Turkmenistan Economy 2010

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Page last updated on January 15, 2010

Economy - overview:
urkmenistan is largely a desert country with intensive agriculture in irrigated oases and sizeable 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 roughly 15% per year from 2003-08, largely because of higher international oil and gas prices. New http://www.theodora.com/pipelines/world_oil_gas_and_products_pipelines.html to China and Iran, that began operation in late 2009 or early 2010, will give Turkmenistan additional export routes for its gas. Overall prospects in the near future are discouraging because of widespread internal poverty, endemic corruption, a poor educational system, government misuse of oil and gas revenues, and Ashgabat's reluctance to adopt market-oriented reforms. In addition, the global recession and a contract dispute with Russia that has virtually stopped exports via this major export route slowed Turkmenistan's economy in 2009, and probably will hamper growth through 2010. In the past, Turkmenistan's economic statistics were state secrets. The new government has established a State Agency for Statistics, but GDP numbers and other 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 iniated development of a special tourism zone on the Caspian Sea. Although foreign investment is encouraged, numerous bureaucratic obstacles impede international business activity.

GDP (purchasing power parity):
$32.57 billion (2009 est.)

$31.65 billion (2008 est.)
$28.83 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$30.73 billion (2009 est.)

GDP - real growth rate:
2.9% (2009 est.)

9.8% (2008 est.)
11.6% (2007 est.)

GDP - per capita (PPP):
$6,700 (2009 est.)

$6,600 (2008 est.)
$6,000 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 10%
industry: 33.9%
services: 56% (2009 est.)

Labor force:
2.3 million (2008 est.)

Labor force - by occupation:
agriculture: 48.2%
industry: 14%
services: 37.8% (2004 est.)

Unemployment rate:
60% (2004 est.)

Population below poverty line:
30% (2004 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 31.7% (1998)

Distribution of family income - Gini index:
40.8 (1998)

Investment (gross fixed):
6.4% of GDP (2009 est.)

revenues: $1.528 billion
expenditures: $1.612 billion (2009 est.)

Inflation rate (consumer prices):
15% (2009 est.)

13% (2008 est.)

Market value of publicly traded shares:

Agriculture - products:
cotton, grain; livestock

natural gas, oil, petroleum products, textiles, food processing

Industrial production growth rate:
-17.4% (2009 est.)

Electricity - production:
13.99 billion kWh (2007 est.)

Electricity - consumption:
10.45 billion kWh (2007 est.)

Electricity - exports:
1.46 billion kWh (2007 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
189,400 bbl/day (2008 est.)

Oil - consumption:
112,000 bbl/day (2008 est.)

Oil - exports:
84,770 bbl/day (2007 est.)

Oil - imports:
2,542 bbl/day (2007 est.)

Oil - proved reserves:
600 million bbl (1 January 2009 est.)

Natural gas - production:
70.5 billion cu m (2008 est.)

Natural gas - consumption:
21 billion cu m (2008 est.)

Natural gas - exports:
48.5 billion cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
2.662 trillion cu m (1 January 2009 est.)

Current account balance:
$2.011 billion (2009 est.)

$4.669 billion (2008 est.)

$8.29 billion (2009 est.)

$11.92 billion (2008 est.)

Exports - commodities:
gas, crude oil, petrochemicals, textiles, cotton fiber

Exports - partners:
Ukraine 51.7%, Poland 10%, Hungary 8.1% (2008)

$4.442 billion (2009 est.)

$5.654 billion (2008 est.)

Imports - commodities:
machinery and equipment, chemicals, foodstuffs

Imports - partners:
China 16.9%, Russia 15.9%, Turkey 14%, UAE 10.3%, Ukraine 7.9%, Germany 5.6%, Iran 5.1% (2008)

Reserves of foreign exchange and gold:
$10.51 billion (31 December 2009 est.)

$13.88 billion (31 December 2008 est.)

Debt - external:
$1.4 billion (2004 est.)
note: some estimates put this figure as high as $5 billion

Exchange rates:
Turkmen manat (TMM) per US dollar - 2.85 (2009), 14,250 (2008)

NOTE: The information regarding Turkmenistan on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkmenistan Economy 2010 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2010 should be addressed to the CIA.

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This page was last modified 08-Feb-10
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