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.

Subscribe to Trend in Google News! Subscribe
Israeli startups raised $2.8b in November
Israeli startups raised $2.8b in November
Bennett declares ‘Yamam’ Israel’s national counterterrorism force
Bennett declares ‘Yamam’ Israel’s national counterterrorism force
Tesla dominates as EV sales take off in Israel
Tesla dominates as EV sales take off in Israel
Loading Bars
Crucial to correctly and fully inform public about major investigation processes – aide to Azerbaijani President
Volume of loaded/unloaded cargo in Iran’s Shahid Rajaee port declines
OSCE fully supports possible development of ties among South Caucasus countries - Chairperson-in-Office
Azerbaijan's monetary base increases for 11M2021
Azerbaijan raised mine threat issue before int'l community – president’s assistant
It is necessary to minimize references to Armenian media – assistant to Azerbaijani President
Situation on Azerbaijani-Armenian border is stable - Azerbaijani president's aide
Iran’s Bahar Azadi gold coin price dips
Turkey discloses number of docking ships at Aliaga port for 10M2021
Sustainable peace is required to build culture – Azerbaijani minister
Azerbaijani people always call for peace - assistant to President
Azerbaijan Banks Association, VISA talk strategic plans
Azerbaijan shares data on mine accidents for Nov. 2021
British Council and the ADA University are bringing together entrepreneurs and students for a #mycreativespark forum (PHOTO)
Number of rules prevent Iran from exporting minerals, mining products - TPOI
Number of industrial enterprises launched in Iran grows
Azerbaijan’s 10M2021 electricity export increases
Azerbaijan's Express-C auctions its bonds through Baku Stock Exchange
Azerbaijani Customs Committee exceeds forecast for transfers to state budget in 11M2021
Uzbek and Russian companies to use new technologies for production of high-octane gasoline
Israeli startups raised $2.8b in November
President Ilham Aliyev sends congratulations to head of UAE
OPEC+ weighs output policy as Omicron fears hammer prices
We see opportunity for young generation of Azerbaijan, Armenia to find common language – president’s assistant
Azerbaijan known for its cultural diversity - head of International Fund for Turkic Culture and Heritage
SOCAR reveals volume of oil supply via Baku-Novorossiysk
Sustainable peace needed to restore Azerbaijan's destroyed cultural heritage – minister
Peace can only be achieved through dialogue - International Dialogue Center (PHOTO)
Sustainable peace requires continuous effort - UN High Representative
Azerbaijan becomes center for different religions, cultures, thanks to President Ilham Aliyev - FFEU (PHOTO)
Azerbaijan waited 30 years for UNESCO to talk about country's destroyed cultural heritage - president's assistant (PHOTO)
Azerbaijan to be praised for its efforts towards greater appreciation of peace building - ICESCO Director General
Azerbaijan hosts Peace4Culture Partners Forum 2021
Turkmenistan, Tajikistan to attract small, medium businesses to joint projects
Azerbaijan discloses oil exports to India over 10M2021
Azerbaijan’s 10M2021 oil exports to Portugal revealed
S.Korea hits new COVID-19 record, halts quarantine exemptions to block Omicron
Azerbaijan reveals oil exports to Germany in 10M2021
Number of passenger planes received by Iran’s Persian Gulf International Airport soars
Iran unveils data on projects to be launched, based on pre-agreed foreign investments
Baku Book Center hosts book presentation of writer Charlie MacKesy, translated into Azerbaijani (PHOTO)
Canadian Condor Petroleum to convert Kazakhstan’s freight locomotive fleet to run on LNG
Uzbekhydroenergo JSC’s program to support decarbonisation in Uzbekistan – Fitch Ratings
Iran records increase in cargo movements at Khorramshahr port
Azerbaijan reveals number of streets in Baku named after martyrs of second Karabakh war (Exclusive)
Preventive maintenance of substation conducted at SOCAR’s Kulevi terminal
President Ilham Aliyev receives president of Turkish Council of Higher Education (PHOTO/VIDEO)
Azerbaijan's Central Bank increases its foreign exchange reserves since early 2021
Heydar Aliyev Foundation completes restoration of Catholic Church of Blessed Virgin Mary in Baku (PHOTO)
First known UAE case of Omicron variant detected in fully vaccinated traveller
Uzbekistan shares domestic COVID-19 data for December 1
Azerbaijani currency rates for December 2
Azerbaijani oil prices increase
Azerbaijan elected member of UNESCO Committee for Protection of Cultural Property in Event of Armed Conflict
Iranian currency rates for Dec. 2
Oil rises as investors focus on OPEC+ decision amid growing Omicron fears
Azerbaijan announces new auctions on state property facilities
US to strengthen travel restrictions
IAEA says Iran begun using advanced centrifuge at Fordow
Iran, Russia to speed up construction of International North-South Corridor
Uzbekistan tightens quarantine measures for people coming from Germany, UK and 9 other countries
Georgian PM invited to Eastern Partnership Summit
Ireland reports first case of Omicron variant
Amazon invests in 274 renewable energy projects globally
World Bank backs using $280 mln in frozen aid funds for Afghanistan
Cavushoglu, Blinken discuss situation in Azerbaijan and Armenia
Alec Baldwin on fatal movie set shooting; ‘I didn't pull the trigger’
Afghanistan's GDP likely to drop 20 pct in one year: UN
UAE reports its first case of COVID-19 variant Omicron
Moderna exec says company could have Omicron booster ready in March
UN says international migration rose last year despite Covid-19 impact
Kyrgyz border service reports shots from Tajikistan
Bennett declares ‘Yamam’ Israel’s national counterterrorism force
Transport infrastructure in Karabakh to turn Azerbaijan into logistics hub between Central Asia and Europe – CAERC
Four injured after old WWII aircraft bomb explodes in Munich - police
1st US case of COVID-19 omicron variant identified - Fauci
OPEC can elect new secretary general in January 2022 — source
President Erdogan talks bilateral relations with Crown Prince of UAE
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Qatar Airways to launch flights to Uzbekistan from Jan 17, 2022
Iran military clashes with armed men on Afghan border
Armenia found itself in complete military-political isolation even within CSTO - Russian military expert
Net foreign assets in Azerbaijan grow for 10M2021
New geopolitical situation in region opens way for Azerbaijan’s further development - ambassador
Ambassador of Kazakhstan expresses condolences to Azerbaijan due to helicopter crash
Azerbaijan working on reconstruction railway line which is part of Zangazur corridor (PHOTO)
SOCAR’s STAR refinery tests numerous types of crude oil
Azerbaijan considering sending medical workers of Baku clinics to district hospitals
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,795 more COVID-19 cases, 1,967 recoveries
Azerbaijani National Depository Center opens tender to buy new generation security system
Georgia boosts honey exports
Solar PV growth to surpass wind in EU in 2021-2026
Servicemen injured in Azerbaijani helicopter crash talk about incident (PHOTO/VIDEO)
Turkmen company exports paper products to Uzbekistan, Turkey
Iranian companies express readiness to restore factories in Syria - minister
Azerbaijani, Armenian FMs to meet in Sweden
President Ilham Aliyev receives EU Special Representative for South Caucasus (PHOTO/VIDEO)
US Marshall Legacy Institute sends eight more mine detection dogs to Azerbaijan (PHOTO)
Iran’s Bahar Azadi gold coin price rebounds
All news