Azernews.Az

By Sara Rajabova

The Turkmen government confirmed that since the beginning of the year the country saw an improvement of its economy.

In January and February 2015, Turkmenistan’s GDP grew by 10.1 percent while it’s industrial production increased by 10.2 percent, according to a meeting of the Turkmen Cabinet of Ministers.

The meeting which took place on March 6 reviewed the country’s economic results in the first two months of the year, the State News Agency of Turkmenistan reported.

In January-February, the volume of retail trade grew by 15.4 percent in comparison to the same period in 2014. Investments also increased by 5.1 percent from 2014.

Oil and gas condensate production increased by 9.2 percent, natural and associated gas production grew by 5.2 per cent, and natural gas exports rose by 7.6 percent. The production of petroleum products, including gasoline, polypropylene, lubricants and liquefied gas, also increased in comparison with the same period in 2014. The volume of drilling operations increased 1.8-fold.

Last year, energy-rich Turkmenistan produced more than 76 billion cubic meters of gas and exported over 45 billion cubic meters, according to the country’s ministry of oil and gas industry and mineral resources.

Turkmenistan, the world's fourth country for natural gas recourses, plans to increase its production to over 80 billion cubic meters in 2015.

The country currently exports gas to Russia, Iran, and China.

President Gurbanguly Berdymukhammedov underscored the nation success in overcoming the global economic downturn, stressing that such an improvement of all economic indicators was proof of the sheer growth the country had managed to generate. He commented on the government’s report for the work done in January and February.

Turkmenistan’s GDP growth rate stays at 10.1 percent against 12.7 in 2014. However, the construction sector grew by 8.5 percent, and the transport and communications sector grew by 6.8 percent.

Turkmenistan is one of the world's fastest-growing economies with huge gas and oil resources.

The country’s GDP reportedly rose in the first half of 2014 by 10.3 percent, falling short from expectations, according to the Asian Development Outlook 2014. Predicted growth is expected to remain strong, as large public investment projects are implemented and new processing facilities at the Galkynysh gas field have raised production.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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