| Economy | Turkmenistan |
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Economy - overview:
|
Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and sizeable gas and oil resources. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Although agriculture accounts for roughly 10% of GDP, it continues to employ nearly half of the country's workforce. Turkmenistan's authoritarian regime has taken a cautious approach to economic reform, hoping to use gas and cotton export revenues to sustain its inefficient and highly corrupt 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 2003-08, largely because of higher international oil and gas prices. Additional pipelines to China and Iran, that began operation in early 2010, have expanded Turkmenistan's export routes for its gas, although these new routes have not completely offset the sharp drop in export revenue since early 2009 from decreased gas exports to Russia. Overall prospects in the near future are discouraging because of endemic corruption, a poor educational system, government misuse of oil and gas revenues, and Ashgabat's reluctance to adopt market-oriented reforms. The majority of Turkmenistan's economic statistics are state secrets. The new government has established a State Agency for Statistics, but GDP numbers and other publicized figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. Since his election, President BERDIMUHAMEDOW 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 on the Caspian Sea. Although foreign investment is encouraged, numerous bureaucratic obstacles impede international business activity. |
GDP (purchasing power parity):
|
$41.51 billion (2011 est.)
$37.74 billion (2010 est.)
$34.58 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$7,500 (2011 est.)
$6,900 (2010 est.)
$6,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$24.1 billion (2011 est.) |
GDP - real growth rate:
|
9.9% (2011 est.)
9.2% (2010 est.)
6.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 7.8%
industry: 24.1%
services: 68.1% (2011 est.) |
Investment (gross fixed):
|
9.7% of GDP (2011 est.) |
Population below poverty line:
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30% (2004 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 31.7% (1998) |
Distribution of family income - Gini index:
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40.8 (1998) |
Inflation rate (consumer prices):
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15% (2011 est.)
10% (2010 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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16% (31 December 2011 est.)
17.5% (31 December 2010 est.) |
Stock of money:
|
void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
$1.158 billion (31 December 2010 est.)
$1.263 billion (31 December 2009 est.) |
Stock of domestic credit - per capita:
|
232 USD per capita |
Stock of narrow money:
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$491.2 million (31 December 2011 est.)
$435.1 million (31 December 2010 est.) |
Stock of broad money:
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$1.053 billion (31 December 2010 est.)
$912.3 million (31 December 2009 est.) |
Labor force:
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2.3 million (2008 est.) |
Labor force participation rate:
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46.02 % of population |
Labor force - by occupation:
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agriculture: 48.2%
industry: 14%
services: 37.8% (2004 est.) |
Unemployment rate:
|
60% (2004 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $4.175 billion
expenditures: $4.07 billion (2011 est.) |
Budget revenues per capita:
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836 USD per capita |
Taxes and other revenues:
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17.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
0.4% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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natural gas, oil, petroleum products, textiles, food processing |
Industrial production growth rate:
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7.3% (2010 est.) |
Electricity - production:
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15.5 billion kWh (2009 est.) |
Electricity - production per capita:
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3,102 kWh per capita |
Electricity - consumption:
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13 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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2,602 kWh per capita |
Electricity - exports:
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2.5 billion kWh (2009 est.) |
Electricity - imports:
|
1.476 billion kWh (2008 est.) |
Oil - production:
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216,000 bbl/day (2010 est.) |
Oil - production per capita:
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43,222 bbl/day per capita |
Oil - consumption:
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125,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
9.13 bbl/year per capita |
Oil - exports:
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97,430 bbl/day (2009 est.) |
Oil - imports:
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0 bbl/day (2009 est.) |
Oil - proved reserves:
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600 million bbl (1 January 2011 est.) |
Natural gas - production:
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42.4 billion cu m (2010 est.) |
Natural gas - production per capita:
|
8,485 cu m per capita |
Natural gas - consumption:
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22.6 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
4,523 cu m per capita |
Natural gas - exports:
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18 billion cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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7.504 trillion cu m (1 January 2011 est.) |
Agriculture - products:
|
cotton, grain; livestock |
Current account balance:
|
$1.544 billion (2011 est.)
-$1.231 billion (2010 est.) |
Current account balance - per capita:
|
309 USD per capita |
Exports:
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$14.37 billion (2011 est.)
$10.55 billion (2010 est.) |
Exports per capita:
|
2,876 USD per capita |
Exports - commodities:
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gas, crude oil, petrochemicals, textiles, cotton fiber |
Exports - partners:
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China 28.6%, Turkey 10.6%, UAE 7.2%, Afghanistan 6.5%, Iran 6%, Italy 5.4%, Kazakhstan 4.5% (2010) |
Imports:
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$9.036 billion (2011 est.)
$8.277 billion (2010 est.) |
Imports per capita:
|
1,809 USD per capita |
Imports - commodities:
|
machinery and equipment, chemicals, foodstuffs |
Imports - partners:
|
Russia 21.6%, Turkey 20%, China 9.2%, UAE 7.7%, Germany 5.7%, Malaysia 4.6%, Ukraine 4.5% (2010) |
Reserves of foreign exchange and gold:
|
$18.7 billion (31 December 2011 est.)
$17.6 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,742 USD per capita |
Debt - external:
|
$526 million (31 December 2011 est.)
$517.7 million (31 December 2010 est.) |
Debt - external - per capita:
|
106 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Turkmen manat (TMM) |
Exchange rates:
|
Turkmen manat (TMM) per US dollar -
2.85 (2011 est.)
2.85 (2010 est.)
2.85 (2009)
14,250 (2008) |
Fiscal year:
|
calendar year |
|
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