The European Bank for Reconstruction and Development (EBRD) predicts that the economy of Turkmenistan will expand by 6.5% in 2023 and 7.0% in 2024.
The September report "Regional Economic Prospects" indicated that economic growth was broad-based supported by elevated public spending and higher gas exports.
"Encouraged by import substitution policies, agriculture and manufacturing grew on the back of domestic demand. Fixed capital investment rose by 24.6% year on year."
Supported by higher tax revenues, the government’s budget achieved a surplus of 2.3% of GDP in the first half of 2023.
Turkmenistan exports gas mainly to China, but also to Russia, Azerbaijan and Uzbekistan. Electricity is imported by Afghanistan, Iran, Kyrgyzstan and Uzbekistan. In addition, the country exports oil products, polymers, synthetic petrol, mineral fertilisers, and textiles.
Credits: Eziz Boyarov
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