agriculture - products: cotton, grain; livestock

      Exports: $2.97 billion f.o.b. (2002 est.)

      Exports - commodities: gas 57%, oil 26%, cotton fiber 3%, textiles 2% (2001)

      Exports - partners: Ukraine 46%, Italy 18%, Iran 11%, Russia 6%, Turkey 5%, Switzerland (2001)

      Imports: $2.25 billion f.o.b. (2002 est.)

      Imports - commodities: machinery and equipment 60%, foodstuffs 15% (1999)

      Imports - partners: Turkey 17%, Ukraine 12%, Russia 11%, UAE 8%, France 6% (2001 est.)

      Debt - external: $2.3 billion to $5 billion (2001 est.)

      Economic aid - recipient: $16 million from the US (2001)

      Currency: Turkmen manat (TMM)

      Currency code: TMM

      Exchange rates: Turkmen manats per US dollar - 5,200 (2002), 5,200 (2001), 5,200 (2000), 5,200 (1999), 4,890.17 (1998); note - the official exchange rate has not varied for the last four years; the unofficial rate has fluctuated slightly, hovering around 21,000 manats to the dollar

      Fiscal year: calendar year

      NOTE: The information regarding Turkmenistan on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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