It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. The banking system, which was reduced substantially after the 1998 financial crisis, includes 12 national banks. Turkmenistan gdp per capita for 2018 was $6,967, a 5.76% increase from 2017. This is $1.986 billion less in imports compared to exports meaning the country has a positive trade balance of $1.986 billion. The construction industry depends mainly on government building projects because construction of private housing is a low priority. Gross domestic product (GDP… However, Soviet-era pipelines dictate that much of the gas goes to the Caucasus, Russia and Ukraine. Total production in 2013 is estimated to exceed 2 million tonnes. In the mid-1990s Turkmenistan stopped delivering gas to some CIS members, citing failure to pay and unprofitable barter deals. [citation needed] In 2010 Ashgabat started a policy of diversifying export routes for its raw materials. [25] This is equivalent to 86% increase.

Hydrocarbon exports, the bulk of which is natural gas going to China, make up 25% of Turkmenistan’s GDP. Because the state dominates the economy, an estimated 90 percent of workers are in effect state employees. In the late 1990s the government renegotiated its export and price arrangements with Gazprom and renewed deliveries to Georgia, Ukraine, and some other countries. The law fixes legal foundations of organizing management and operating budget system, regulates interrelations between budgets of all levels. At the same time, however, total exports rose by an average of roughly 15% per year from 2003 to 2008, largely because of higher international oil and gas prices. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. [15] Production and exports started increasing again from 2010 owing to the opening of the Central Asia–China gas pipeline. Turkmenistan (/ t ɜːr k ˈ m ɛ n ɪ s t ... Gas production is the most dynamic and promising sector of the national economy. The bulk of them will be exported since the domestic demand in the country does not exceed 10,000 tonnes.

Turkmenistan plans to privatize several state companies during 2013-2016. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Please check your download folder. [13] The unit is billion cubic meters (bcm) per year. In 2005 an estimated 95 percent of loans went to state enterprises. The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. Between 1991 and 2004, some 14 new cotton-processing plants were opened, sharply increasing the capability of processing domestically produced cotton. From 1998 to 2005, Turkmenistan suffered from a lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. [17] After denomination of national currency the last official rate is 3.5 manat-1$[28]. 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. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. The official rate has consistently been 5,200 Manat to the dollar. This dramatic increase is mainly due to the yearly increase of 10% of the state employer salaries by the Government of Turkmenistan. The average monthly salary in Turkmenistan in 2007 was 507 TMT (178 USD) and the same indicator in 2012 was 943 TMT (331 USD). It is believed that downsizing the government workforce, which began in 2003, increased unemployment in subsequent years. ), This page was last edited on 7 July 2020, at 02:16. As during the Soviet era, cotton is the dominant agricultural commodity because it is an export staple. Turkmenistan gdp per capita for 2015 was $6,433, a … [12] It also opened its first pipeline not to pass through Russia, the Korpezhe-Kurt Kui Pipeline. One observes that the production and exports Turkmenistan gdp for 2018 was $40.76B, a 7.47% increase from 2017. [16], As of 2010, Turkmenistan had 202,000 barrels per day oil production. Most of these exports will end up in China 70%, Turkey 5.3%, Italy 5.3%, Afghanistan 4.5%, Russia 4.1%. in recent years the unofficial rate has hovered around 24,000 to 25,000 Turkmen manats to the dollar. In the post-Soviet era, Turkmenistan’s industrial sector has been dominated increasingly by the fuel and cotton processing industries to the detriment of light industry. In 2018, independent media reported food shortages in the country, with hundreds of people queuing for hours to buy bread and flour. In terms of natural gas reserves, it is ranked 6th in the world. By 1999, privatization in trade, catering, consumer services was fully completed. However, most agricultural land is of poor quality and requires irrigation. This export was under centralised control, and most of the export revenue was absorbed into the Soviet central budget.[12]. Turkmenistan is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. [18], Turkmenistan is building a potash plant with annual capacity of 2.8 million tonnes of potash fertilizers. As in the Soviet era, central planning and state control pervade the system, and the Niyazov government (in power 1991–2006) consistently rejected market reform programs. The economy of Turkmenistan is one of the fastest-growing economies in the world. [26], The following table shows the main economic indicators in 1993–2017.[27]. Turkmenistan's major gas deposits were discovered in its central and eastern areas in the 1940s and '50s, and in the 1980s the republic became the second largest producer of gas in the Soviet Union, behind the Russian SFSR.

