Turkmenistan achieves 10.3% economic growth in Jan-Oct

By bne IntelliNews November 14, 2014

Turkmenistan's economic growth stood at 10.3% y/y in the first 10 months of the year, Trend news agency reported on November 13 quoting figures from the Economy and Development Ministry. Industrial production grew by 13.5% y/y in the given period, and investment went up 8.3% y/y.

The IMF estimates the country's economic growth to reach 10% to 11% in 2014, it noted in a statement following a mission in Ashagabat from October 29 to November 4. The economy grew by 10.2% y/y in 2013, according to IMF fugures.

"With large buffers, government efforts to diversify gas export routes, and limited links with international financial markets, the impact of spillovers from economic slowdowns in the region is limited. Notwithstanding the favourable economic prospects, the Turkmen economy is vulnerable to developments in hydrocarbon markets," the IMF said.

There is little independent economic analysis on the Turkmen economy and there are doubts over the trustworthiness of the government's official figures, upon which the IMF and other multilateral institutions base their economic analyses.

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