Turkmenistan:
Economy

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Other pages in this profile of Turkmenistan:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Turkmenistan: Economy

Turkmenistan:
Economy