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 7% 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. The government introduced a privatization plan in 2012, but the implementation of this initiative has been slow. 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, that began operation in early 2010, and increased pipeline capacity to Iran, have expanded Turkmenistan's export routes for its gas. 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 present government 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, and some improvements in macroeconomic policy have been made, numerous bureaucratic obstacles impede international business activity.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$55.16 billion (2013 est.)
country comparison to the world: 95
$49.18 billion (2012 est.)
$44.27 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$40.56 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
12.2% (2013 est.)
country comparison to the world: 3
11.1% (2012 est.)
14.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$9,700 (2013 est.)
country comparison to the world: 122
$8,800 (2012 est.)
$8,000 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
12.6% of GDP (2013 est.)
country comparison to the world: 122
12.9% of GDP (2012 est.)
10.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
50%
government consumption:
12.8%
investment in fixed capital:
11.6%
investment in inventories:
0%
exports of goods and services:
56.4%
imports of goods and services:
-30.8%
(2013 est.)
agriculture:
7.2%
industry:
24.4%
services:
68.4% (2013 est.)
cotton, grain, melons; livestock
natural gas, oil, petroleum products, textiles, food processing
8% (2013 est.)
country comparison to the world: 27
[see also: Industrial production growth rate country ranks ]
2.3 million (2008 est.)
country comparison to the world: 116
[see also: Labor force country ranks ]
agriculture:
48.2%
industry:
14%
services:
37.8% (2004 est.)
60% (2004 est.)
country comparison to the world: 199
[see also: Unemployment rate country ranks ]
30% (2004 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
2.6%
highest 10%:
31.7% (1998)
40.8 (1998)
country comparison to the world: 55
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$5.93 billion
expenditures:
$5.474 billion (2013 est.)
14.6% of GDP (2013 est.)
country comparison to the world: 195
[see also: Taxes and other revenues country ranks ]
1.1% of GDP (2013 est.)
country comparison to the world: 26
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
9% (2013 est.)
country comparison to the world: 204
8.5% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
$577.2 million (31 December 2013 est.)
country comparison to the world: 157
$526.3 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$1.199 billion (31 December 2013 est.)
country comparison to the world: 165
$1.058 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$2.912 billion (31 December 2013 est.)
country comparison to the world: 125
$2.561 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$285.9 million (2013 est.)
country comparison to the world: 56
$622.7 million (2012 est.)
[see also: Current account balance country ranks ]
$17.13 billion (2013 est.)
country comparison to the world: 75
$19.99 billion (2012 est.)
[see also: Exports country ranks ]
gas, crude oil, petrochemicals, textiles, cotton fiber
China 69.6%, Italy 4.7% (2012)
$12.48 billion (2013 est.)
country comparison to the world: 92
$14.14 billion (2012 est.)
[see also: Imports country ranks ]
machinery and equipment, chemicals, foodstuffs
China 19.5%, Turkey 17%, Russia 12.6%, UAE 6.8%, Ukraine 6%, Germany 4.7%, UK 4.2% (2012)
$22.35 billion (31 December 2013 est.)
country comparison to the world: 56
$20.71 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$428.9 million (31 December 2012 est.)
country comparison to the world: 179
$451.5 million (31 December 2011 est.)
[see also: Debt - external country ranks ]
Turkmen manat (TMM) per US dollar -
2.85 (2013 est.)
2.85 (2012 est.)
2.85 (2010 est.)
2.85 (2009)
14,250 (2008)