Turkmenistan’s GDP increases by 10 per cent since early 2013

Business Materials 12 November 2013 20:10 (UTC +04:00)

Turkmenistan, Ashgabat, Nov. 11

By Daniar Hasanov - Trend: The growth rate of the gross domestic product (GDP) of Turkmenistan over the first ten months of 2013 amounted to 10 per cent, the Economy and Development Ministry of Turkmenistan, said on Nov 12.

According to the ministry, the volume of industrial production in Turkmenistan grew by 13.2 per cent compared to the same period of the last year.

The volume of investments from all financing sources, increased by 7.2 per cent compared with the same period of the last year. The specific weight of the investment to GDP was 45.6 per cent.

Turkmenistan holds one of the key positions in the region for natural gas supplies. Its importers are Russia, China and Iran.

Meanwhile, the country's leadership has taken a course for the diversification of economy; the spheres such as oil and gas processing, textile industry, cotton processing industry and production of construction materials develop in recent years.

Over the ten months of 2013 the plan for the production of natural and associated gas has been fulfilled by 106.7 per cent, and plan for production of oil and gas condensate has been carried out by 105.4 per cent. Compared to the same period of the last year the exports of natural gas increased by 3.4 per cent.

The oil and petroleum production also grew compared to the same period of the last year increased. The production of gasoline, polypropylene, liquefied gas also increased.

The volume of drilling operations significantly increased, and the growth rate amounted to 135.4 per cent in comparison with the same period of 2012.

According to the Ministry of Economic Affairs of Turkmenistan, implementation of large-scale investment projects is currently ongoing at large fields across the country.