Economy - overview Turkmenistan is largely desert country with intensive agriculture in irrigated oases and huge gas (fifth largest reserves in the world) and oil resources. One-half of its irrigated land is planted in cotton, making it the world's tenth largest producer. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. With an authoritarian ex-Communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. Privatization goals remain limited. In 1998-2001, Turkmenistan has suffered from the continued lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. At the same time, however, total exports have risen sharply because of higher international oil and gas prices. Prospects in the near future are discouraging because of widespread internal poverty, the burden of foreign debt, and the unwillingness of the government to adopt market-oriented reforms. However, Turkmenistan's cooperation with the international community in transporting humanitarian aid to Afghanistan may foreshadow a change in the atmosphere for foreign investment, aid, and technological support. Turkmenistan's economic statistics are state secrets, and GDP and other figures are subject to wide margins of error.

GDP purchasing power parity - $21.5 billion (2001 est.)

GDP - real growth rate 10% (2001 est.)

GDP - per capita purchasing power parity - $4,700 (2001 est.)

GDP - composition by sector
agriculture: 27%
industry: 45%
services: 28% (2000 est.)

Population below poverty line 34.4% (2001 est.)

Household income or consumption by percentage share
lowest 10%: 2.6%
highest 10%: 31.7% (1998)

Distribution of family income - Gini index 40.8 (1998)

Inflation rate (consumer prices) 10% (2001 est.)

Labor force 2.34 million (1996)

Labor force - by occupation agriculture 48%, industry 15%, services 37% (1998 est.)

Unemployment rate NA%

Budget
revenues: $588.6 million
expenditures: $658.2 million, including capital expenditures of $NA (1999 est.)

Industries natural gas, oil, petroleum products, textiles, food processing

Industrial production growth rate NA%

Electricity - production 9.256 billion kWh (2000)

Electricity - production by source
fossil fuel: 99.94%
hydro: 0.06%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 7.708 billion kWh (2000)

Electricity - exports 900 million kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products cotton, grain; livestock

Exports $2.7 billion (f.o.b., 2001 est.)

Exports - commodities gas 33%, oil 30%, cotton fiber 18%, textiles 8% (1999)

Exports - partners Ukraine 27%, Iran 14%, Turkey 11%, Italy 9%, Switzerland 5% (1999)

Imports $2.3 billion (c.i.f., 2001 est.)

Imports - commodities machinery and equipment 60%, foodstuffs 15% (1999)

Imports - partners Turkey 17%, Ukraine 12%, Russia 11%, UAE 8%, France 6% (1999)

Debt - external $2.3 billion to $5 billion (2001 est.)

Economic aid - recipient $16 million from the US (2001)

Currency Turkmen manat (TMM)

Currency code TMM

Exchange rates Turkmen manats per US dollar - 5,200 (January 2002-January 2000), 5,350 (January 1999), 4,070 (January 1997)

Fiscal year calendar year

NOTE: The information regarding Turkmenistan on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkmenistan Economy 2002 information contained here. All suggestions for corrections of any errors about Turkmenistan Economy 2002 should be addressed to the CIA.