Turkmenistan maintains GDP growth at high level

Business Materials 25 July 2014 11:07 (UTC +04:00)

Ashgabat, Turkmenistan, July 25

By Huseyn Hasanov- Trend:

Gross domestic product (GDP) growth remained at a high level of 10.3 percent per annum in Turkmenistan in the first quarter due to active investment activity (+8.1 percent), according to the analytical material of the Eurasian Development Bank (EDB).

EDB is an international financial institution established by Russia and Kazakhstan in January 2006. A number of CIS countries are EDB member-states.

The investment activity in Turkmenistan is carried out as part of implementation of state projects in virtually all sectors of the economy, according to EDB.

EDB stressed high wage growth, high amounts of foreign investments and improvement of export indices in the country.

"Over 18.8 percent growth was fixed in construction, 11 percent in the chemical industry, 18.3 percent in the textile industry per annum," according to the bank's report, "The retail trade turnover increased by 18.7 percent due to strong domestic demand."

Turkmenistan ranks fourth in natural gas reserves in the world. At present, it has an opportunity to export raw materials to China, Iran and Russia, according to the British Petroleum (BP) report.