Turkmenistan GDP Expected to Reach 110 Billion Manats

BUSINESS TURKMENISTAN
Turkmenistan GDP Expected to Reach 110 Billion Manats

Total GDP will make up more than 110 billion manats and the GDP growth rate will be 6.3%, President of Turkmenistan Gurbanguly Berdimuhamedov said in his speech at the meeting of the Halk Maslahaty (People’s Council) on September 25.

“It is expected that in 9 months the Turkmenistan’s state budget revenue will significantly increase and will make up 1,2% of GDP, about 16 billion manats,” the Head of State noted in his speech at Ashgabat. “The industrial sector also develops steadily. The industry share in the total GDP is 32.6 percent.”

“The key tool for the development of our economy through diversification is investments”, the Turkmen Leader noted. “It is expected that the volume of investments spent from all sources will make up 29 billion manats or 26.2 percent of gross domestic product.”

The President noted that the implementation of the strategic course focused on the industrial-innovative development model is ensured by spending about 66%-68% of total investment funds on the manufacturing sector.

“It is expected that over the nine months of this year, the volume of foreign trade turnover will amount to $11 billion,” the President continued. “Compared to the same period in 2018, this is 3.8% more.”

The Turkmen Leader noted that in order to increase the economic power and the potential of Turkmenistan, a large-scale program is being implemented to build and modernize enterprises focused on expanding the range of export products. “As a result of this, the volume of export grew by 8.4% compared with the same period of the last year,” he added.

The President said that in accordance with the program aimed at the socio-economic development of Turkmenistan in 2019-2025, the state provided 3.5 billion manats for the construction of 205 secondary schools, as well as 1.5 billion manats for the construction of 165 preschool institutions.