GDP significant growth observed in Turkmenistan in 2010

Business Materials 11 January 2011 13:46 (UTC +04:00)

Turkmenistan, Ashgabat, Jan. 11 / Trend H. Hasanov /

As of 2010, dynamic growth was observed in gross domestic product (GDP) in Turkmenistan, the volume of increased by 109.2 percent, the official Turkmen source said.

These figures were announced at a recent governmental meeting, during which, reducing the influence of oil and gas industry in the growth of national economy was also stressed. Moreover, it was noted that last year, inflation reduced by 0.1 percent and a stable exchange rate was maintained.

Turkmenistan holds a key position in the region by supplying natural gas, which is imported by Russia, China and Iran. At the same time, the leadership of the country made a policy to diversify the economy. Oil and gas processing, textile industry and tourism have recently been under development.

Speaking at the meeting, Turkmen President Gurbangulu Berdymuhammedov said that a tax-budget policy played an important role in achieving economic and financial stability, as well as sustainable growth in production. It stimulated the infusion of investments into the real economy and increased spending on social programs.

"A stabilization fund has a positive impact on the economic situation and stability," he said.

He also noted that the economy has proved its stability amid the global economic crisis. 

Turkmenistan continues conducting the reforms of public financial management. A new budget law and legislation in improving the accounting and financial reporting, in accordance with international standards, is being developed.

Moreover, special attention is paid to implement international standards and strengthening anti-money laundering system, from which money is obtained as a result of committing crimes and terrorism financing.

The banking sector is consistently reformed, with the events aimed at increasing stability, capitalization, introducing international financial reporting standards and improving banking supervision and regulations.