Turkmenistan's Macroeconomic Analysis:
Nominal GDP of USD 67.0 billion in 2022.
Nominal GDP of USD 78.0 billion in 2022.
GDP per capita of USD 10,420 compared to the global average of USD 10,589.
GDP per capita of USD 12,501 compared to the global average of USD 10,589.
Average real GDP growth of 1.3% over the last decade.
Average real GDP growth of 1.6% over the last decade.
Sector Analysis
In 2019, services accounted for % of overall GDP, manufacturing 20%, other industrial activity 69%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 12% of GDP in 2020, government consumption 10%, fixed investment 47%, and net exports 31%.International trade
In 2000, manufactured products made up 7% of total merchandise exports, mineral fuels 81%, food 0%, ores and metals 0% and agricultural raw materials 10%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 1%, food 12%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 6% of the total. Total exports were worth USD 6 billion in 2020, while total imports were USD 3 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 1.6% in the decade to 2022. To read more about GDP growth in Turkmenistan, go to our dedicated page.
Fiscal policy
Turkmenistan's fiscal surplus averaged 0.4% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.3% in the decade to 2022. For more information on Turkmenistan's unemployment click here.
Inflation
Inflation averaged 8.4% in the decade to 2022. Go to our Turkmenistan inflation page for extra insight.
Exchange Rate
From end-2012 to end-2022 the manat weakened by 17.1% vs the U.S. dollar. For more info on the manat, click here.
Economic situation in Turkmenistan
The government claims that the economy grew above 6% year on year in January–October, though there is doubt about the veracity of these figures, and most of our panelists expect significantly slower growth over 2024 as a whole. The economy should have been boosted by higher wages and pensions, the launch of a single export-import window and advances in major infrastructure projects, such as the Ashgabat-Turkmenabat motorway and Arkadag City. Less positively, oil production was largely flat in January–July versus the same period in 2023, while gas output is reported to have fallen year-on-year in the first half of 2024 due to a stalled swap agreement with Azerbaijan. In a further blow to the energy sector, a gas contract with Russia was terminated at end-June, though this should be offset going forward by additional exports to Iraq following a recent supply deal.Turkmenistan Economic Forecasts
Projections out to 2034.33 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 8 expert analysts.
Want to get insight on the economic outlook for Turkmenistan in the coming years? FocusEconomics collects projections out to 2034 on 33 economic indicators for Turkmenistan from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Turkmenistan economy. To download a sample report on the Turkmenistan's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.