Turkmenistan Economy - 2003
SOURCE: 2003 CIA WORLD FACTBOOK
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.
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.