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Main article: Turkmenistan
GDP
2023: GDP growth of 6.3%
Gross domestic product () GDP Turkmenistan increased by 6.3% in 2023. This was announced in June 2024 by the President of the country Serdar Berdimuhamedow. He noted the significant contribution of various sectors of the economy to this growth.
Berdymukhamedov noted that GDP growth in the industrial sector in 2023 amounted to 4.3%, trade Berdimuhamedow 12.8%, in agriculture - 4.4%. The volume of investments increased by 7.5%. "
It is noted that the volume of products produced has increased significantly, which contributed to the growth of exports. In 2023, exports reached $11.4 billion, which indicates an increase in the competitiveness of Turkmen products in international markets. Retail turnover has grown by 9.6% since the beginning of 2023, indicating an increase in consumer activity in the country.
In addition, the revenue part of the State Budget was completed at the level of 110.7%, and the expenditure part - by 97.8%. Such indicators demonstrate the stability of the financial system of Turkmenistan. Wages for large and medium-sized enterprises increased by 9.9%, wages, pensions, state benefits and student scholarships were timely funded, which confirms stable social support for the population.
According to the publication "Nebit-gaz," the volume of capital investments due to all sources of financing increased by 7.5% compared to 2022. As part of the implementation of the National Rural Program, active construction of social facilities, water and treatment facilities, as well as residential buildings is underway. This year, 53 social facilities, 34 water and treatment facilities, as well as almost 380 thousand square meters of housing were built.[1]
2020: 5.9% GDP growth
Turkmenistan's economy grew by 5.9% in 2020. The President of the country Gurbanguly Berdimuhamedow announced such a GDP indicator at a government meeting.
According to him, Turkmenistan managed to maintain the growth rate of the national economy, including in industry (+ 3.3%), trade (+ 15.1%) and the transport and communication sector (+ 4.7[2]%
Gurbanguly Berdimuhamedow said that during 2020, 45 large production and social facilities with a total value of $8 billion were launched in Turkmenistan, more than $38 billion were invested in the construction industry, about 12 thousand new jobs were created.
 | It is necessary to increase the production of import-substituting products, effectively developing the innumerable natural resources of the country, focus opportunities on improving the quality of life of the population, increasing incomes, creating new jobs and attracting investments, the president said, listing the tasks that need to be solved for the further development of the country. |  |
The head of the Union of Economists of Turkmenistan, Yuri Aronsky, notes that against the background of a fall in Western GDP , Turkmenistan's economy looks much preferable. This result was achieved thanks to timely government measures, including the National Program for Reducing the Impact of Difficult Situations in the World Economy on the Country's Economy and Sustainable Growth of the National Economy for 2020-2021, adopted in July 2020.
Speaking about the reasons for the growth of Turkmenistan's economy, economic observer for Turkmenistan Valentin Trapeznikov said that the industrial sector is successfully developing in the country. Large-scale work was carried out on the transition to large, technically developed production in all sectors of the national economy. The potential of the chemical and polymer industry is growing in the country, he added.
National debt
2023: State debt - 5% of GDP
Inflation
2022: Inflation in November - 17.5%
Oil and gas production
2023
Reduction in oil production by 4%, gas - by 2.5%
On June 24, 2024, it became known that oil and gas production in Turkmenistan showed a decrease in 2023. It is confirmed by the data published in the statistical review of world power (Statistical Review of World Energy) prepared by Energy Institute. According to the report, oil production decreased by 4%, and gas - by 2.5% compared to 2022.
According to the Energy Institute review, daily oil production with condensate in Turkmenistan in 2023 amounted to 166 thousand barrels, which is 3.9% lower than in 2022. The share of Turkmenistan in the total volume of world daily oil production in 2023 was 0.2%. The daily consumption of liquid hydrocarbons in the country amounted to 146 thousand barrels, which is 0.5% less than in 2022, with a share in world consumption of 0.1%.
According to the Finmarket agency, oil refining capacities in Turkmenistan remained at the level of 271 thousand barrels per day from 2022 to 2023, which is 0.3% of the world oil refining indicator. At the same time, the productivity of oil refineries in the country in 2023 reached 121 thousand barrels per day, showing an increase of 0.8%.
According to the Energy Institute, total oil production in Turkmenistan in 2023 amounted to 9.2 million tons, which is 4% less than in 2022. The share of Turkmenistan in the total volume of world oil production amounted to 0.2%. At the same time, natural gas production in the republic in 2023 amounted to 76.3 billion cubic meters, which is 2.5% lower than in 2022. This figure does not include flared or recycled gas.
According to the Energy Institute, Turkmenistan exported 39.5 billion cubic meters of gas, including 30.5 billion cubic meters to China, 4.7 billion cubic meters to Russia, 0.4 billion cubic meters to Kazakhstan and 3.9 billion cubic meters to the rest of the CIS countries. Gas consumption in the country amounted to 36.8 billion cubic meters, which is 2.1% less than in 2022. Turkmenistan's share in global gas consumption was 0.9%.[3]
Turkmenistan faces unprecedented number of calls to eliminate methane emissions
Tajikistan is in fourth place in the world in terms of natural gas reserves. The aging infrastructure used to extract this fuel and run by the opaque public energy sector emits more methane per unit of oil and gas production than any other major supplier. So far, other countries have said little publicly to engage the regime in cooperation and bring about change, but by April 2023 the situation is changing and concern is growing.
