Turkmen GDP grows by 111 percent from early 2012

Business Materials 9 July 2012 15:52 (UTC +04:00)

Turkmenistan, Ashgabat, July 9 / Trend H. Hasanov /

As of January-June, the GDP growth amounted to 111.1 percent in Turkmenistan, local media reported on Monday, referring to Turkmen President Gurbanguly Berdimuhamedov at the meeting of the Cabinet of Ministers.

"The government's balanced investment policy, high levels of foreign investments in key sectors of the economy, well-coordinated work of all governing bodies allowed increasing the GDP volume, which amounted to 111.1 percent," the president said.

The production volumes significantly increased compared to 2011. The growth hit 128.2 percent.

According to the president, all branches of the country's economy developed rapidly. Growth in industrial production amounted to 142.9 percent, construction - 118.3 percent, services - 121.8 per cent. The growth rate in agriculture amounted to 110.2 percent.

Small business and private entrepreneurship were developing during this period. Turkmenistan occupies a key position on natural gas supplies in the region. Russia, China and Iran are importers.

The country's leadership began diversifying the economy. Oil and gas processing, textile industry and tourism have been recently developing.

The growth rate of oil and gas condensate production amounted to 107 percent for six months of 2012 compared to 2011, natural and associated gas - 113.8 percent. The volume of exports of natural fuel increased by 19.4 percent.

High growth rates are observed in the production of petrol - 107.9 percent, diesel fuel - 103 percent, polypropylene - 112.5 percent and liquefied natural gas - 127.4 percent.