EBRD shares latest forecast of Turkmenistan's gross domestic product growth

Turkmenistan Materials 22 May 2024 07:41 (UTC +04:00)
Aman Bakiyev
Aman Bakiyev
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ASHGABAT, Turkmenistan, May 22. The European Bank for Reconstruction and Development (EBRD) has revealed its gross domestic product (GDP) growth forecast for Turkmenistan in 2024–2025, Trend reports.

According to the EBRD forecast, Turkmenistan's GDP growth will reach 6.3 percent this year.

Thus, the forecast remained unchanged compared to the previous September 2023 forecast, which also predicted GDP growth of 6.5 percent.

At the same time, according to the bank's forecast, Turkmenistan's GDP growth in 2025 will also amount to 6.5 percent, which will remain unchanged as in 2024.

"Turkmenistan's economy grew by 6.3 percent year-on-year in 2023, despite a slight reduction in gas production and exports. Non-hydrocarbon output was supported by vigorous public spending on signature infrastructure projects, and policies stimulating private sector investment in agriculture and manufacturing. With domestic demand supported by a 10 percent increase in public sector salaries, pensions, and social benefits (effective as of January 1, 2024), GDP rose by 6.3 percent year on year in the first quarter of 2024, with the largest gains achieved in trade, services, and transport sectors," the bank noted.

Meanwhile, President of Turkmenistan Serdar Berdimuhamedov recently noted that Turkmenistan's GDP growth rate from January to April 2024 remained stable at 6.3 percent.

The President added that during the specified period, this figure reached 3.7 percent in industry, 7.2 percent in transport and communications, 8 percent in services, 8.2 percent in the shopping complex, 5.8 percent in construction, and 5 percent in agriculture. .