Economy - overview:
Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and significant natural gas and oil resources. The two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Although agriculture accounts for almost 8% of GDP, it continues to employ nearly half of the country's workforce. Hydrocarbon exports, the bulk of which is natural gas going to China, make up 25% of Turkmenistan’s GDP. Ashgabat has explored two initiatives to bring gas to new markets: a trans-Caspian pipeline that would carry gas to Europe and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline. Both face major financing and security hurdles and are unlikely to be completed soon.Turkmenistan’s autocratic governments under presidents NIYAZOW (1991-2006) and BERDIMUHAMEDOW (since 2007) have made little progress improving the business climate, privatizing state-owned industries, and combatting corruption, limiting economic development outside the energy sector. High energy prices in the mid-2000s allowed the government to undertake extensive development and social spending, including providing heavy utility subsidies.Low energy prices since mid-2014 are hampering Turkmenistan’s economic growth and reducing government revenues. The government has cut subsidies in several areas, and wage arrears have increased. In January 2014, the Central Bank of Turkmenistan devalued the manat by 19%, and downward pressure on the currency continues. There is a widening spread between the official exchange rate (4.1 TMM per US dollar) and the black market exchange rate (approximately 7 TMM per US dollar). Currency depreciation, corruption, isolationist policies, and limited spending on public services has resulted in a stagnate economy that is nearing crisis. Turkmenistan claims substantial foreign currency reserves, but non-transparent data limit international institutions’ ability to verify this information.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Exchange rates:
$103.5 billion (2017 est.)
$97.16 billion (2016 est.)
$91.48 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 84
$41.67 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
6.5% (2017 est.)
6.2% (2016 est.)
6.5% (2015 est.)
country comparison to the world: 18
[see also: GDP - real growth rate country ranks ]
$18,700 (2017 est.)
$17,800 (2016 est.)
$17,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 94
23.9% of GDP (2017 est.)
23.5% of GDP (2016 est.)
19.1% of GDP (2015 est.)
country comparison to the world: 60
[see also: Gross national saving country ranks ]
household consumption: 50%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -16.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cotton, grain, melons; livestock
natural gas, oil, petroleum products, textiles, food processing
1% (2017 est.)
country comparison to the world: 167
[see also: Industrial production growth rate country ranks ]
2.305 million (2013 est.)
country comparison to the world: 117
[see also: Labor force country ranks ]
agriculture: 48.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 37.8% (2004 est.)
[see also: Labor force - by occupation - services country ranks ]
11% (2014 est.)
10.6% (2013)
country comparison to the world: 142
[see also: Unemployment rate country ranks ]
0.2% (2012 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.7% (1998)
40.8 (1998)
country comparison to the world: 58
[see also: Distribution of family income - Gini index country ranks ]
revenues: $4.436 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.703 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
10.6% of GDP (2017 est.)
country comparison to the world: 212
[see also: Taxes and other revenues country ranks ]
-0.6% of GDP (2017 est.)
country comparison to the world: 52
[see also: Budget surplus (+) or deficit (-) country ranks ]
23.9% of GDP (2016 est.)
19.4% of GDP (2015 est.)
country comparison to the world: 181
[see also: Public debt country ranks ]
calendar year
6% (2017 est.)
3.6% (2016 est.)
country comparison to the world: 182
[see also: Inflation rate (consumer prices) country ranks ]
5% (31 December 2014)
5% (31 December 2013)
country comparison to the world: 81
[see also: Central bank discount rate country ranks ]
$1.326 billion (31 December 2015 est.)
$1.255 billion (31 December 2014 est.)
country comparison to the world: 148
[see also: Stock of narrow money country ranks ]
$12.23 billion (31 December 2015 est.)
$5.632 billion (31 December 2014 est.)
country comparison to the world: 103
[see also: Stock of broad money country ranks ]
$28.4 billion (31 December 2015 est.)
$13.09 billion (31 December 2014 est.)
country comparison to the world: 83
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$6.417 billion (2017 est.)
-$7.605 billion (2016 est.)
country comparison to the world: 179
[see also: Current account balance country ranks ]
$7.394 billion (2017 est.)
$6.987 billion (2016 est.)
country comparison to the world: 101
[see also: Exports country ranks ]
gas, crude oil, petrochemicals, textiles, cotton fiber
China 70%, Turkey 5.3%, Italy 5.3%, Afghanistan 4.5%, Russia 4.1% (2016)
$4.801 billion (2017 est.)
$5.001 billion (2016 est.)
country comparison to the world: 124
[see also: Imports country ranks ]
machinery and equipment, chemicals, foodstuffs
Turkey 26.4%, Russia 10.5%, Japan 8.6%, Germany 8.2%, South Korea 7.8%, China 7.2%, Italy 5.2% (2016)
$20.6 billion (31 December 2017 est.)
$25.05 billion (31 December 2016 est.)
country comparison to the world: 59
[see also: Reserves of foreign exchange and gold country ranks ]
$443.4 million (31 December 2017 est.)
$425.3 million (31 December 2016 est.)
country comparison to the world: 181
[see also: Debt - external country ranks ]
$3.061 billion (2013 est.)
$3.117 billion (2012 est.)
country comparison to the world: 111
[see also: Stock of direct foreign investment - at home country ranks ]
Turkmen manat (TMM) per US dollar -
4.125 (2017 est.)
3.5 (2016 est.)
3.5 (2015 est.)
3.5 (2014 est.)
2.85 (2013 est.)