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Turkmenistan's GDP increased significantly since beginning of year

Business Materials 12 August 2014 14:54 (UTC +04:00)
The growth rate of gross domestic product (GDP) increased by 110.3 percent in Turkmenistan in January-July 2014, the Turkmen government reported.

Ashgabat, Turkmenistan, Aug.11
By Huseyn Hasanov- Trend:

The growth rate of gross domestic product (GDP) increased by 110.3 percent in Turkmenistan in January-July 2014, the Turkmen government reported.

"The dynamic growth of GDP is noted in accordance with the macroeconomic performance during the reported period. This indicator made up 110.3 percent compared to the same period in 2013. High production results have been achieved virtually in all sectors of the national economy. The growth rate of output reached 113.5 percent," the report said.

The growth rate of retail turnover for seven months of this year increased by 18 percent compared to the corresponding period last year. The growth of foreign trade turnover is also noted. This figure stood at the level of 108.8 percent in comparison with the similar period of 2013.

It is also reported that the construction of large industrial and socio-cultural facilities is carried out under the high rates, the report said.Thus, during the reporting period the growth rates of spent investments from all sources of funding amounted to 108.2 percent compared to the corresponding period of 2013. The ratio of the macro-economic indicator of GDP equals to 45.5 per cent.

Turkmenistan takes one of the key positions in the region on natural gas supplies of which the importers are Russia, China, and Iran.

Turkmenistan's GDP growth dynamics confirms the expectations of the international financial institutions as a whole. International Monetary Fund (IMF) in its projections indicated that the economic growth of Turkmenistan will reach 10.7 percent this year. UN predicts GDP growth of Turkmenistan in 2014 at 9.5 percent. In 2013, acthe country's GDP growth was 10.2 percent, according to official statistics.

Edited by CN

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