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Turkmenistan
Economy
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
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