Turkmenistan: Economy

Growth slowed to 6.5% in Turkmenistan in 2015 with the decline in global energy prices, and the current account deficit widened to 11.8% of the gross domestic product (GDP) with exports falling more than imports. Growth is forecast to remain at 6.5% in 2016 on reduced energy earnings, then recover to 7.0% in 2017 with expected higher petroleum prices. Diversifying the highly concentrated export sector would help smooth output volatility and create jobs to absorb a young and growing working-age population. Read more from Asian Development Outlook 2016

Economic forecasts for Central Asian countries

Country 2016 2017
Armenia 2.0 2.3
Azerbaijan -1.0 1.0
Georgia 2.5 3.5
Kazakhstan 0.7 1.0
Kyrgyz Republic 1.0 2.0
Tajikistan 3.8 4.0
Turkmenistan 6.5 7.0
Uzbekistan 6.9 7.3
Average 2.1 2.8
Country 2016 2017
Armenia 3.8 4.0
Azerbaijan 12.0 5.2
Georgia 5.0 4.0
Kazakhstan 12.6 4.6
Kyrgyz Republic 10.0 8.0
Tajikistan 8.5 7.5
Turkmenistan 6.6 6.0
Uzbekistan 10.0 11.0
Average 10.8 5.9
Country 2016 2017
Armenia -5.2 -5.0
Azerbaijan -0.6 1.5
Georgia -9.5 -9.2
Kazakhstan -3.5 -3.1
Kyrgyz Republic -17.0 -15.0
Tajikistan -4.8 -5.5
Turkmenistan -12.3 -10.0
Uzbekistan 0.2 0.8
Average -3.9 -3.0

Source: Asian Development Outlook 2016