The article's lead section may need to be rewritten. (November 2023) |
Currency | Turkmen manat (TMT) |
---|---|
Calendar year | |
Trade organisations | CIS, ECO |
Statistics | |
GDP | |
GDP rank | 94th (PPP, 2023) |
GDP growth | |
GDP per capita | |
GDP by sector | agriculture (12.7%), industry (50.1%), services (37.7%) (2018 est.) |
8% (2020)[1] | |
Population below poverty line | 0.2% (2018 est.) |
Labour force | 2.405 million (2018 est.) |
Labour force by occupation | agriculture (44.2%), industry (15%), services (40.8%) (2018 est.) |
Unemployment | 15% (2020 est.) |
Main industries | natural gas, oil, petroleum products, textiles, food processing |
External | |
Exports | US$7.2 billion (2019) |
Export goods | gas, crude oil, petrochemicals, textiles, cotton fiber |
Main export partners | |
Imports | US$3.47 billion (2021) |
Import goods | machinery and equipment, chemicals, foodstuffs |
Main import partners | |
Gross external debt | US$5 billion (2021)[7] |
Public finances | |
Revenues | US$9.047 billion (2019 est.) |
Expenses | US$10.659 billion (2019 est.) |
Economic aid | US$4.3 million from the United States (As of 2021[update])[8] |
US$40.06 billion (31 December 2018 est.)[9] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Turkmenistan continues to recover from the 2014 downturn in hydrocarbon prices,[10] but remains "in the grip of its worst economic crisis since the immediate post-independence period, driven in part by low gas prices, the suspension of gas exports to Russia between 2016 and 2019...and poor harvests."[11] Former President Gurbanguly Berdimuhamedow at a session of the Cabinet of Ministers on 11 March 2021, called the rate of GDP growth unsatisfactory.[7][12] When discussing the 2021 government budget, he noted that 2021 would be "as difficult" a year as 2020 had been.[13] According to the 2020 Investment Climate Statement of the US Department of State, Turkmenistan's economy depends heavily on the production and export of natural gas, oil, petrochemicals and, to a lesser degree, cotton, wheat, and textiles. The economy is still recovering from a deep recession that followed the late 2014 collapse in global energy prices. The current investment climate is considered high risk for US foreign direct investment.[10]
Turkmenistan is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. In terms of natural gas reserves, as of 2020 it is ranked 4th in the world.[14] Turkmenistan's two largest agricultural crops are cotton, most of which is produced for export, and wheat, most of which is domestically consumed.[15] Turkmenistan is among the top ten producers of cotton in the world.
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