Turkmenistan’s irrigation infrastructure and water-use policies have not responded efficiently to this need. [13], Three cement plants operate in Turkmenistan. The oil production data in the table below are taken from BP Statistical Review. Turkmenistan’s external position reversed in 2018: the current account recorded a surplus of 5.7 percent of GDP from a deficit of 10.3 percent of GDP in 2017. The latest available economic data for Turkmenistan compared to countries in Central Asia. The Key Indicators for Asia and the Pacific publication presents data regarding the economic, financial, social, and environmental situations in a broad range of countries across the region. [9][10] Since his election in 2007, President Gurbanguly Berdimuhamedow has unified the country's dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, and initiated development of a special tourism zone (Awaza) on the Caspian Sea. In 2006 grain crop failures led to steadily increasing bread lines and reinstatement of a ration system in most regions. The Philippines with a GDP of $330.9B ranked the 40th largest economy in the world, while Turkmenistan ranked 93rd with $40.8B. In 2012, it is estimated that the budget expenditures are US$26.9 billion, and revenues are US$26.4 billion, creating a slight deficit. The Dostluk dam, opened at Serakhs on the Iranian border in 2005, has increased available irrigation water and improved efficiency. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. In the 1990s many of Turkmenistan's gas customers in the CIS failed to pay on time or negotiated barter deals. Household income or consumption by percentage share: Industrial production growth rate:

The statistic shows gross domestic product (GDP) in Turkmenistan from 1994 to 2018, with projections up until 2021. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. 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. This article incorporates public domain material from websites or documents of the Library of Congress. In the post-Soviet era, the area planted to grains (mainly wheat) has nearly tripled. The Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. [20] These are located near Ashgabat, Balkan and Lebap provinces. Dragon Oil produced around 50,000 barrels per day. Private farmers grow most of Turkmenistan’s fruits and vegetables (chiefly tomatoes, watermelons, grapes, and onions), but all production phases of the main cash crops—grain and cotton—remain under state control. Budget statistics are unreliable because the government spends large amounts of extra-budgetary funds. In 2004 the labor force was estimated to include more than 2.3 million workers, 48.2 percent of whom worked in agriculture, 37.8 percent in services, and 14 percent in industry and construction. The government of Turkmenistan discusses the state budget draft and submits it to the President of Turkmenistan. The top exports are gas, crude oil, petrochemicals, textiles and cotton fiber. [8] Turkmenistan is among the top ten producers of cotton in the world. The financial system is under full state control. Lending operations and household savings have not been important functions of this system. Data are in current U.S. dollars.

Please check your download folder. Turkmenistan gdp per capita for 2017 was $6,587, a 3.09% increase from 2016. The economy of Turkmenistan is one of the fastest-growing economies in the world. Irrigation now depends mainly on the decrepit karakum Canal, which carries water across Turkmenistan from the Amu Darya. Turkmenistan gdp for 2015 was $35.80B, a 17.75% decline from 2014.

By GDP 5-years average growth and GDP per capita, the Philippines and Turkmenistan ranked 21st vs 9th and 134th vs 92nd, respectively. Plans call for a similar dam on the Atrek River west of Ashgabat. This is due an explosion that occurred in the Central Asia–Center gas pipeline system in April 2009 for which Turkmenistan blamed Gazprom. It lists gas production, consumption, exports as total and also divided into countries. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. [24], Also in that year Turkmenistan imported $5.001 billion in goods resulting it being the 121th largest importer in the world. Supplies to Iran were cancelled in early 2017, with Ashgabat claiming Tehran owed some $1.8 billion for supplies delivered nearly 10 years before. The top origins of imports are Turkey 26.4%, Russia 10.5%, Japan 8.6%, Germany 8.2%, South Korea 7.8%, China 7.2%, Italy 5.2%. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. At the same time, the government tried to attract investments in building gas pipelines via Iran to Turkey and Western Europe via Afghanistan to Pakistan. Unemployment statistics are not available because unemployment does not exist officially. Updated yearly, the Fact Sheets summarize ADB's partnerships with member economies, providing key facts and figures and an overview of activities and future directions.

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