Turkmenistan keeps GDP's growth rate stable
By Vusala Abbasova
Turkmenistan's GDP shows stabile growth rate at 8.3 percent over the January-September, 2015, according to the country’s Ministry of Economy and Development.
The ministry reported that, maintaining the country’s GDP at a high level, these rates stood at 3.5 percent in industry, 12.6 percent – construction, 11.9 percent – transport and communications sector, 12.5 percent – trade, 12.3 percent - agriculture and 11.8 percent – in the sphere of services during the reported period.
The volume of retail trade in Turkmenistan has increased by 19.2 percent for the first nine months of 2015 compared to the same period of 2014.
Positive dynamics are observed in the foreign trade turnover as well, according to the ministry.
Moreover, the volume of mining industry in the country over the nine months of 2015 increased by 13.4 percent compared with the same period of 2014.
Over the mentioned period, Turkmenistan has produced the products in amount of 1.16 billion somoni (1USD=3,500TMT).
The increase in production of mining industry becomes possible due to mining of coal, which made 25.2 percent, coal drilling at 3.8 percent, gas at 47.3 percent and non-metallic materials at 24.8 percent.
The manufacturing industry of the country over the reported period increased its production by 12.2 percent compared with the same period of the past year, amounting to over 5.21 billion somoni.
Ashgabat intends to diversify the local economy. The country has an advanced textile industry, while oil, gas, the chemical industry, and the production of building materials are being actively developed.
Energy-rich Turkmenistan, which has 17.5 trillion cubic meters of proven reserves of natural gas, ranks fourth in the world by gas volume, according to a BP annual report. Turkmenistan stays behind only Iran (33.8 trillion cubic meters), Russia (31.3 trillion), and Qatar (24.7 trillion).
The Central Asian nation is keen on increasing and diversifying the supply of its huge volume of natural gas to Europe. Turkmenistan is also proceeding with the construction of gas pipelines that will diversify the routes of Turkmen natural gas transportation, as well as building power plant and transmission lines to increase the volume of electricity. New oil and gas fields are being developed in the country.
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