The Gross Domestic Product (GDP) in Turkmenistan expanded 5.9 percent in 2020. source: National Institute of State Statistics and Information, Turkmenistan

GDP Annual Growth Rate in Turkmenistan averaged 5.95 percent from 1994 until 2020, reaching an all time high of 16.50 percent in 1999 and a record low of -17.30 percent in 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 October of 2021.

GDP Annual Growth Rate in Turkmenistan is expected to reach 5.50 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkmenistan GDP Annual Growth Rate is projected to trend around 5.50 percent in 2022 and 5.90 percent in 2023, according to our econometric models.

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Turkmenistan GDP Annual Growth Rate


Turkmenistan Last Unit Reference Previous Highest Lowest
GDP Annual Growth Rate 5.90 percent Dec/20 6.30 16.50 -17.30


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.