Turkmenistan’s GDP growth hits 10 pct
By Aynur Jafarova
The volume of Turkmenistan’s gross domestic product (GDP)
increased by 10.3 percent in January-October 2014, the Economy and
Development Ministry said on November 10.
"The GDP growth rate was achieved at the level of 110.3 percent in
accordance with the same period of 2013,” the ministry said. “The
output growth rate amounted to 113.5 percent."
The growth rate of investments from all sources of funding amounted
to 108.3 percent in the field of capital construction compared to
the same period of last year.
The ratio of this index to GDP is 44.2 percent. The growth rate of
the foreign trade turnover volume in the same ratio reached 105.1
percent.
Turkmenistan was able to strongly maintain its GDP growth rate at
an average of over 10 percent in the last 2 years. Turkmenistan's
GDP growth dynamics confirms the expectations of the international
financial institutions.
International Monetary Fund (IMF) in its projections indicated that
the economic growth of the country will reach 10 percent this year.
In 2013, the country's GDP growth was 10.2 percent.
This macroeconomic indicator is expected to reach 11.5 percent in 2015. Turkmenistan's GDP grew by 10.3 percent in January-September 2014.
Also, Turkmenistan’s foreign trade turnover increased by almost 6 percent in the first eight months of 2014 compared to the same period of last year.
In recent years, the country have conducted bilateral
trade-economic cooperation with over 100 world countries.
In 2013, the foreign trade turnover of Turkmenistan increased by
2.7 times compared to 2007 and amounted to around $35 billion.
Trade surplus of the country remains high, which positively affects
the balance of payments.
Today, the main priority of Turkmenistan is a gradual transition
from the commodity-exporting country to the countries producing and
exporting high-tech goods.