BAKU, Azerbaijan, November 29. Turkmenistan’s real GDP is projected to grow by 6.3% annually in 2024 and 2025, according to a forecast by the European Bank for Reconstruction and Development (EBRD), Trend reports.
According to the bank, this growth will be supported by investments in energy, infrastructure, and the agro-industrial complex.
Official data show a 6.3% year-on-year GDP increase for January - July 2024, driven by government-led modernization and infrastructure development projects. Construction activity surged by 9.3% year-on-year during this period, while agriculture and transport recorded growth of 7.8% and 7.1%, respectively.
The industrial sector grew by 3.6%, with production of oil, gasoline, and polypropylene exceeding targets. On the demand side, a 10.5% rise in wages contributed to a 7% increase in services.
In August 2024, a presidential resolution approved the construction of the Satlyk-1 gas compressor station, aimed at sustaining high natural gas production and boosting export capabilities.
While the government’s efforts to modernize the economy and diversify gas export routes offer opportunities for growth, risks remain. Potential challenges include commodity price fluctuations and slower growth in key trading partners.