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Turkmenistan Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Turkmenistan Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

Economy - overview:
Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and sizeable gas and oil resources. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Although agriculture accounts for roughly 8% of GDP, it continues to employ nearly half of the country's workforce. Turkmenistan's authoritarian regime has taken a cautious approach to economic reform, hoping to use gas and cotton export revenues to sustain its inefficient and highly corrupt economy. Privatization goals remain limited. From 1998-2005, 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 an average of roughly 15% per year from 2003-08, largely because of higher international oil and gas prices. Additional pipelines to China, that began operation in early 2010, and increased pipeline capacity to Iran, have expanded Turkmenistan''s export routes for its gas. Overall prospects in the near future are discouraging because of endemic corruption, a poor educational system, government misuse of oil and gas revenues, and Ashgabat''s reluctance to adopt market-oriented reforms. The majority of Turkmenistan''s economic statistics are state secrets. The present government established a State Agency for Statistics, but GDP numbers and other publicized figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. Since his election, President BERDIMUHAMEDOW unified the country''s dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, and initiated development of a special tourism zone on the Caspian Sea. Although foreign investment is encouraged, and some improvements in macroeconomic policy have been made, numerous bureaucratic obstacles impede international business activity.

GDP (purchasing power parity):
$48.51 billion (2012 est.)
country comparison to the world: 97

$43.67 billion (2011 est.)
$38.06 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$34.69 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
11.1% (2012 est.)
country comparison to the world: 7

14.7% (2011 est.)
9.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,600 (2012 est.)
country comparison to the world: 127

$7,900 (2011 est.)
$7,000 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
12.9% of GDP (2012 est.)
country comparison to the world: 115

10.6% of GDP (2011 est.)
11.9% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.9%
investment in fixed capital: 10.3%
investment in inventories: 0%
exports of goods and services: 62.8%
imports of goods and services: -36%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.4%
services: 68.1% (2012 est.)

Agriculture - products:
cotton, grain, melons; livestock

Industries:
natural gas, oil, petroleum products, textiles, food processing

Industrial production growth rate:
6.5% (2012 est.)
country comparison to the world: 40
[see also: Industrial production growth rate country ranks ]

Labor force:
2.3 million (2008 est.)
country comparison to the world: 117
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 48.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
services: 37.8% (2004 est.)

Unemployment rate:
60% (2004 est.)
country comparison to the world: 198
[see also: Unemployment rate country ranks ]

Population below poverty line:
30% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.7% (1998)

Distribution of family income - Gini index:
40.8 (1998)
country comparison to the world: 56
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $5.158 billion
[see also: Budget revenues country ranks ]
expenditures: $4.667 billion (2012 est.)

Taxes and other revenues:
14.9% of GDP (2012 est.)
country comparison to the world: 194
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.4% of GDP (2012 est.)
country comparison to the world: 31
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.5% (2012 est.)
country comparison to the world: 188

12% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Stock of narrow money:
$526.3 million (31 December 2012 est.)
country comparison to the world: 159

$477.5 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.652 billion (31 December 2012 est.)
country comparison to the world: 155

$1.41 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.561 billion (31 December 2012 est.)
country comparison to the world: 128

$2.281 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$622.7 million (2012 est.)
country comparison to the world: 46

$196.5 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$15.48 billion (2012 est.)
country comparison to the world: 78

$13.91 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
gas, crude oil, petrochemicals, textiles, cotton fiber

Exports - partners:
China 69.6%, Italy 4.7% (2012)

Imports:
$10.69 billion (2012 est.)
country comparison to the world: 96

$9.673 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, foodstuffs

Imports - partners:
China 19.5%, Turkey 17%, Russia 12.6%, UAE 6.8%, Ukraine 6%, Germany 4.7%, UK 4.2% (2012)

Reserves of foreign exchange and gold:
$20.71 billion (31 December 2012 est.)
country comparison to the world: 58

$19.23 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$428.9 million (31 December 2012 est.)
country comparison to the world: 178

$445.3 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Turkmen manat (TMM) per US dollar -

2.85 (2012 est.)
2.85 (2011 est.)
2.85 (2010 est.)
2.85 (2009)
14,250 (2008)


NOTE: 1) The information regarding Turkmenistan on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkmenistan Economy 2014 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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