Turkmenistan Economy
Is Turkmenistan a wealthy country?
The Turkmenistan economy has undergone significant changes in recent years, with the government implementing various policies aimed at diversifying the economy and reducing dependence on gas exports.
The country's economy has traditionally been dominated by the gas sector, which accounted for more than 80% of export earnings in 2019. However, the government has recognized the need to diversify the economy and promote other sectors, such as agriculture, tourism, and industry. To this end, the government has implemented various policies and programs aimed at supporting these sectors and attracting foreign investment.
In recent years, Turkmenistan has made significant investments in the agriculture sector, with the aim of achieving self-sufficiency in food production. The government has provided subsidies to farmers, and there have been efforts to modernize the sector by introducing new technologies and improving irrigation systems. The tourism sector has also been identified as a potential growth area, with the government investing in infrastructure and promoting the country's historical and cultural heritage.
The industrial sector has also been targeted for growth, with the government investing in infrastructure and providing incentives for foreign investors. The government has established free economic zones and industrial parks to attract foreign investment, and there have been efforts to promote the development of small and medium-sized enterprises.
Despite these efforts, Turkmenistan's economy faces some challenges. The country's dependence on gas exports makes it vulnerable to fluctuations in global energy prices, and there have been concerns about the lack of diversification. The business environment has also been criticized for being opaque and not conducive to foreign investment.
Turkmenistan Economy Data
What is the GDP of Turkmenistan?
| Currency Name and Code | Manat (TMM) |
| GDP - Gross Domestic Product (PPP) | $92,330,000,000 (USD) |
| GDP - official exchange rate | $44,360,000,000 (USD) |
| GDP - real growth rate | 8.5% |
| GDP Per Capita | $15,600.00 (USD) |
| GDP by Sector- agriculture | 12.7% |
| GDP by Sector- Industry | 49.3% |
| GDP by Sector- services | 67.9% |
| GDP - composition, by end use |
household consumption: 50% government consumption: 12.5% investment in fixed capital: 27.4% investment in inventories: -0.1% exports of goods and services: 35.5% imports of goods and services: -25.3% |
| Population Below Poverty Line | 30% |
| Inflation Rate | 12% |
| Labor Force | 2,300,000 |
| Labor Force By Occupation- agriculture | 48.2% |
| Labor Force By Occupation- industry | 14% |
| Labor Force By Occupation- services | 37.8% |
| Unemployment Rate | 60% |
| Fiscal Year | calendar year |
| Annual Budget | $1,970,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | 1.1% |
| Taxes and other revenues - percent of GDP | 14.6% |
| Major Industries | natural gas, oil, petroleum products, textiles, food processing |
| Industrial Growth Rate | 7.3% |
| Agriculture Products | cotton, grain; livestock |
| Exchange Rate per US Dollar | Turkmen manat (TMM) |