The Gross Domestic Product (GDP) in Turkmenistan expanded 6.20 percent in the third quarter of 2019 over the same quarter of the previous year.

GDP Annual Growth Rate in Turkmenistan averaged 6.77 percent from 1994 until 2019, reaching an all time high of 16.50 percent in the fourth quarter of 1999 and a record low of -17.30 percent in the fourth quarter of 1994. This page provides - Turkmenistan GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Turkmenistan GDP Annual Growth Rate - values, historical data and charts - was last updated on May of 2020.

GDP Annual Growth Rate in Turkmenistan is expected to be 5.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Turkmenistan to stand at 5.50 in 12 months time. In the long-term, the Turkmenistan GDP Annual Growth Rate is projected to trend around 5.70 percent in 2021 and 5.90 percent in 2022, according to our econometric models.

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Turkmenistan GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.20 6.20 16.50 -17.30 1994 - 2019 percent Quarterly
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Turkmenistan GDP Annual Growth Rate
Turkmenistan, once one of the poorest and least developed former members of the Soviet Union, has been one of the fastest growing economies in recent years. The most important sector of the economy is oil and natural gas extraction, which accounts for more than 60 percent of GDP. Although agriculture accounts for only 10 percent of GDP, it employs 50 percent of the labour force. Turkmenistan is the world's largest producer of cotton per capita. While the government has recently enacted much needed reforms in agriculture and banking, reduced subsidies for fuel and is promoting tourism, it remains mostly authoritarian and in control of the economy. Furthermore, bureaucracy and corruption still hamper foreign direct investments.