The coast of Turkmenistan

Turkmenistan Economy

Turkmenistan's economy in numbers:

Nominal GDP of USD 78.0 billion in 2022.

GDP per capita of USD 12,501 compared to the global average of USD 10,589.

Average real GDP growth of 1.6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2019, services accounted for % of overall GDP, manufacturing 20%, other industrial activity 69%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 12% of GDP in 2020, government consumption 10%, fixed investment 47%, and net exports 31%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2000, manufactured products made up 7% of total merchandise exports, mineral fuels 81%, food 0%, ores and metals 0% and agricultural raw materials 10%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 1%, food 12%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 6% of the total. Total exports were worth USD 6 billion in 2020, while total imports were USD 3 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.6% in the decade to 2022. To read more about GDP growth in Turkmenistan, go to our dedicated page.

Fiscal policy:

Turkmenistan's fiscal surplus averaged 0.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.3% in the decade to 2022. For more information on Turkmenistan's unemployment click here.

Inflation:

Inflation averaged 8.4% in the decade to 2022. Go to our Turkmenistan inflation page for extra insight.

Exchange Rate:

From end-2012 to end-2022 the manat weakened by 17.1% vs the U.S. dollar. For more info on the manat, click here.
According to data released by the government, GDP increased by 6.2% during the first six months of 2023. This expansion was driven by robust public expenditure and natural gas exports. Policies promoting local production also enhanced both agricultural and industrial output. Furthermore, there was a 25% uptick in fixed capital investment in the first half of 2023, likely driven by investments in the crucial gas industry. From June onward, the economy also likely benefited from higher gas exports. In other news, the government increased the minimum wage by approximately 10% on 1 January, which should support private spending this year. Meanwhile, the country has recently been in negotiations with Turkey, Iran and Iraq over transiting its natural gas westwards using their pipelines. Increased natural gas exports would markedly boost the Turkmen economy going forward.
Projections out to 2033.

15 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 8 expert analysts.

Want to get insight on the economic outlook for Turkmenistan in the coming years? FocusEconomics collects projections out to 2033 on 15 economic indicators for Turkmenistan from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Turkmenistan economy. To download a sample report on the Turkmenistan's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Turkmenistan Economic Data

2018 2019 2020 2021 2022
Population (million) 5.8 5.9 6.1 6.2 6.2
GDP (USD bn) 48.7 53.0 53.2 64.4 78.0
GDP per capita (USD) 8,438 8,917 8,776 10,463 12,501
GDP (EUR bn) 41.3 47.3 46.7 54.5 74.2
GDP per capita (EUR) 7,152 7,967 7,699 8,851 11,893
GDP (TMT bn) 170 185 186 225 273
Economic Growth (Nominal GDP, ann. var. %) 5.0 8.8 0.4 21.0 21.2
Economic Growth (GDP, ann. var. %) 0.9 -3.4 -2.9 4.6 1.6
Fiscal Balance (% of GDP) -0.2 -0.3 -0.1 0.4 2.4
Public Debt (% of GDP) 18.9 15.3 13.1 10.1 5.2
Inflation (CPI, ann. var. %, aop) 13.3 5.1 6.1 19.5 11.2
Exchange Rate (TMT per USD, eop) 3.50 3.50 3.50 3.50 3.50
Exchange Rate (TMT per USD, aop) 3.50 3.50 3.50 3.50 3.50
Exchange Rate (TMT per EUR, eop) 4.31 3.92 4.29 3.96 3.73
Exchange Rate (TMT per EUR, aop) 4.30 3.91 4.00 4.14 3.69
Current Account Balance (USD bn) 2.4 1.5 1.4 4.2 5.5
Current Account Balance (% of GDP) 4.9 2.8 2.6 6.5 7.0
Merchandise Trade Balance (USD bn) 7.3 7.5 3.3 - -
Merchandise Exports (USD bn) 9.7 10.5 6.4 - -
Merchandise Imports (USD bn) 2.4 3.0 3.2 - -
Merchandise Exports (ann. var. %) 26.1 8.6 -38.8 - -
Merchandise Imports (ann. var. %) -41.2 25.3 5.6 - -
Foreign Direct Investment (USD bn) 1.6 1.9 1.4 1.3 0.9
External Debt (USD bn) 8.2 6.5 5.6 4.9 4.5
External Debt (% of GDP) 16.8 12.3 10.6 7.5 5.8

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