World Bank records increase in Turkmenistan’s GDP
By NigarAbbasova
The growth rate of Turkmenistan's gross domestic product (GDP) in 2016-2018 is expected to stand at the level of 5 percent, according to the June 2016 Global Economic Prospects of the World Bank.
The GDP growth rate of the country in January-May 2016 exceeded the level of 6 percent. The survey further reads that the GDP growth rate in the country amounted to 6.5 percent in 2015.
The country seeks to achieve the diversification of national economy and has already taken steps for the promotion of such industries as textile, petrochemicals and building materials.
Turkmenistan which is currently engaged in increase of the export volume of locally-manufactured products headed for the diversification of the national economy in January 2015.
GDP in Turkmenistan slowed to 6.5 percent in 2015 compared to 10.3 percent in 2014 due to declining natural gas export and lower public investment. Russia bought just 4 billion cubic meters of gas in 2015 compared to 40 billion cubic meters in 2008. The county stopped importing gas from Turkmenistan in 2016.
Being the forth in the world for the volume of natural gas reserves, the country is considering the European market as one of the most promising areas of gas supply. With its abundant reserves in the energy resources the country plays a key role in the energy market of the Caspian region.
GDP annual growth rate in Turkmenistan amounted to 5.95 percent from 1994 until 2015, reaching an all time high of 16.50 percent in 1999 and a bottom line figures law of 17.30 percent in 1994.
Turkmenistan’s exports also include cotton, polymers, textiles and vegetable products. The country’s two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed.
The top export destinations of Turkmenistan are China, Turkey, Italy, the UK and Germany. The top import origins are Turkey, Russia, China, Ukraine and Kazakhstan.
The Government’s National Socio-Economic Development Program for 2011–2030 and the National Rural Development Program are focused on the sustainable economic growth while preserving economic independence, modernizing the country’s infrastructure, and promoting foreign direct investment.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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