Ashgabat, Turkmenistan, May 11
By Huseyn Hasanov– Trend:
The European Bank for Reconstruction and Development (EBRD) expects real GDP growth in Turkmenistan at 6.3 percent in 2019 and 6 percent in 2020, provided the external demand for gas remains favorable, Trend reports referring to the bank’s report published in May 2019.
The resumption of gas exports to Russia following a three-year interruption is expected to improve growth prospects, according to the report.
However, in the short term, growth will be weighed down by fiscal restraint, restricted access to foreign exchange except for priority projects, difficult business environment and limited FDI (foreign direct investment) inflows.
Foreign exchange scarcity has remained severe in Turkmenistan, the report noted.
According to a report by British Petroleum (BP), Turkmenistan ranks fourth in the world in terms of natural gas reserves and currently exports it to China and Iran.
The country set a course for diversifying the local economy. The oil, gas, chemical, and building material industries are actively developing. The growth of the GDP of Turkmenistan in January-April 2019 made up 6.2 percent.
The plan for the extraction of natural and associated gas over the past four months was fulfilled by 103.9 percent, oil refining by 105.1 percent, gasoline production by 110.5 percent, diesel fuel by 105.3 percent, polypropylene by 122.3 percent, lubricating oils - by 100 percent, liquefied gas - by 112.6 percent.