Turkmenistan's GDP rose by 6.3% during the first half of this year, according to data presented during an extended meeting of the Cabinet of Ministers on July 12. The electronic newspaper Turkmenistan: Golden Age reported that Deputy Prime Minister Khojamyrat Geldimyradov and Minister of Finance and Economy Serdar Joraev provided detailed accounts of the country’s economic performance from January to June.
Economic Indicators and Sector Performance
Deputy Prime Minister Geldimyradov highlighted several key economic indicators. Turkmenistan's GDP growth during this period was 6.3%. Breaking down the GDP growth by sector, the industrial complex grew by 3.6%, construction by 9.3%, the transport and communications sector by 7.3%, trade by 7.8%, agriculture by 5.8%, and the services sector by 7.9%.
Additionally, the volume of production increased by 11.5% compared to the same period in 2023, while retail turnover rose by 11.1%. Wages saw an average increase of 10.4%, and there was full funding for the growth of pensions, state benefits, and student scholarships.
Budget and Investment Overview
Minister of Finance and Economy Serdar Joraev reported on the state budget's implementation and capital investment disbursement for the first half of 2024. As of July 1, the revenue side of the state budget was fulfilled by 102.1%, and the expenditure side by 97.7%.
Investment in the national economy increased significantly, with the volume of disbursed investments rising by 20.8% compared to the previous year. Of these investments, 48.5% were allocated to the construction of industrial facilities, while 51.5% were directed towards social and cultural facilities.
National Programs and Future Outlook
The reports also emphasized the continued implementation of the Program of the President of Turkmenistan for the socio-economic development of the country from 2022 to 2028. The National Rural Program of Turkmenistan is progressing as planned, contributing to the overall development and modernization of rural areas.
President Serdar Berdimuhamedow, during the expanded government meeting, expressed satisfaction with the results achieved in the first half of the year. He stated that the success of the implemented programs is evident in the impressive GDP growth and the substantial improvements across various economic sectors.
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