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Turkmenistan Turkmenistan

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Turkmenistan – Quick View
ECR score25.92 (Mar 2011)
ECR rank148 (Mar 2011)
Economic
GDP (2010e)USD 19.93 billion
GNI per capita PPP (2010)USD 7,052
FDI inflow (2009)USD 1,355 million
Inflation (2010)3.92%
Central bank assets (2009)USD 23.23 million
Unemployment rate (2006)70%
Government surplus (2010e)USD 0.56 billion
Tax revenue21.8% of GDP
Political
Government typePresidential Republic
Recent political crisisNA
Economic freedom score (2011)169th
Freedom of information score (2010)176th
Corruption perception index (2010)172nd
Structural
Birth rate (2005-2010)22 per '000
Population balance (2010)Up to 14 years - 29.02%
Population balance (2010)Above 60 years - 4.13%
Life expectancy years (2005-2010)Males - 60.6 years
Life expectancy years (2005-2010)Females - 68.9 years
Mortality rate (2005-2010)7.7 per '000
Literacy rate (2007)99.5%
Internet access (June 2010)1.6%

[Top] Economic Overview

Turkmenistan has a developing economy supported by the agriculture and oil and gas sectors. The agricultural sector provides for 48% of the total employment, however it contributes only about 11% to the GDP. The sector is heavily dependent on the cotton cultivation, constituting 50% of the total agricultural produce. The economy also benefits from the country’s large amount of oil and natural gas resources.

(Source: economywatch.com, spainexchange.com)

Gross domestic product (GDP)

In 2010, Turkmenistan GDP was estimated at TMT 56.79 billion, growing 7.84% over 2009. The per capita GDP in 2010 is estimated at TMT 10,440.69.

Turkmenistan GDP and GDP growth rate

e=estimated

(Source: IMF)

Gross national income (GNI)

In 2010, GNI per capita at Purchasing Power Parity (PPP) was USD 7,052.

(Source:UNDP)


Turkmenistan GNI per capita at PPP

(Source:UNDP)

Income tax rate

The government of Turkmenistan levies a flat income tax rate of 10% on individuals.

(Source: estandardsforum.org)

Corporate tax rate

In Turkmenistan, corporate tax rates vary for different entities. For instantce, the tax rate is 20% for wholly-owned foreign multinational companies and 8% for domestic companies and joint ventures in the country.

The government charges a Value Added Tax (VAT) of 15%.

(Source: estandardsforum.org)

Inflation rate

In 2010, the inflation rate was estimated at 3.92% (based on average annual CPI).

(Source: IMF)

 

Turkmenistan Inflation Rate

e = estimated

 
(Source:
IMF)

Foreign direct investment (FDI)

In 2009, net FDI inflow in Turkmenistan amounted to USD 1,355 million.

Turkmenistan FDI Inflow

(Source: adb.org)

Banking sector assets

As of September 30, 2009, total operating assets of the banking sector amounted to EUR 17.5 million.

(Source: crudeaccountability.org)

Non-performing loan ratio (NPLR)

In 2008, NPLR of the banking sector was 0.1% of the total loans.

Turkmenistan Non-performing loan ratio

(Source: ebrd.com)

[Top] Financial Indicators & Government Financial

Consumer price index (CPI)

In 2010, annual average CPI was estimated at 311.65 points, increasing 3.92% from 2009.

 

CPI (annual  average)

Year

CPI

2010*

311.65

2009

299.88

2008

308.11

2007

269.00

2006

253.15

2005

234.06

Base year: 1997 = 100

(Source: IMF)

Production index

In 2009, the annual average production index of the agricultural sector was 125.3 points.

 

Production Index  of Agricultural sector (annual  average)

Year

Production Index

2009

125.3

2008

125.3

2007

127.7

2006

124.7

2005

127.4

2004

125.4

Base year = 1999-2001 = 100

(Source: adb.org)

Interest rates

In 2004, interest rate for a period of 6 to 12 months was 11.3% on deposits and 17.3 % on loans.

(Source: ebrd.com (pg 4))

Money supply

In 2008, the country had a total money supply (M3) of TMT 18,893.6 billion.

 

Money Supply (TMT billion)

Year

M3

As % of GDP

2008

18,893.6

11.6

2007

20,447.6

15.0

2006

10,411.2

9.2

2005

9,404.9

10.5

2004

8,906.1

13.8

2003

7,839.9

14.1

2002

5,877.0

13.0

2001

5,792.0

16.5

(Source: adb.org)

Government expenditure

In 2010, total government expenditure was estimated at TMT 8.84 billion.

