| Date - Field | Turkmenistan - Economy - overview |
2008 January
Economy - overview | 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 roughtly 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 unwillingness to adopt market-oriented reforms. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. President BERDIMUHAMEDOW's election platform included plans to build a gas line to China, to complete the Amu Darya railroad bridge in Lebap province, and to create special border trade zones in southern Balkan province - a hint that the new post-NYYAZOW government will work to create a friendlier foreign investment environment. |
2007 January
Economy - overview | 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 tenth-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. In 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 15% per year in 2003-06, largely because of higher international oil and gas prices. In 2006, Ashgabat raised its natural gas export prices to its main customer, Russia, from $66 per thousand cubic meters (tcm) to $100 per tcm. 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 unwillingness to adopt market-oriented reforms. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. |
2006 January
Economy - overview | Turkmenistan is 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 tenth-largest producer. Poor harvests in recent years have led to a nearly 46% 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. In 1998-2004, 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 perhaps 30% in 2003 and 19% in 2004, largely because of higher international oil and gas prices. Overall prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, the government's irrational use of oil and gas revenues, and its unwillingness to adopt market-oriented reforms. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. |
2005 January
Economy - overview | Turkmenistan is 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 tenth-largest producer. Poor harvests in recent years have led to a nearly 46% 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. In 1998-2004, 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 perhaps 30% in 2003 and 19% in 2004, largely because of higher international oil and gas prices. Overall prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, the government's irrational use of oil and gas revenues, and its unwillingness to adopt market-oriented reforms. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. |
2004 January
Economy - overview | Turkmenistan is 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, making it at one time the world's tenth-largest producer. Poor harvests in recent years have led to a nearly 46% 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. In 1998-2003, 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 38% in 2003, largely because of higher international oil and gas prices. Overall prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. In particular, the 20% rate of GDP growth is a guess. |
2003 January
Economy - overview | Turkmenistan is largely desert country with intensive agriculture in irrigated oases and huge gas (fifth-largest reserves in the world) and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth-largest producer. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. The sale of Turkmen gas to Russia and other CIS countries resumed in December 1999. 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. In 1998-2002, 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 sharply because of higher international oil and gas prices. Prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. |
2002 January
Economy - overview | Turkmenistan is largely desert country with intensive agriculture in irrigated oases and huge gas (fifth largest reserves in the world) and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth largest producer. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. 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. In 1998-2001, Turkmenistan has 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 have risen sharply because of higher international oil and gas prices. Prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error. |
2001 January
Economy - overview | Turkmenistan is largely desert country with intensive agriculture in irrigated oases and huge gas (fifth largest reserves in the world) and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth largest producer. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. 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. In 1998-2000, 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 sharply because of higher international oil and gas prices. Prospects in the near future are discouraging because of widespread internal poverty and the burden of foreign debt. IMF assistance would seem to be necessary, yet the government is not as yet ready to accept IMF requirements. Turkmenistan's 1999 deal to ship 20 billion cubic meters (bcm) of natural gas through Russia's Gazprom pipeline helped alleviate the 2000 fiscal shortfall. Inadequate fiscal restraint and the tenuous nature of Turkmenistan's 2001 gas deals, combined with a lack of economic reform, will limit progress in the near term. |
2000 January
Economy - overview | Turkmenistan is largely desert country with nomadic cattle raising, intensive agriculture in irrigated oases, and huge gas and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth largest producer. It also possesses the world's fifth largest reserves of natural gas and substantial oil resources. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. 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. Turkmenistan is working hard to open new gas export channels through Iran and Turkey to Europe, but these will take many years to realize. In 1998-99, Turkmenistan faced revenue shortfalls due to the continued lack of adequate export routes for natural gas and obligations on extensive short-term external debt. Prospects in the near future are discouraging because of widespread internal poverty and the burden of foreign debt. IMF assistance would seem to be necessary, yet the government is not as yet ready to accept IMF requirements. Turkmenistan's 1999 deal to ship 20 billion cubic meters (bcm) of natural gas through Russia's Gazprom will help alleviate the 2000 fiscal shortfall, but will not make up for the absence of meaningful progress in economic reform. |
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This page was last updated on 9 July, 2008 |
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