Turkmenistan’s GDP grows greatly since early 2019

Business Materials 26 September 2019 13:30 (UTC +04:00)

Ashgabat, Turkmenistan, Sept. 26

By Huseyn Hasanov – Trend:

Over the first nine months of this year, Turkmenistan’s total gross domestic product (GDP) will be more than 110 billion manats, and its growth rate will be 6.3 percent, Trend reports Sept. 26 with reference to Turkmen President Gurbanguly Berdimuhamedov.

“We expect GDP growth next year in the same volume as this year,” the president said.

The industrial sector is also developing at a steady pace. In the total volume of GDP, the share of this industry accounts for 32.6 percent.

Investments are a key tool for diversifying the local economy. It is expected that the volume of capital investments spent in Turkmenistan at the expense of all sources will amount to 29 billion manats (26.2 percent of the gross domestic product).

The implementation of the strategic course focused on the industrial-innovative development model is ensured by directing about 66-68 percent of investments to the manufacturing sector.

The official rate of the Turkmen manat to $1 has remained at 3.50 Turkmen manats since January 2015.

Turkmenistan, according to a British Petroleum (BP) report, ranks fourth in terms of natural gas reserves in the world and currently exports it to China and Russia.

Ashgabat is looking for new gas export routes; at the same time, it is conducting large-scale diversification of the economy.

Presently, the textile and oil products industries have advanced, the oil and gas chemical industries and the building materials industry are actively developing.