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IMF unveils Turkmen GDP forecast for 2017

Turkmenistan Materials 5 October 2016 16:06 (UTC +04:00)

Ashgabat, Turkmenistan, Oct. 5

By Huseyn Hasanov– Trend:

The growth rate of Turkmenistan’s gross domestic product (GDP) in 2017, as in 2016, may amount to 5.4 percent compared to 6.5 percent in 2015, according to the annual World Economic Outlook report of the International Monetary Fund (IMF).

Inflation in Turkmenistan will be at the level of 5 percent in 2017 compared to 5.5 percent and 6.4 percent in 2016 and 2015, respectively, the report reads.

Ministry of Economy and Development of Turkmenistan previously reported that in January-August 2016, the country’s GDP growth was at the level of 6.2 percent.

Turkmenistan ranks fourth in the world in terms of the volume of natural gas and has opportunities to export it to China and Iran. Meanwhile, Russia suspended the purchases of Turkmen gas in 2016.

Ashgabat chose a course to diversify the local economy. The textile industry, as well as the area of petroleum products, advanced. The oil, gas and chemical industry and the production of building materials are being actively developed.

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