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$16,400 (2015 est.)

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CENTRAL ASIA :: TURKMENISTAN

PAG E LAST U PDATED ON AUG U ST 15, 2016

VI E W 3 P H O T O S O F
T UR K M EN I STAN

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Introduction :: TURKMENISTAN

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Geography :: TURKMENISTAN

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People and Society :: TURKMENISTAN

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Government :: TURKMENISTAN

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Economy :: TURKMENISTAN

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Economy - overview:
Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and significant
natural gas and oil resources. The two largest crops are cotton, most of which is produced for export,
and wheat, which is domesticall y consumed. Although agriculture accounts for roughly 14% of GDP, it
continues to employ nearl y half of the countr y's workforce. Hydrocarbon exports (m ainly natural gas)
make up 31% of Turkmenistans GDP, with 60% of gas exports going to China and the remainder to
Russia and Iran. Ashgabat has explored two initiatives to bring gas to new mark ets: a trans-Caspian
pipeline that would carr y gas to Europe and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline.
Both face maj or financing and security hurdles and are unlik ely to be com pleted soon.
Turkmenistans autocratic governm ents under presidents NIYAZOW (1991-2006) and
BERDIMUHAMEDOW (since 2007) have made little progress im proving the business climate, privatizing
state-owned industries, and combatting corruption, limiting economic development outside the energy
sector. High energy prices in the mid-2000s allowed the government to undertak e extensive
development and social spending, including providing heavy utility subsidies.
Low energy prices since mid-2014 are hampering Turkm enistans economic growth and reducing
governm ent revenues. The government has cut subsidies in several areas, and wage arrears have
increased. In Januar y 2014, the Central Bank of Turkmenistan devalued the manat b y 19%, and
downward pressure on the currency continues. Turkmenistan continues to report GDP growth of nearly
10% per year and claims substantial foreign currency reserves, but non-transparent data limit
international institutions ability to verify this information.
GDP (purchasing power parity):
$88.6 billion (2015 est.)
$83.19 billion (2014 est.)
$75.43 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 8 6
GDP (official exchange rate):
$35.68 billion (2015 est.)

GDP - real growth rate:

6.5% (2015 est.)
10.3% (2014 est.)
10.2% (2013 est.)
country comparison to the world: 2 4
GDP - per capita (PPP):
$16,400 (2015 est.)
$15,700 (2014 est.)
$14,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 9 9
Gross national saving:
32.1% of GDP (2015 est.)
19.3% of GDP (2014 est.)
11.7% of GDP (2013 est.)
country comparison to the world: 1 6
GDP - composition, by end use:
household consumption: 50%
government consumption: 12.5%
investment in fixed capital: 27.4%
investment in inventories: -0.1%
exports of goods and services: 35.5%
imports of goods and services: -25.3% (2015 est.)
GDP - composition, by sector of origin:

agriculture: 12.7%
industry: 49.3%
services: 37.9% (2015 est.)
Agriculture - products:
cotton, grain, melons; livestock
Industries:
natural gas, oil, petroleum products, textiles, food processing
Industrial production growth rate:
7% (2015 est.)
country comparison to the world: 1 7
Labor force:
2.305 million (2013 est.)
country comparison to the world: 1 1 8
Labor force - by occupation:
agriculture: 48.2%
industry: 14%
services: 37.8% (2004 est.)
Unemployment rate:
11% (2014 est.)
10.6% (2013)
country comparison to the world: 1 2 5
Population below poverty line:
0.2% (2012 est.)
Household income or consumption by percentage share:

lowest 10%: 2.6%

highest 10%: 31.7% (1998)
Distribution of family income - Gini index:
40.8 (1998)
country comparison to the world: 5 8
Budget:
revenues: $6.229 billion
expenditures: $6.457 billion (2015 est.)
Taxes and other revenues:
14% of GDP (2015 est.)
country comparison to the world: 2 0 1
Budget surplus (+) or deficit (-):
-0.5% of GDP (2015 est.)
country comparison to the world: 4 5
Fiscal year:
calendar year
Inflation rate (consumer prices):
5.5% (2015 est.)
6% (2014 est.)
country comparison to the world: 1 8 0
Central bank discount rate:
5% (31 Decem ber 2014)
5% (31 Decem ber 2013)
country comparison to the world: 7 6

Stock of narrow money:

$1.326 billion (31 Decem ber 2015 est.)
$1.255 billion (31 Decem ber 2014 est.)
country comparison to the world: 1 4 4
Stock of broad money:
$12.23 billion (31 Decem ber 2015 est.)
$5.632 billion (31 Decem ber 2014 est.)
country comparison to the world: 1 0 2
Stock of domestic credit:
$28.4 billion (31 December 2015 est.)
$13.09 billion (31 Decem ber 2014 est.)
country comparison to the world: 7 5
Market value of publicly traded shares:
$NA
Current account balance:
-$4.523 billion (2015 est.)
-$3.092 billion (2014 est.)
country comparison to the world: 1 6 6
Exports:
$21.04 billion (2015 est.)
$20.84 billion (2014 est.)
country comparison to the world: 7 0
Exports - commodities:
gas, crude oil, petrochemicals, textiles, cotton fiber

Exports - partners:
China 68.5%, Turkey 4.9% (2015)
Imports:
$14.82 billion (2015 est.)
$15.92 billion (2014 est.)
country comparison to the world: 8 6
Imports - commodities:
machinery and equipment, chemicals, foodstuffs
Imports - partners:
Turkey 24.9%, Russia 12.3%, China 10.9%, UAE 9.1%, Kazakhstan 5.1%, Germany 4.6%, Iran 4.4%
(2015)

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