Economy of Turkmenistan
The economy of Turkmenistan continues to recover from the 2014 downturn in hydrocarbon prices, 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." Former President Gurbanguly Berdimuhamedow at a session of the Cabinet of Ministers on March 11, 2021, called the rate of GDP growth unsatisfactory. When discussing the 2021 government budget, he noted that 2021 would be "as difficult" a year as 2020 had been.
Oil platform of Turkmenistan in the Caspian Sea | |
| 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) | |
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) |
| 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) |
| US$40.06 billion (31 December 2018 est.) | |
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.
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. Turkmenistan's two largest agricultural crops are cotton, most of which is produced for export, and wheat, most of which is domestically consumed. Turkmenistan is among the top ten producers of cotton in the world.