According to the April report of the Asian Development Bank (ADB), strong revenue from hydrocarbons is projected to keep the state budget near balance in 2024 and 2025.
Turkmenistan exports gas mainly to China, as well as to Russia and Uzbekistan. The country is also an exporter of electricity, petroleum products, polymers, synthetic gasoline and textile products.
"While financing for government investment projects will remain sizable public debt is projected at 4,4% of GDP in 2024, decreasing to 3,9% in 2025 as the government repays external debt on energy projects."
The current account surplus is projected to narrow to the equivalent of 3,2 % of GDP in 2024 and 2,4% in 2025.
Anticipated further relaxation of import constraints will permit higher imports of inputs to export-oriented industries and of consumer goods to the domestic market. At the same time hydrocarbon exports are projected to keep total export revenue high.
"External debt is projected to remain below 5% of GDP reflecting scheduled repayments and the government’s aversion to new borrowing."
According to official statistics of Turkmenistan, in the first quarter of 2024, the country recorded steady GDP growth of 6.3%.
Eziz Boyarov
Comments (0)