Private sector share in Turkmenistan's GDP growing

Aug 02, 2013 12:00 AM

By Aynur Jafarova

The share of the private sector of the economy in the formation of the gross domestic product (GDP) of Turkmenistan is growing, Azerbaijan's  Trend  news agency reported with reference to the country's Institute of Strategic Planning and Economic Development.

As of the end of 2012, over 55 percent of GDP fell to the share of goods and services of the enterprises operating in the private sector, excluding the fuel and energy complex.
The enterprises of the Union of Industrialists and Entrepreneurs of Turkmenistan produced 42.6 percent more industrial goods in the first half of 2013, compared to the same period of 2012, the report said.

The Central Asian state's agricultural production has doubled. The total commodity turnover of the private sector grew by a staggering 127 percent and the volume of services rendered to the population increased 74.6 percent.
Food production significantly increased as well.

In the first half of 2013, industrial growth was 6.6 percent, while in the construction sector the figure made up 17.7 percent, in the service sector 11.3 percent, and in agriculture 7 percent.
Currently, the construction of 1,865 facilities is underway and over $41 billion worth of investment is being made. Around $13 billion of the amount falls to domestic construction.

Turkmenistan holds one of the key positions in the region in terms of natural gas supplies. Russia, China and Iran are importers from the country.

The country's leadership has taken the course for economic diversification. Oil and gas refining, the textile and cotton processing industries and production of construction materials have been developing.

The local media reported on July 29 that growth in oil and gas condensate production, the volume of oil processing and the output of oil products, as well as petrol, polypropylene and liquefied gas, has been observed over the first six months of 2013.

A recent report of the International Monetary Fund (IMF) mission said that in 2013-2014, the real GDP growth and the external position are projected to remain strong and inflation is expected to decline in Turkmenistan.
According to the latest Regional Economic Prospects report of the European Bank of Reconstruction and Development (EBRD), GDP growth is expected to reach 10 percent in 2013 and remain strong over the medium term, supported by exploration of Turkmenistan's abundant gas reserves and further diversification of export routes.

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