Turkmenistan's economic growth averages 11 per cent

Turkmenistan's economic growth averages 11 per cent

Turkmenistan, Ashgabat, Dec. 7 / Trend H. Hasanov /

Turkmenistan's dynamic economic growth comprising an average of 11 per cent for the last five years, led to a progressive increase in the gross domestic product (GDP) per capita which is confirmed by World Bank experts, the state service Turkmen Dovlet Khabarlary said on Thursday.

According to the review, Turkmenistan's GDP has increased by almost 3.5 times since 2007 and GDP in purchasing power parity per capita has increased by 1.9 times.
'This year, GDP per capita GDP has exceeded a conventional threshold for the country with middle to high income', the text read.

Turkmen Dovlet Khabarlary stressed that the volume of investments in the country's economy increased by more than eight per cent for the last five years. Foreign investment increased by more than 8.6 times. In general, the investment was made to create new production facilities, modernise the economy and develop the social areas.

'Special attention was paid to renew fixed assets, develop human capital, enhance the level of susceptibility of the economy to the innovations in the context of economic globalisation and greater integration into the world economy', the article said.

The Stabilisation Fund established in 2008 has a positive impact on the economic situation and financial system. Its funds are directed towards maintaining financing of priority investment projects. This enables reducing the impact of adverse external factors on individual sectors of the economy.

Some parts of the Stabilisation Fund were also directed to finance targeted programmes and to purchase equipment, high-tech products and vehicles.

Establishing the Turkmen State Bank in 2011 is a landmark in the expansion of the institutional infrastructure on the basis of the Stabilisation Fund. One of the main objectives of this bank is to finance major investment projects to develop and modernise the economy and stimulate the domestic competitive industries.

'By avoiding the negative impact of the global financial crisis, the banking sector in Turkmenistan has expanded and the number of credit transactions involving enterprises has increased significantly, particularly in those sectors that are considered as a priority for economic growth and diversification, including construction, industry building materials, manufacturing and agriculture', the article said.

Turkmenistan's foreign trade figures increased by 2.1 times from 2007 to 2011. Exports increased by 1.9 times and imports by 2.6 times. The trade balance in all those years was maintained at a consistently positive level.

One of the main economic methods of state regulation is the budget regulation of the economy. The state budget has been recently executed with a significant surplus.

As of late 2011, it hit 3.6 per cent of the GDP. This year, the surplus of the state budget is also significant. Basically, it is achieved by increasing tax revenues. In 2011, budget revenues increased by 1.5 times compared to 2010.

The Caspian country is rich in natural gas. The export volumes of cotton and corn are prepared here making the economy diversified. Textile, oil and gas processing plants have especially developed.

Turkmenistan has been gradually passing to a market economy which is reflected in the updated Constitution. At this stage, a number of activities such as the national currency denomination and the unification of exchange rates were conducted. It is planned to move to the international accounting standards.

The 'State programme of privatisation of enterprises and state facilities for 2013-2016' has been recently approved. It is planned to implement it in three phases, the first of which is designed for 2013, the second for 2014-2015 and the third for 2016.

It is planned to privatise public enterprises in various industries, construction, transport, communication and other facilities under state ownership and the creation of infrastructure corporations.

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