Turkmenistan Economic Forecast

Turkmenistan Economic Outlook

February 6, 2018

During a Cabinet meeting held on 29 January, it was announced that the Turkmen economy grew 6.5% in 2017 over the previous year. The solid annual expansion was chiefly driven by a strong external sector and industrial production, which both clocked robust growth rates. It came as the country continues on its gradual reform path towards a market economy. At the same meeting, President Berdimuhamedow upheld the government’s commitment to market-oriented reforms in the financial and banking sectors. In addition, he stated that a stock exchange and securities market will be created. The economic reform efforts in Turkmenistan were commended by the IMF during a recent visit in November 2017.

Turkmenistan Economic Growth

The government’s seven-year plan aims to draw in more domestic and foreign investment by streamlining administrative procedures. Market-oriented reforms are expected to further attract foreign capital, while private consumption is likely to be dented somewhat by the removal of subsidies on certain goods. Parliamentary elections on 25 March could, however, drag on the economy in the short term. FocusEconomics panelists expect GDP to grow 6.1% in 2018, unchanged from last month’s forecast, and 5.8% in 2019.

Turkmenistan Economy Data

20122013201420152016
Population (million)5.25.25.35.45.5
GDP per capita (USD)6,7877,4328,1876,7086,921
GDP (USD bn)35.138.943.536.137.8
Economic Growth (GDP, annual variation in %)11.110.210.36.56.2
Fiscal Balance (% of GDP)7.51.50.9-0.7-1.3
Public Debt (% of GDP)18.122.118.019.423.9
Inflation Rate (CPI, annual variation in %)5.36.86.07.43.5
Exchange Rate (vs USD)2.852.852.853.403.50
Exchange Rate (vs USD, aop)2.852.852.853.493.43
Current Account (% of GDP)-0.9-7.4-6.4-14.0-20.1
Current Account Balance (USD bn)-0.3-2.9-2.8-5.1-7.6
Trade Balance (USD billion)6.66.87.26.2-  
Exports (USD billion)16.516.817.514.0-  
Imports (USD billion)9.910.010.37.8-  
Exports (annual variation in %)26.91.84.2-20.0-  
Imports (annual variation in %)30.31.03.0-24.3-  
External Debt (% of GDP)1.41.30.91.1-  

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Turkmenistan Facts

ValueChangeDate
Exchange Rate3.500.01 %Feb 21

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