Turkmenistan’s GDP Grows 5.8% Over Past 10 Months

BUSINESS TURKMENISTAN
Turkmenistan’s GDP Grows 5.8% Over Past 10 Months
The volume of products manufactured and volume of retail trade for 10 months of 2020 compared to the same period in 2019 increased by 4.1% and 18.9%, respectively.

The meeting of the Cabinet of Ministers of Turkmenistan on Thursday summed up the results of the work of the branches of the national economy over the past ten months and considered other important issues of domestic and foreign policy.

According to the TDH news agency, it was noted at the meeting that in January-October this year, the GDP growth rate amounted to 5.8%.

Based on the reports of the deputy prime ministers on the state of affairs in the areas under their supervision, the volume of products manufactured and volume of retail trade for 10 months of 2020 compared to the same period in 2019 increased by 4.1% and 18.9%, respectively.

During the period, the growth rate of liquefied gas production in comparison with the same period last year amounted to 123.6%. The growth rate for the Türkmenawtoulaglary (Turkmen Motor Tansport) agency was 101.8%, for the Türkmendemirýollary (Turkmen Railways) agency - 112.6%, for the Türkmendeňizderýaýollary (Turkmen Sea and River Lines) agency - 112.9%.

In addition, in January-October of this year, the plan for the manufacture of products and the implementation of works in the construction and industrial complex was fulfilled by 116.2% and the growth rate reached 122.1%.

The increase in the volume of products manufactured by the enterprises of the Ministry of the Textile Industry, including cotton yarn and fabrics, amounted to 104% and 101.2%, respectively, garments and knitwear - 117.4%, leather products - 103.2%.

The growth rate of industrial production by members of the Union of Industrialists and Entrepreneurs of Turkmenistan in January-October amounted to 133%, agricultural and food products - 110.2%.

During the meeting, President of Turkmenistan Gurbanguly Berdimuhamedov outlined the joint preparation with all vice-prime ministers of the country's economic development program for 2021, which should be based on reliable investments, among the priority areas of the upcoming work. In this regard, the Head of State instructed to complete the development of the document in the near future.

President Berdimuhamedov also instructed to submit for approval within a month the Strategy for the Management and Transformation of State-Owned Enterprises in 2020-2025 and, together with the Mejlis of Turkmenistan, modernize the legislative acts regulating privatization.