Turkmenistan, Ashgabat, Feb. 2 / Trend H. Hasnaov /
The Turkmen State Committee has announced a number of macroeconomic indicators, an official Turkmen source said today.
The growth rate of gross domestic product (GDP) at constant prices amounted to 114.7 per cent from January to December 2011.
According to UN experts, the growth of the Turkmen economy for 2011 is expected to reach around 10 per cent. This rate will continue at the same level in 2012. The revenue will be formed by such industries as oil and gas, chemical, power generation and construction.
According to the International Monetary Fund (IMF), the on-going investment projects aimed at developing the non-hydrocarbon sector of the economy including infrastructure and social programmes, will contribute to Turkmenistan's economic growth.
Turkmenistan occupies one of the key positions on natural gas supplies in the region. Importers are Russia, China and Iran. The country's leadership followed a course to diversify the economy with oil and gas processing and recent developments included the textile industry and tourism.
The level of oil and gas condensate production from January to December 2011 amounted to 108.7 per cent and gas production - 140.6 per cent, compared to the corresponding period of 2010.
According to the Turkmen oil and gas industry development programme, it is planned to increase the annual natural gas production to 230 billion cubic metres until 2030, mainly for export.
The increase in the oil refining industry was observed at 103.6 per cent. In particular, petrol production increased by 103.3 per cent, diesel fuel - 103.4 per cent, lubricating oils - 103.9 per cent, kerosene - 108.7 per cent, fuel oil - 100.6 per cent and liquefied petroleum gases - 100.1 per cent.
The growth rate of mineral fertiliser production was 102 per cent in the chemical industry during the period compared to the same level of 2010 and technical iodine was 9.1 per cent.
The Turkmen leadership stressed that the tax-budget policy played an important role in achieving economic and financial stability with sustainable growth in production. It stimulated the attraction of investments into the real sector of the economy and helped increase spending on social programmes.