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Turkmenistan reports about rise in social, economic indicators

9 September 2015 14:42 (UTC+04:00)
Turkmenistan reports about rise in social, economic indicators

By Vusala Abbasova

Turkmenistan has seen a 8.3 percent GDP growth in social and economic development from January to August of this year, according to a recent meeting of the Cabinet of Ministers.

Summarizing the results from various sectors of the national economy for the first eight months of the current year, production was cited to have grown by 7.2 percent, reported Review.uz website.

The high economic potential and stable GDP growth will allow the government to provide a wide range of additional social benefits to citizens of Turkmenistan.

Construction work has been completed on two water treatment plants and 51 social facilities since the beginning of the current year under a National Programme for the improvement of the social and living conditions in villages, towns, cities, districts and etrap centers in place until 2020.

Furthermore, the construction of 118 facilities, 1 million square meters of housing, engineering and communication facilities, and infrastructure continues in the country.

The growth rate of industry has reached 3.5 percent, construction has grown at 12.6 percent, transport and communications at 11.9 percent, trade at 12.7 percent, agriculture at 12.3 percent, and services at 12.3 percent, while the volume of the retail trade turnover amounted to 19.4 percent over the reported period.

The investments allocated to the oil and gas sector were reported to have grown by 45 percent in the country over the reported period.

Moreover, there was mentioned the growth in the agricultural sector of the country, where the growth rate of flour production amounted to 7.5 percent, pasta products at 13.4 percent, melons at 7.4 percent, grapes at 2 percent, meat products at 17.28 percent, and dairy products at 1.9 percent.

Energy-rich Turkmenistan with 17.5 trillion cubic meters of proven reserves of natural gas is increasingly attracting more foreign investors, such as China, which is the second largest economy in the world.

The volume of foreign investments in the development of Turkmenistan’s oil and gas projects within the production sharing agreements are expected to exceed $3.5 billion. This figure exceeded $3 billion in 2014.

Currently, Turkmenistan, ranking fourth in the world by gas volume, according to a BP annual report, stands behind only Iran (33.8 trillion cubic meters), Russia (31.3 trillion), and Qatar (24.7 trillion).

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