Turkmenistan Government Expenditure

 

e=estimated

(Source: IMF)

Public debt level

In 2008, total outstanding external debt of the government amounted to USD 638.2 million.

 

Turkmenistan Public debt

(Source: adb.org)

Official exchange rate

In 2009, the country valued its currency to 5,000 Turkmenistan Old Manat (TMM) = 1 Turkmenistan New Manat (TMT). During the same year, the exchange rate of the domestic currency against United States Dollar (USD) was TMT 2.6.

(Source: adb.org)

Exchange Rates* (annual average)

Year

USD

2009

2.6

2008

13,041.5

2007

10,690.0

2006

10,881.9

2005

11,015.2

*From 2009, exchange rates are calculated in Turkmenistan New Manat (TMT)

(Source: adb.org (pg 5)) 

Government finances

Fiscal balance

In 2010, the government account had an estimated fiscal surplus of TMT 1.6 billion.

(Source: IMF)

Government revenue

In 2010, total government revenue of Turkmenistan was estimated at TMT 10.44 billion.

Turkmenistan Government Revenue

e=estimated

(Source: IMF)

Tax revenue

Tax revenue makes up approximately 21.8% of GDP.

(Source: heritage.org)

Current account balance

In 2010, the net current account balance of Turkmenistan was USD 5,300 million.

(Source: adb.org)

Turkmenistan Current Account Balance

(Source: adb.org)

Balance of payments

In 2009, net trade balance of the country amounted to USD 7,900 million, with merchandise exports worth USD 14,500 million.

(Source: adb.org)

Balance of Payments (USD million)

Particulars

2009

2008

2007

2006

2005

Current Account (Net)

5,300

3,560

4,036

3,347

877

Trade balance

7,900

6,423

5,334

4,598

1,997

Merchandise exports

14,500

11,786

9,114

7,156

4,944

Merchandise imports

-6,600

-5,363

-3,780

-2,558

-2,947

Other goods, services and income

-

-

-691

-1,251

-1,120

 
(Source: adb.org)

[Top] Labour Force and Employment Overview

Labour force

In 2010, Turkmenistan had an estimated economically active population (labour force) of 2,509,000. According to the estimates, females constituted 47% of the total labour force.

(Source: ilo.org)

 

Labour Force

Year

Labour force

2010

2,509,000

2009

2,451,000

2008

2,363,000

2007

2,309,000

2006

2,252,000

2005

2,193,000

(Source: ilo.org)

Employment in agriculture

In 2004, there were around 1,017,000 people engaged in the agricultural sector, constituting about 48% of the total employment of the country.

(Source: adb.org)

Employment in industries

In 2004, the industrial sector of Turkmenistan employed approximately 291,000 people, constituting about 14% of the total employment.

(Source: adb.org)

Unemployment rate

In 2006, the country’s unemployment rate was around 70%.

(Source: state.gov)

Minimum wage

In 2010, average monthly wage in Turkmenistan was TMT 707.5.

 

(Source: stat.gov.tm)

Level of unionisation

The Center for Professional Unions is a government-controlled trade union. Due to strict government control, there are no independent trade unions in Turkmenistan.

(Source: estandardsforum.org)

[Top] Political Stability

Turkmenistan is a presidential republic, with a own written constitution describing the legislative, executive and judicial powers of the country.

The executive powers are exercised by the president of Turkmenistan along with the Cabinet of Ministers. The president is elected by the citizens of the country for a term of five years.

The legislative powers are exercised by the Parliament, which is unicameral, and consists of 125 members, who are directly elected five years.

(Source: legislationline.org)

There is only one political party in the country: the Democratic Party of Turkmenistan. The formation of any other independent political party is prohibited.

(Source: state.gov)

Regulatory environment

Turkmenistan is ranked 169th in the 2011 Index of Economic Freedom. Its economic freedom score is 43.6 (out of 100), an increase of 1.1 points from the previous year, due to higher fiscal and monetary freedom scores.


Turkmenistan Economic Freedom Indices

(Source: heritage.org)

 

Corruption perception

Turkmenistan is ranked 172nd in the Corruption Perceptions Index 2010, with a score of 1.6 (out of 10). The country was ranked 168th in the 2009 index, indicating that levels of corruption in the public departments have increased.

(Source: transparency.org)

Freedom of information

Turkmenistan is ranked 176th on the Press Freedom Index 2010. This indicates the high levels of restrictions on the press. The country is also in the Enemies of the Internet list, prepared by Reporters Without Borders – an international organisation.

(Source: rsf.org)

Judicial system

The judicial system is managed through the courts in Turkmenistan. The Supreme Court is the apex court in the judicial system.

