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Fitch Ratings predicts surplus of state budget of Turkmenistan

Turkmenistan Materials 13 August 2022 15:17 (UTC +04:00)
Fitch Ratings predicts surplus of state budget of Turkmenistan
Khayal Khatamzadeh
Khayal Khatamzadeh
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BAKU, Azerbaijan, August 13. High energy revenues will lead to a surplus in the state budget of Turkmenistan in 2022 (of 1.4 percent of GDP), Trend reports with reference to Fitch Ratings.

A surplus of 0.1 percent of 2022 GDP was recorded in the first half, with hydrocarbon revenues underpinning a 39 percent YoY rise in total revenues. Expenses also increased in the first 6 months of 2022, although some of this was attributable to a one-time transfer to the state pension fund, Fitch Ratings said.

"We forecast current account surpluses of close to 8 percent of GDP in 2022 and 2023, and sovereign net foreign assets are forecast at 60 percent of GDP by the end of 2024,” said the rating agency.

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