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WEEKLY NEWSLETTER
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Turkmenistan
Index
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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