ASHGABAT, Turkmenistan, April 22. The Asian Development Bank (ADB) notes growth in all sectors of Turkmenistan's economy, adding that industry was the main driver of growth, Trend reports.
According to the bank, Turkmenistan's industrial sector grew by 4.3 percent last year, while gas production jumped by 3 percent to 80.6 billion cubic meters.
"Expansion in industry also benefited from higher output of crude oil, oil products, chemicals, and electricity, along with gains in construction and manufacturing. This included increases in food processing, building materials, and textiles produced mostly under import substitution programs," the bank notes.
Furthermore, ADB emphasizes that Turkmenistan's agriculture grew by 4.4 percent in 2023 due to the achievement of targets for cotton and wheat production, as well as the expansion of fruit and vegetable production for domestic and foreign markets.
"Services expanded by nearly 9 percent, with increases of 8.4 percent in transportation (including international air and rail services) and communication, 12.8 percent in trade and catering, and 5.1 percent in other services," the bank added.
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.