Turkmenistan's GDP increases 14.4 percent

Business Materials 8 August 2011 18:14 (UTC +04:00)

Turkmenistan, Ashgabat, Aug. 8 /Trend, H.Hasanov/

The rate of GDP growth in Turkmenistan in January-July 2011 made up 114.4 percent compared to the same period of the last year, official Turkmen sources reported.

The industry grew by 143.2 percent. The increase in the construction totaled 117.9 percent as compared to the same period of the last year.

High rates have also been achieved in trade and services, as well as in other spheres of the economy, particularly in the strategic oil and gas industry.

In particular, oil and gas condensate production amounted to 106.5 percent, production of natural and associated gas - 140.4 percent as compared to the same period of 2010. Exports of natural fuels increased by 176.2 percent.

The crude oil refinery amounted to 102.7 percent. Exceeding the last year's figures was possible in the production of gasoline of all grades, diesel fuel and polypropylene.
For seven months, Turkmenchemistry State Concern increased production of all types of mineral fertilizers as compared with the reporting period of the last year.

UN experts expect that the growth of the Turkmen economy in 2011 will amount to at least 10 percent and keep the rate at the same level in 2012. Country's budget revenues will be generated at the expense of incomes from such industries as oil and gas, chemical, power generation, construction.
Turkmenistan occupies a key position in the region on natural gas supplies - importers are Russia, China and Iran.

At the same time, the government adopted a policy to diversify the economy - in recent years, the oil and gas processing, textile industry and tourism have been developing.
Upon the oil and gas industry development program, it is scheduled to increase annual natural gas production to 230 billion cubic meters by 2030, large part - for export.

According to IMF experts, the ongoing investment projects aimed at developing non-hydrocarbon sectors, including infrastructure and social programs, will contribute to the economic growth of Turkmenistan.

The 2011 state budget of Turkmenistan was adopted taking into account the growth of such sectors of the economy as agriculture, transport, communications, textile and food industries, revenues will grow at the expense of the private sector.