Turkmenistan Current Account Balance (% of GDP)

Current Account in Turkmenistan

According to government estimates, GDP growth reached 6.2% in Q1 2023, matching 2022’s overall increase. The ongoing upbeat picture was driven by a continued increase in industrial and construction activity, as well as higher natural gas production and exports amid the opening of a new gas well in January at the Galkynysh gas field. In turn, quarterly budget revenues and spending exceeded their objectives by 116% and 97.1%, respectively. Meanwhile, news reports indicate that China is more likely to invest in a new gas pipeline with Turkmenistan instead of Russia. Both the initiatives for new pipelines to the East and to the West—to serve European markets—should help to modernize other transportation and logistics infrastructure, boosting economic development in turn.