Turkmenistan Table of Contents
Gross National Product (GNP): 1994 estimate US$4.3 billion, or US$1,049 per capita. Real growth rate estimated at -24 percent, 1994.
Agriculture: Limited, gradual privatization of state-held arable land, with state control of marketing and inputs. Irrigation, a major expense in support of nearly all agricultural areas, hampered by inefficient delivery. Major crops cotton, grains, fodder crops, with wool, meat, and milk from raising of livestock, chiefly sheep.
Industry and Mining: Specialized for oil and gas industry and cotton products, post-Soviet diversification slow; some machine building, production of construction materials, carpet weaving, and food and wine processing. Fuel-related industries slowed in early 1990s by difficulties in fuel sales abroad. Wide variety of mineral deposits, especially sulfur, used in chemical industry.
Energy: Self-sufficient in natural gas and oil, with major untapped deposits expected to sustain supply in foreseeable future. Natural gas dominates domestic energy consumption and energy exports.
Exports: In 1995 worth about US$1.9 billion. Principal items natural gas, petroleum, cotton, chemicals, processed foods, and minerals. Postcommunist export market in Russia remains steady; markets with other former Soviet republics have declined. Post-1991 expansion of specific products, especially cotton, outside Commonwealth of Independent States (CIS), Western Europe, Mexico, Far East.
Imports: In 1995 worth about US$1.5 billion. Principal items food and beverages, textiles, and machinery. Principal import suppliers Russia, Ukraine, Kazakstan, Uzbekistan, Azerbaijan, and Germany.
Balance of Payments: In 1992, estimated as US$108 million deficit.
Exchange Rate: Manat introduced November 1993, replacing Russian ruble. One manat equals 100 tenge. Revaluation late 1995 from US$1=500 manat to US$1=2,100 manat, but wide variation of value in unofficial markets. Official rate January 1996, 200 manat per US$1.
Inflation: In 1995 estimated at more than 1,000 percent, about same rate as previous years. Increased entitlements and loose government lending policy caused repeated increases in early 1990s.
Fiscal Year: Calendar year.
Fiscal Policy: Highly centralized government policy, with no regional authority. Ministry of Economy and Finance has nominal control over public finance, but many extrabudgetary expenditures block effective control, incur deficits. Lack of experience hinders development of commercially oriented banking system.
Data as of March 1996