Turkmenistan: Economy

Despite fiscal consolidation after revenues from oil and natural gas exports plunged because of lower global energy prices, Turkmenistan’s gross domestic product grew by 6.1% in the first half of 2016, albeit more slowly than the 9.1% recorded in the first half of 2015. The government continued to support the private sector, encouraging import-substitution and export-promotion outside the hydrocarbon economy, where most of the growth occurred. Expansion was greatest in services, which grew by 12.3%, reflecting gains of 9.9% in transport and 16.0% in trade. Agriculture grew by 6.9% and industry by 2.1%, with construction rising by 4.4%. On the demand side, fiscal consolidation prompted by the decline in revenue from oil and gas exports led the government to trim some public investment programs. Investment nevertheless grew by 5.7% in the period. Read more from Asian Development Outlook 2016 Update

Economic forecasts for Central Asian countries

Country 2016 2017
Armenia 2.0 2.3
Azerbaijan -2.5 1.0
Georgia 3.0 4.0
Kazakhstan 0.1 1.0
Kyrgyz Republic 1.0 2.0
Tajikistan 3.8 4.0
Turkmenistan 5.5 5.5
Uzbekistan 6.9 7.3
Average 1.5 2.6
Country 2016 2017
Armenia 1.5 4.0
Azerbaijan 12.0 5.2
Georgia 3.0 4.0
Kazakhstan 14.7 6.0
Kyrgyz Republic 5.0 8.0
Tajikistan 8.5 7.5
Turkmenistan 5.0 4.4
Uzbekistan 10.0 11.0
Average 11.5 6.4
Country 2016 2017
Armenia -4.8 -5.0
Azerbaijan -0.6 1.5
Georgia -12.0 -11.5
Kazakhstan -5.5 -4.9
Kyrgyz Republic -17.0 -15.0
Tajikistan -4.8 -5.5
Turkmenistan -13.3 -10.0
Uzbekistan 0.2 0.8
Average -5.0 -3.9

Source: Asian Development Outlook 2016 Update

 

 
This page was generated from https://www.adb.org/countries/turkmenistan/economy on 30 September 2016