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. Household income or consumption by percentage share: Industrial production growth rate: However, it is estimated that the unemployment rate is 11% as of a 2014 estimate.[24]. The average monthly salary in Turkmenistan in 2007 was 507 TMT (178 USD) and the same indicator in 2012 was 943 TMT (331 USD). This changed in 1991, when Turkmenistan gained independence and established full control over gas export and export revenues. The statistic shows gross domestic product (GDP) in Turkmenistan from 1994 to 2018, with projections up until 2021. Turkmenistan's GDP is expected to grow by 3.2% in 2020 and 5.8% in 2021 – ADO 2020 Update Turkmenistan's inflation rates forecasted at 10.0% in 2020 and 8.0% in 2021 – ADO 2020 Update GDP … In 2006 grain crop failures led to steadily increasing bread lines and reinstatement of a ration system in most regions. ADB's country partnership strategy for Turkmenistan aims to help the country become a catalyst for regional cooperation and integration by diversifying its markets and repositioning itself as a trade and transit hub. Turkmenistan is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. The budget-making process and its implementation go according to the Law “On Budget System”. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. [20] The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Since 2009, Turkmenistan has maintained the fixed exchange rate. The official rate has consistently been 5,200 Manat to the dollar. Turkmenistan Global Economic Prospects examines trends for the world economy and how they affect developing countries. [18], Turkmenistan is building a potash plant with annual capacity of 2.8 million tonnes of potash fertilizers. The bulk of them will be exported since the domestic demand in the country does not exceed 10,000 tonnes. ), Exchange rates: By 2016, the country is expected to produce 1m tonnes of urea (carbamide) annually. Turkmenistan gdp per capita for 2016 was $6,390, a 0.67% decline from 2015. In the 1990s many of Turkmenistan's gas customers in the CIS failed to pay on time or negotiated barter deals. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. It lists gas production, consumption, exports as total and also divided into countries. The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. [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. [23], In 2016, Turkmenistan exported $6.987 billion in goods making it the 100th largest export economy in the world. About ADB, how we’re organized, transparency, Projects, publications, products and services, operational priorities, and development knowledge, Countries with operations and subregional programs, country planning documents, Careers, business opportunities, and investor relations, Climate Change and Disaster Risk Management, Brunei, Indonesia, Malaysia, Philippines East ASEAN Growth Area (BIMP-EAGA), Central Asia Regional Economic Cooperation (CAREC) Program, Indonesia, Malaysia, Thailand Growth Triangle (IMT-GT), South Asia Subregional Economic Cooperation (SASEC), Civil Society/Non-government Organizations, Asian Development Bank and Turkmenistan: Fact Sheet. 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%. Its top imports are machinery and equipment, chemicals, foodstuffs. However, Soviet-era pipelines dictate that much of the gas goes to the Caucasus, Russia and Ukraine. In 2005 an estimated 95 percent of loans went to state enterprises. All news about Turkmenistan At a Glance 2020 Projected Real GDP (% Change) : 1.8 The oil production data in the table below are taken from BP Statistical Review. Plans call for a similar dam on the Atrek River west of Ashgabat. This article incorporates public domain material from websites or documents of the Library of Congress. [13] The unit is billion cubic meters (bcm) per year. Between 1991 and 2004, some 14 new cotton-processing plants were opened, sharply increasing the capability of processing domestically produced cotton. By GDP 5-years average growth and GDP per capita, the Philippines and Turkmenistan ranked 21st vs 9th and 134th vs 92nd, respectively. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. The Dostluk dam, opened at Serakhs on the Iranian border in 2005, has increased available irrigation water and improved efficiency. 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. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Availability of adequate legal base, opening of credit lines, including the foreign ones, simplified the procedure of private enterprises opening and licensing, led to enlargement of the sphere of entrepreneurship. [14] Russia later restricted its imports to only around 10 bcm, and then 5 bcm. Lending operations and household savings have not been important functions of this system. It is believed that downsizing the government workforce, which began in 2003, increased unemployment in subsequent years. However, in recent years state policy makers have increased the range of crops with the aim of making Turkmenistan self-sufficient in food. As of 2018, 1 United States dollar is equivalent to 3.50[11] Turkmenistan manat.[8]. Please check your download folder. [15] Production and exports started increasing again from 2010 owing to the opening of the Central Asia–China gas pipeline. [25] This is equivalent to 86% increase. 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. official government estimate: 22% (2003 est. Turkmenistan gdp per capita for 2018 was $6,967, a 5.76% increase from 2017. The latest available economic data for Turkmenistan compared to countries in Central Asia. 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. Ministry of Finance is responsible for state finances. Please check your download folder. Turkmenistan is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. 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. Turkmenistan gdp for 2018 was $40.76B, a 7.47% increase from 2017. 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. These are located near Ashgabat, Balkan and Lebap provinces. [13], Three cement plants operate in Turkmenistan. 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. Budget statistics are unreliable because the government spends large amounts of extra-budgetary funds. Because the state dominates the economy, an estimated 90 percent of workers are in effect state employees. The government of Turkmenistan discusses the state budget draft and submits it to the President of Turkmenistan. In the early 2000s, the contribution of Turkmenistan’s state-run agriculture sector to gross domestic product increased under close state supervision. Turkmenistan gdp for 2017 was $37.93B, a 4.83% increase from 2016. 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. [19] Prior to one month of the beginning of the financial year the President of Turkmenistan submits to the Assembly of Turkmenistan (Mejlis) the state budget draft for consideration and adoption.