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IMF reveals Turkmen GDP growth forecast for 2018

Business Materials 26 April 2018 16:54 (UTC +04:00)

Ashgabat, Turkmenistan, April 26

By Huseyn Hasanov - Trend:

The International Monetary Fund (IMF) forecasts the growth rate of Turkmenistan’s gross domestic product (GDP) at 6.2 percent in 2018 compared with 6.5 percent GDP growth in 2017, according to the IMF’s World Economic Outlook April 2018 report.

In 2019, the growth of the Turkmen economy may amount to 5.6 percent. Inflation in Turkmenistan will amount to 9.4 percent in 2018, compared with 8 percent inflation in 2017, according to the IMF report. In 2019, the growth of consumer prices in Turkmenistan may amount to 8.2 percent.

Turkmenistan ranks fourth in the world in terms of the volume of natural gas and has opportunities to export it to China and Iran. Meanwhile, Russia suspended the purchases of Turkmen gas in 2016.

Ashgabat chose a course to diversify the local economy. The textile industry, as well as the area of petroleum products, advanced. The oil, gas and chemical industry and the production of building materials are being actively developed.

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