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Economy of Turkmenistan

Turkmenistan is one of the world's fastest-growing economies. It is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. In terms of natural gas reserves, it is ranked 4th in the world. Regarding agriculture, the two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed. Turkmenistan is among the top ten producers of cotton in the world. From 1998-2005, Turkmenistan 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 rose by an average of roughly 15% per year from 2003-08, largely because of higher international oil and gas prices. As in the Soviet era, central planning and state control pervade the system, and the Niyazov government (in power 1991-2006) consistently rejected market reform programs. The state subsidizes a wide variety of commodities and services. Since his election in 2007, President Gurbanguly Berdimuhamedow unified the country's dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, and initiated development of a special tourism zone (Avaza) on the Caspian Sea. Since 2009, Turkmenistan maintains the fixed exchange rate. As of February 5th 2016, 1 United States Dollar is equivalent to 3.50 Turkmenistan manat.

Sectors

Industry

In the post-Soviet era, Turkmenistan's industrial sector has been dominated increasingly by the fuel and cotton processing industries to the detriment of light industry. The construction industry depends mainly on government building projects because construction of private housing is a low priority.

Gas

Turkmenistan's major gas deposits were discovered in its central and eastern areas in the 1940s and '50s, and in the 1980s the republic became the second largest producer of gas in the Soviet Union, behind the Russian SFSR. During the Soviet era gas was exported mainly to other Soviet republics, as Turkmenistan steadily increased delivery from about 9.2 million m³ in 1940 to about 234 million m³ in 1960 and about 51 billion m³ in 1975. This export was under centralised control, and most of the export revenue was absorbed into the Soviet central budget.

Oil

As of 2010, Turkmenistan had 202,000 barrels per day oil production. Dragon Oil produced around 50,000 barrels per day. Domestic consumption was about 100,000 barrels per day.

Construction Materials

Three cement plants operate in Turkmenistan. These are located near Ashgabat, Balkan and Lebap provinces. Total production in 2013 is estimated to exceed 2 million tonnes.

Chemical Industry

Turkmenistan is construction potash plant with annual capacity of 2.8 million tonnes of potash fertilizers. The bulk of them will be exported since the domestic demand in the country does not exceed 10,000 tonnes. The construction of the plant that would produce 640,000 tonnes/year of urea (carbamide) and 400,000 tonnes/year of ammonia is due to be completed by June 2014. By 2016, the country is expected to produce 1m tonnes of urea (carbamide) annually.

Agriculture

In the early 2000s, the contribution of Turkmenistan's state-run agriculture sector to gross domestic product increased under close state supervision. Private farmers grow most of Turkmenistan's fruits and vegetables (chiefly tomatoes, watermelons, grapes, and onions), but all production phases of the main cash crops—grain and cotton—remain under state control. In 2006 grain crop failures led to steadily increasing bread lines and reinstatement of a ration system in most regions. At the root of those failures was a culture of falsifying output figures together with poor administration of the sector.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Turkmenistan"

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