ASHGABAT, Turkmenistan, April 11. The Asian Development Bank (ADB) predicts that the current account surplus in Turkmenistan will decrease to 3.2 percent of GDP in 2024 and 2.4 percent in 2025, Trend reports.
"Import limitations are expected to be relaxed further, allowing for increased imports of inputs to export-oriented sectors and consumer items into the domestic market. At the same time, hydrocarbon exports are expected to continue to drive total export revenue higher. External debt is expected to stay below 5 percent of GDP, reflecting scheduled repayments and the government's resistance to fresh borrowing," the bank notes.
Furthermore, the bank adds that the current account surplus in Turkmenistan has decreased from 7.1 percent of GDP in 2022 to 5.9 percent in 2023.
"This reflected some relaxation of import controls, along with stable energy prices and exports. Imports rose by 7.6 percent in 2023 while exports remained essentially unchanged, with earnings mainly from exports of gas to the People’s Republic of China (PRC) and additional exports to Azerbaijan and Iran under existing gas swap agreements. With extensive repayment of external loans, external debt in 2023 is estimated to have declined to 5.1 percent of GDP," the bank's report says.
Meanwhile, President of Turkmenistan Serdar Berdimuhamedov recently noted that the GDP growth rate of Turkmenistan from January through March 2024 remained stable at 6.3 percent.
The President added that during the specified period, the growth rate of Turkmenistan's industrial sector reached 4.7 percent, in the transport and communications sector, 6.6 percent, in the service sector, 7.6 percent, in trade, 8.2 percent, and in agriculture, 4.1 percent.