Economy Of Turkmenistan
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Economy overview
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Turkmenistan is largely desert country with intensive agriculture in irrigated oases and large gas and oil resources. One-half of its irrigated land is planted in cotton, making it at one time the world's tenth-largest producer. Poor harvests in recent years have led to a nearly 46% decline in cotton exports. With an authoritarian ex-Communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. Privatization goals remain limited. In 1998-2003, Turkmenistan suffered from the continued lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. At the same time, however, total exports rose by 38% in 2003, largely because of higher international oil and gas prices. Overall prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the 20% rate of GDP growth is a guess.
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GDP
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purchasing power parity - $27.88 billion (2004 est.)
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GDP - real growth rate
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23.1% (2004 est.)
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GDP - per capita
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purchasing power parity - $5,800 (2004 est.)
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GDP - composition by sector
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agriculture: 24.8%
industry: 46.2%
services: 28.9% (2004 est.)
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Investment gross fixed
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19.5% of GDP (2004 est.)
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Population below poverty line
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34.4% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.6%
highest 10%: 31.7% (1998)
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Distribution of family income - Gini index
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40.8 (1998)
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Inflation rate consumer prices
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9.5% (2004 est.)
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Labor force
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2.34 million (1996)
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Labor force by occupation
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agriculture 48%, industry 15%, services 37% (1998 est.)
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Unemployment rate
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NA
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Budget
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revenues: $3.477 billion
expenditures: $3.908 billion, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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cotton, grain; livestock
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Industries
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natural gas, oil, petroleum products, textiles, food processing
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Industrial production growth rate
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14% (2003 est.)
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Electricity production
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10.18 billion kWh (2001)
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Electricity production by source
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fossil fuel: 99.9%
hydro: 0.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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8.509 billion kWh (2001)
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Electricity exports
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980 million kWh (2001)
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Electricity imports
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20 million kWh (2001)
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Oil production
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162,500 bbl/day (2001 est.)
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Oil consumption
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63,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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273 million bbl (1 January 2002)
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Natural gas production
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48.2 billion cu m (2001 est.)
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Natural gas consumption
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9.6 billion cu m (2001 est.)
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Natural gas exports
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38.6 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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1.43 trillion cu m (1 January 2002)
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Current account balance
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$957 million (2004 est.)
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Exports
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$3.355 billion f.o.b. (2004 est.)
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Exports commodities
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gas 57%, oil 26%, cotton fiber 3%, textiles 2% (2001)
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Exports partners
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Ukraine 39.2%, Italy 18.1%, Iran 14.7%, Turkey 6.5% (2003)
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Imports
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$2.472 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment 60%, foodstuffs 15% (1999)
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Imports partners
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Russia 21.5%, Ukraine 15.3%, Turkey 9.4%, UAE 7.6%, Germany 4.2%, China 4.2% (2003)
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Reserves of foreign exchange gold
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$2.696 billion (2004 est.)
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Debt external
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$2.4 billion to $5 billion (2001 est.)
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Economic aid recipient
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$16 million from the US (2001)
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Currency
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Turkmen manat (TMM)
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Currency code
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TMM
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Exchange rates
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Turkmen manats per US dollar - 5,200 (2003), 5,200 (2002), 5,200 (2001), 5,200 (2000), 5,200 (1999);note - the official exchange rate has not varied for the last six years; the unofficial rate has fluctuated slightly, hovering around 21,000 manats to the dollar
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Turkmen Translation , English to Russian Translation , English to Uzbek Translation .
This information was reproduced in part from the CIA World Fact book.
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