Turkmenistan, IMF Hold Consultations on GDP Calculation Methodology

BUSINESS TURKMENISTAN
Turkmenistan, IMF Hold Consultations on GDP Calculation Methodology
Following the consultations, methodological recommendations were developed for the further improvement of the system of statistical data in Turkmenistan.

State Statistics Committee of Turkmenistan and International Monetary fund (IMF) on February 15-19 held a series of online consultations on methodology for calculating GDP and other macroeconomic indicators, Orient news outlet reported on Thursday.

In the course of the consultations, the parties considered methodological approaches based on international standards for improving GDP calculations by the final consumption method, calculations of exports and imports of goods and services.

The meeting participants also discussed methods for measuring household consumption, weighting indicators of retail trade and paid services turnover, formation of calculations for tourism, as well as accounting of subsidies and taxes in the system of national accounts.

Following the consultations, methodological recommendations were developed for the further improvement of the system of statistical data in Turkmenistan.

During a government meeting with the participation of heads of the financial, economic and banking sectors of Turkmenistan on February 10, President Gurbanguly Berdimuhamedov instructed the State Statistics Committee of Turkmenistan to improve methods for calculating GDP and other macroeconomic indicators, based on modern economic theory and best international practice.