Economy of Turkmenistan
Oil platform of Turkmenistan in Caspian sea
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| Turkmen manat = 100 tenge | |
| Calendar year | |
|
Trade organisations
|
CIS, ECO |
| Statistics | |
| GDP |
 $82.29 billion (PPP, 2014 est.) |
| GDP rank | 87th (PPP, 2014) |
|
GDP growth
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5.7% (2016 est.) |
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GDP per capita
|
 $11.630 (2016 est.) |
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GDP by sector
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agriculture (12.7%), industry (49.3%), services (37.9%) (2016 est.) |
|
11% (CPI, 2016 est.) |
|
|
Population below poverty line
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0.2% (2014 est.) |
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Labour force
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2.305 million (2013 est.) |
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Labour force by occupation
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agriculture (48.2%), industry (14%), services (37.8%) (2004 est.) |
| Unemployment | 11% (2016 est.) |
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Main industries
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natural gas, oil, petroleum products, textiles, food processing |
| External | |
| Exports |
$17.2 billion (2016 est.) |
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Export goods
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gas, crude oil petrochemicals, textiles, cotton fiber |
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Main export partners
|
 China 68.5% Turkey 5% (2015) |
| Imports |
$13.8 billion (2016 est.) |
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Import goods
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machinery and equipment, chemicals, foodstuffs |
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Main import partners
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Turkey 24.9% Russia 12.3% China 10.9% United Arab Emirates 9.1% Kazakhstan 5.1% Germany 4.6% Iran 4.4% (2015) |
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Gross external debt
|
$578.4 million (31 December 2014 est.) |
| Public finances | |
| N/A | |
| Revenues | $7.047 billion (2014 est.) |
| Expenses | $6.699 billion (2014 est.) |
| Economic aid | $16 million from the US (As of 2001[update]) |
|
Foreign reserves
|
$27.04 billion (31 December 2014 est.) |
Turkmenistan is one of the world's fastest-growing economies. It is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. In terms of natural gas reserves, it is ranked 4th in the world. Regarding agriculture, the two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Turkmenistan is among the top ten producers of cotton in the world. From 1998 to 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 to 2008, largely because of higher international oil and gas prices. As in the Soviet era, central planning and state control pervade the system, and the Niyazov government (in power 1991–2006) consistently rejected market reform programs. The state subsidizes a wide variety of commodities and services. Since his election in 2007, President Gurbanguly Berdimuhamedow has 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 (Awaza) on the Caspian Sea. Since 2009, Turkmenistan has maintained the fixed exchange rate. As of June 18, 2016, 1 United States dollar is equivalent to 3.50Turkmenistan manat.
The budget-making process and its implementation go according to the Law “On Budget System”. The law fixes legal foundations of organizing management and operating budget system, regulates interrelations between budgets of all levels. The government of Turkmenistan discusses the state budget draft and submits it to the President of Turkmenistan. Prior to one month of the beginning of the financial year the President of Turkmenistan submits to the Assembly of Turkmenistan (Mejlis) the state budget draft for consideration and adoption. Budget statistics are unreliable because the government spends large amounts of extra-budgetary funds. In 2012, it is estimated that the budget expenditures are US$26.9 billion, and revenues are US$26.4 billion, creating a slight deficit.
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Wikipedia