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Turkmenistan:
Economy

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Turkmenistan Page


Economy - overview
Definition
Turkmenistan is a largely desert country with intensive agriculture in irrigated oases and large gas and oil resources. One-half of its irrigated land is planted in cotton; formerly it was the world's 10th-largest producer. Poor harvests in recent years have led to an almost 50% decline in cotton exports. With an authoritarian ex-Communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. Privatization goals remain limited. From 1998-2005, Turkmenistan suffered from the continued lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. At the same time, however, total exports rose by an average of roughly 15% per year from 2003-07, largely because of higher international oil and gas prices. Overall prospects in the near future are discouraging because of widespread internal poverty, a poor educational system, government misuse of oil and gas revenues, and Ashgabat's reluctance to adopt market-oriented reforms. In the past, Turkmenistan's economic statistics were state secrets. The new government has established a State Agency for Statistics, but GDP numbers and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. Since his election, President BERDIMUHAMEDOW has sought to improve the health and education systems, ordered unification of the country's dual currency exchange rate, begun decreasing state subsidies for gasoline, signed an agreement to build a gas line to China, and created a special tourism zone on the Caspian Sea. All of these moves hint that the new post-NYYAZOW government will work to create a friendlier foreign investment environment.
GDP (purchasing power parity)
Definition - World rank and map
$26.73 billion (2007 est.)
GDP (official exchange rate)
Definition
$26.91 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
11.6% (IMF estimate)
note: official government statistics are widely regarded as unreliable (2007 est.)
GDP - per capita
Definition - World rank and map
$5,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 11.5%
industry: 40.8%
services: 47.7% (2007 est.)
Labor force
Definition
2.089 million (2004 est.)
Labor force - by occupation
Definition
agriculture: 48.2%
industry: 14%
services: 37.8% (2004 est.)
Unemployment rate
Definition - World rank and map
60% (2004 est.)
Population below poverty line
Definition
30% (2004 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 2.6%
highest 10%: 31.7% (1998)
Distribution of family income - Gini index
Definition - World rank and map
40.8 (1998)
Inflation rate (consumer prices)
Definition - World rank and map
6.4% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
31.6% of GDP (2007 est.)
Budget
Definition
revenues: $1.664 billion
expenditures: $1.624 billion (2007 est.)
Agriculture - products
Definition
cotton, grain; livestock
Industries
Definition
natural gas, oil, petroleum products, textiles, food processing
Industrial production growth rate
Definition - World rank and map
10.3% (2007 est.)
Electricity - production
Definition - World rank and map
12.05 billion kWh (2005 est.)
Electricity - consumption
Definition - World rank and map
7.602 billion kWh (2005 est.)
Electricity - consumption per capita
Definition - World rank and map
1,467.7 kWh (2005 est.)
Electricity - exports
Definition
2.918 billion kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
196,000 bbl/day (2007 est.)
Oil - consumption
Definition - World rank and map
156,000 bbl/day (2007 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
30.1 bbl/day (2007 est.)
Oil - exports
Definition - World rank and map
40,000 bbl/day (2007 est.)
Oil - imports
Definition - World rank and map
0 bbl/day (2007)
Oil - proved reserves
Definition - World rank and map
500 million bbl (1 January 2007 est.)
Natural gas - production
Definition - World rank and map
72.3 billion cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
14.4 billion cu m (2007 est.)
Natural gas - consumption per capita
Definition - World rank and map
2,780 cu m (2007 est.)
Natural gas - exports
Definition - World rank and map
58 billion cu m (2007 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2007)
Natural gas - proved reserves
Definition - World rank and map
2.86 trillion cu m (1 January 2007 est.)
Current account balance
Definition - World rank and map
$4.525 billion (2007 est.)
Exports
Definition - World rank and map
$7.567 billion f.o.b. (2007 est.)
Exports - commodities
Definition
gas, crude oil, petrochemicals, textiles, cotton fiber
Exports - partners
Definition
Ukraine 47.7%, Iran 17.2%, Azerbaijan 5.3%, Turkey 4.6% (2006)
Imports
Definition - World rank and map
$4.2 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, chemicals, foodstuffs
Imports - partners
Definition
UAE 14.7%, Turkey 10.5%, China 9.8%, Ukraine 8.9%, Russia 8.3%, Iran 7.2%, Germany 6.7%, US 5.7% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$5.173 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.4 billion to $5 billion (2004 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$28.25 million from the US (2005)
Currency (code)
Definition
Turkmen manat (TMM)
Exchange rates
Definition
Turkmen manat per US$ - 6,250 (2007) official rate
note: the commercial rate was 19,800 Turkemen manat per US$ (2007)
Fiscal year
Definition
calendar year


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