(Source: Constitution)

[Top] Demographic Overview

In 2010, population of Turkmenistan was estimated at 5,177,000, of which 50.73% were females. For the same year, the country had an estimated population density of 11 people per square kilometre. Furthermore, 3,460,000 people were in the age group of 15-64 years.

(Source: UNDATA)

 

Turkmeinstan Population by Gender

 

 

Population by age-group (2010)*

Age group (years)

Population (%)

0-14

29.02

15-64

66.85

65 and above

4.13

*estimated

(Source: UNDATA)

Birth and death rate

 

During 2005 to 2010, crude birth rate in the country was estimated at 22 births per 1,000 persons and the crude death rate to 7.7 deaths per 1,000 persons.

(Source: UNDATA)

Infant mortality rate

In 2008, Turkmenistan had an infant mortality rate of 43 deaths per 1,000 live births.

(Source: UNDATA)

Life expectancy

During 2005 to 2010, life expectancy was estimated to 60.6 years for males and 68.9 years for females.

(Source: UNDATA)

 

Life Expectancy (age in years)

Period

Males

Females

2005-2010

60.6

68.9

2000-2005

60.4

68.2

1995-2000

59.7

67.5

1990-1995

58.9

66.6

(Source: UNDATA)

Migration and urbanisation

In mid-2010, there were approximately 207,700 immigrants in the country, constituting 4% to the total population.

(Source: UNDATA)

In 2007, 48.2% of the total population resided in urban areas.

(Source: UNDATA)

Ethnic environment

Majority of the population belongs to the Turkmen ethnicity. However, a considerable amount of the population are from Uzbek and Russian ethnic backgrounds.

According to religion, approximately 89% of the people follow Islam.

(Source: state.gov)

Human development index (HDI)

Turkmenistan is ranked 87th on the HDI 2010. The HDI provides a composite measure of three dimensions of human development which are measured by life expectancy, adult literacy & enrolment in education and per capita GNP at Purchasing Power Parity (PPP).

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

In 2007, the adult literacy rate (people above 15 years of age) of Turkmenistan was 99.5%.

(Source: UNDATA)

Education

Turkmenistan follows a multi-level system of education, comprised of pre-primary, general secondary and higher education.

Pre-primary education is for children up to the age of six, and consists of two levels – crèches and kindergartens. General secondary education also comprises of two stages – primary education lasting for three years, and secondary education for a period of six years. Higher education comprises of specialized post-secondary education, vocational education and graduation and post graduation courses.

In 2004, the country had an estimated 1,705 general secondary schools and 15 secondary vocational training schools.

(Source: UNESCO)

Healthcare

In 2006, Turkmenistan had 43 hospital beds per 10,000 persons. During the same year, the density of physicians was 25 per 10,000 persons.

 

Healthcare statistics in 2006

Facilities

Number per 10,000 persons

Hospital beds

43

Physicians

25

Nurses and midwives

47

(Source: UNDATA)

In 2007, per capita expenditure on healthcare was USD 139.

(Source: World Bank)

[Top] Hard Infrastructure

Mass public transit

In Turkmenistan, people mainly travel by roadways.

(Source: estandardsforum.org)

Roadways

The country has a road network of 58,592 km.

(Source: estandardsforum.org)

Railways

Turkmenistan has a rail network of 2,980 km.

(Source: estandardsforum.org)

Ports

The country has one port – the Port of Turkmanbashi, which is located along the Caspian Sea.

(Source: worldportsource.com)

Airports

Turkmenistan has five airports :

  • Ashgabat Airport
  • Dashoguz Airport
  • Mary Airport
  • Turkmenabad Airport
  • Turkmanbashi Airport

Ashgabat Airport is the largest airport, with three runways.

(Source: airport-authority.com, worldaerodata.com)

Telecommunications

In 2009, the country had 478,000 subscribers for fixed landline telephones and 1,500,000 subscribers for mobile phone services. In June 2010, there were 80,400 internet users in Turkmenistan, making a penetration rate of 1.6%.

(Source: itu.int, internetworldstats.com)

 

Fixed telephone subscription

Year

Subscribers

Penetration rate (%)

2009

478,000

9.35

2008

477,670

9.47

2007

458,180

9.21

2006

423,810

8.63

2005

398,100

8.22

(Source: itu.int)

 

Mobile phone subscription

Year

Subscribers

Penetration rate (%)

2009

1,500,000

29.35

2008

1,135,150

22.51

2007

381,670

7.67

2006

216,868

4.42

2005

105,000

2.17

(Source:itu.int)

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