By ASHGABAT. Nov 24 (Interfax) – The European Bank for Reconstruction and Development (EBRD) projects Turkmenistan’s GDP will grow 7% in 2022 compared to 6.2% in 2021, the EBRD said in a new report on its website.
High prices for gas will contribute to the economy’s growth, the report said.
Real growth in the country’s GDP totaled 6.2% year-on-year in January-September of this year, it said.
According to the authorities, "the construction industry is booming, as reflected in manufacturing and services exceeding the government’s plan by 52.5% in January-July," the report said. "Overall, foreign trade turnover increased by 40.7% year-on-year, and retail trade turnover by 10.5% year-on-year in the first nine months of 2022," it said.
Inflation in Turkmenistan is projected to accelerate to 17.5% this year from 15% in 2021, the report said.
"In the first half of 2022, the government budget recorded a surplus of 0.1% of GDP," the report said. "Government revenues had been officially reported at 103.6% of the target," it said.
"In August 2022, Fitch affirmed Turkmenistan’s ‘B+’ rating with a ‘Stable’ outlook, citing the strong fiscal position, but also persistent structural challenges. According to the International Monetary Fund, public debt was just 11.1% of GDP in 2021 and is expected to decline further to 8.4% of GDP in 2022," the report said.
Turkmenistan is continuing to demonstrate stable rates of growth, and sustainable growth will continue in the short term, it said.
The International Monetary Fund (IMF) lowered its projections for GDP growth in Turkmenistan in 2022 to 1.2% in October from the previously expected 4.6%. The rate of growth in Turkmenistan’s GDP is expected to increase to 2.3% in 2023, while the IMF projects that real growth in Turkmenistan’s GDP will slow to 1.7% in 2027.
Asian Development Bank downgraded its forecast for growth in Turkmenistan’s GDP in 2022 to 5.8% in September from 6% in April. It projects that the country’s economy will also grow 5.8% in 2023.
Turkmenistan’s GDP grew 6.2% in 2021 with inflation of 15%. The government expects that the economy will again grow 6.2% in 2022.
