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The GDP growth rate of Turkmenistan in the first half of the year remains at the level of 6%

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12 July 2022

Despite the difficulties in the global economy, Turkmenistan maintains a high rate of GDP growth, namely at the level of 6%. This was stated by President of Turkmenistan Serdar Berdimuhamedov at an expanded government meeting last Friday, at which the results of the country's socio-economic development in January-June 2022 were summed up, the newspaper writes.

 The head of state noted that large-scale construction of industrial and social facilities is currently underway. Thus, about 2,900 facilities are being built with a total cost of over 38 billion US dollars. In accordance with the National Rural Program, over 1 billion 300 million manats of capital investments were disbursed during the reporting period.

 According to the plans, the policy of diversifying the supply of Turkmen energy resources to world markets is being implemented. The Turkmenistan-Afghanistan-Pakistan-India gas pipeline project and other regional projects are being successfully implemented, the President said.

 As part of the diversification of the economy, state programs are being effectively implemented to increase the production of import-substituting products, increase the volume of exports of domestic goods, and create an electronics industry.

 Speaking of this, the head of Turkmenistan also stressed the need to intensify efforts to reduce the share of the state in the economy and expand the share of the private sector in it.

 During the government meeting, it was also reported that the revenue side of the State Budget for the first half of the year was executed at the level of 100.5 percent, and the expenditure side - 98.7 percent. The volume of capital investments aimed at the development of the national economy at the expense of all sources of financing, in relation to GDP, amounted to 14 percent.

 According to the results of the first half of the year, 43.7 percent of disbursed capital investments were directed to the construction of industrial complexes, and 56.3 percent - to the construction of social and cultural facilities.

 According to the State Statistics Committee, there has been a steady growth in industries over the six months of 2022. In particular, compared to last year, in the first half of the year there is an increase in natural gas and oil production, electricity production and many types of products.