2022: Lion's share of gas exports goes to China
2018: World No. 4 for natural gas reserves
ICT market
Main article: ICT (Turkmenistan market)
Power
2020: Average energy consumption per capita
and
Fertilizer production
Main article: Mineral fertilizers (global market)
2024: US senator's visit to discuss growth in nitrogen fertilizer production
In December 2024, President of Turkmenistan Serdar Berdimuhamedow received US Senator from Montana and part-time member of the Committee on power and Natural Resources Steve Daines, who had previously visited Tajikistan.
In recent years, nitrogen fertilizers have become the basis of Turkmenistan's exports to the United States. The country began producing them for export in 2018 with the opening of a urea plant in Garabogaz.
Turkmenistan is a convenient place for the production of fertilizers. To create them, natural gas is needed, which is in abundance in Turkmenistan.
In 2023, it was possible to reach the level of production of more than a million tons per year.
According to the American ITA, Turkmenistan plans to increase fertilizer production to 5 million tons per year.
The plans are also clear Washington - this will increase competition in a strategically important market to the detriment of Russia the leading positions in it.
Logistics
2024: Connecting to India's transport corridor through Iran
While the countries of the Central Asia (CA) are breaking through the logistics routes through Afghanistan to, Pakistan India through Iran Turkmenistan and laying their own route. The first 20 containers have already arrived in, as Uzbekistan reported by Turkmen railway workers in August 2024. At the same time, this route only partially uses the infrastructure of the North-South MTK.
The corridor from India to the CA also became one of the topics at the meeting of the foreign ministers of all five countries on August 28-29 in New Delhi - this is the first meeting in a similar format.
New Delhi's intentions are clear: it does not want to depend either on an unstable Afghanistan or on an old geopolitical rival in the person of Islamabad, at the same time getting the opportunity to cause trouble to Beijing.
Iran finds itself at the crossroads of several trade routes at once, while against the port of Chabahar, where Indian cargo is delivered, Washington does not even impose sanctions, not wanting to repel New Delhi from itself.
For Russia, this is a project with a rather contradictory effect that requires careful analysis and skillful diplomacy, wrote Rybar. Because on the one hand, it creates opportunities to balance Chinese influence in the region, growing as the Belt and Road Initiative is implemented.
On the other hand, this corridor fulfills the task set in Washington a month ago - to make Central Asia less dependent on Russia and China by providing it with an alternative trade route.
2023
Joining the Europe - Caucasus - Asia corridor
In November 2023, the Ministry of Foreign Affairs of Turkmenistan published a statement on the country's accession to the agreement on the development of the transport corridor "-Europe Caucasus -," Asia signed back in 1998 in Baku.
The goal is to develop economic relations, trade and transport links in the European, Black Sea, Caspian, Caucasian and Asian regions.
The main problem is that Turkmenistan has virtually no infrastructure. All that is is the legacy of the Soviet Union, which has not been properly served since the collapse of the USSR, and its condition raises big questions.
Turkmens now need huge investments that no one particularly wants to allocate. And the restrictions imposed by the European Union on access to the EU gas market for companies with a large wear and tear of infrastructure call into question the prospects of Turkmenistan as a gas exporter.
Transport corridor from Kyrgyzstan to Russia launched
From July 2023 Uzbekistan Kyrgyzstan , they can use the new multimodal transport corridor Russia to and from bypassing Kazakhstan the Caspian Sea.
Agriculture
2019: Average use of pesticides in agriculture
Consumption
Meat
2023: Beef is the most consumed type of meat
Foreign trade
2023: Trade turnover of Russia and Turkmenistan grew by 13% over the year
At the end of 2023, the mutual trade between Russia and Turkmenistan in physical terms reached 678 million tons. This is 13% more than the previous year. Such data in mid-June 2024 was published by the Russian government.
It is said, in particular, that the supply of Russian products to Turkmenistan in 2023 increased in physical terms by 11%, amounting to 542 million tons. At the same time, Turkmenistan increased its exports to the Russian Federation by 22% - to 136 million tons.
| | Our countries are actively working to strengthen bilateral relations in many areas. I thank the leadership of Turkmenistan for strengthening friendly relations between our countries, - said Deputy Prime Minister of the Russian Federation Marat Khusnullin. | |
Earlier, Deputy Minister of Economic Development of Russia Dmitry Volvach said that by the end of 2023, supplies from Turkmenistan to Russia for food goods and agricultural raw materials increased by 33%, for the products of the chemical industry and rubber - by 57%.
| | Russia is interested in developing cooperation with Turkmenistan, is ready to implement joint projects, supply various products, expand the spheres of investment cooperation, Volvach stressed. | |
It is also said that the Ministry of Economic Development of the Russian Federation monitors 36 projects with Russian participation in Turkmenistan. Their total cost is estimated at 255 billion rubles. In particular, in the oil and gas industry, three projects are being implemented for 24.6 billion rubles, in industry - 19 projects for 38 billion rubles. A contract was signed for the supply of more than 300 thousand tons of rolled steel for a total of 14 billion rubles for the construction of a new satellite city Ashgabat. Russian companies are interested in expanding cooperation on the modernization, reconstruction and new construction of power facilities in Turkmenistan.[4]
2022: China is the biggest export destination
Notes
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