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)

Labor Force by Occupation- As reported by Turkmenistan

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