Turkmenistan ups GDP despite fall in oil prices
By Vusala Abbasova
Turkmenistan's economy has demonstrated steady growth pace over the last five months of this year despite slowdown in international oil prices, turkmenistan.ru reported.
"Today, as before, the world oil prices are still low, which has a negative impact on the global economy, including Turkmenistan's economy," said Turkmen President Gurbanguly Berdimuhamedov at the government session.
Turkmenistan's GDP held steady at 9.5 percent in January to May, 2015, Berdimuhamedov noted.
The investments in the national economy remain a priority of the governmental strategy. Total amount of investments increased by 7.8 percent as compared with same period of the previous year, to 16 billion manat, the Ministry of Economy and Development reported.
The economic growth provided for increase in salaries, which rose by 9.7 percent on average.
High growth rate was observed in the construction industry and other sectors. The construction of the major industrial and socio-cultural facilities was continued built at a rapid pace. The ratio of this index to GDP is 39.2 percent.
The capital investment in construction of high buildings, including major objects construction, such as International sea port in Turkmenbashi and the Olympic Village in Ashgabat, exceeded $50 billion.
At the same time, construction of a number of large enterprises, which are expected to give an additional impetus to the development of the chemical industry, were underway.
Energy-rich Turkmenistan is keen on increasing and diversifying the supply of its huge volume of natural gas to Europe. Turkmenistan is also proceeding the construction of gas pipelines that will diversify the routes of Turkmen natural gas transportation.
The country is also building power plant and transmission lines to increase the volume of electricity. The new oil and gas fields are being developed in the country.
The growth rate of oil and gas condensate was 108.2 percent for the first four months of this year.
Turkmenistan, which has proven reserves of natural gas amounting to 17.5 trillion cubic meters, ranks fourth in the world on this indicator, according to the annual report of British Petroleum, one of the largest international energy producing companies. Turkmenistan stays behind only Iran (33.8 trillion cubic meters), Russia (31.3 trillion) and Qatar (24.7 trillion).
Ashgabat is keen to diversify the local economy. The country has advanced textile industry, while oil, gas and chemical industry and the production of building materials are being actively developed.
Turkmenistan exports gas to China, Iran and Russia.
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