Turkmenistan Economy

Is Turkmenistan a rich country?

Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and significant natural gas and oil resources. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Although agriculture accounts for almost 8% of GDP, it continues to employ nearly half of the country's workforce. Hydrocarbon exports, the bulk of which is natural gas going to China, make up 25% of Turkmenistan’s GDP. Ashgabat has explored two initiatives to bring gas to new markets: a trans-Caspian pipeline that would carry gas to Europe and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline. Both face major financing, political, and security hurdles and are unlikely to be completed soon.

Turkmenistan’s autocratic governments under presidents NIYAZOW (1991-2006) and BERDIMUHAMEDOW (since 2007) have made little progress improving the business climate, privatizing state-owned industries, combatting corruption, and limiting economic development outside the energy sector. High energy prices in the mid-2000s allowed the government to undertake extensive development and social spending, including providing heavy utility subsidies.

Low energy prices since mid-2014 are hampering Turkmenistan’s economic growth and reducing government revenues. The government has cut subsidies in several areas, and wage arrears have increased. In January 2014, the Central Bank of Turkmenistan devalued the manat by 19%, and downward pressure on the currency continues. There is a widening spread between the official exchange rate (3.5 TMM per US dollar) and the black market exchange rate (approximately 14 TMM per US dollar). Currency depreciation and conversion restrictions, corruption, isolationist policies, and declining spending on public services have resulted in a stagnate economy that is nearing crisis. Turkmenistan claims substantial foreign currency reserves, but non-transparent data limit international institutions’ ability to verify this information.

Turkmenistan Economy Data

What is the GDP of Turkmenistan?

GDP - Gross Domestic Product (PPP) $82,400,000,000 (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
Currency Code Turkmen manat (TMM)

Labor Force by Occupation- As reported by Turkmenistan

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