Turkmenistan’s GDP rises since early 2016
Ashgabat, Turkmenistan, Nov. 7
By Huseyn Hasanov – Trend:
GDP Annual Growth Rate in Turkmenistan remains at 6.2 percent in January-October 2016, said the country’s Ministry of Economy and Development.
The growth rate has increased by 1.3 percent in the industrial sector, 4.5 percent – construction, 10.3 percent – transportation and communication sector, 14.7 percent – trade, 11.3 percent – agriculture and 9.7 percent – sphere of services.
The growth rate of the manufactured products for ten months of 2016 increased by 3.4 percent compared with the same period in 2015.
The European Bank for Reconstruction and Development (EBRD) forecasts 6.5 percent increase in Turkmenistan’s GDP in 2016.
The EBRD said in its report that the risks for the forecasted economic growth of Central Asia include the possibility of a sharp slowdown in China's economy and protracted period of low commodity prices.
Turkmenistan ranks fourth in the world in terms of the volume of natural gas reserves, according to the BP report. Currently, the country is able to export natural gas to China and Iran with the possibility of increasing the supply volume. This is while Russia has suspended the purchase of Turkmen gas.