Turkmenistan Reports Stable GDP Growth in First Five Months of 2024

Ashgabat, The Gulf Observer: Turkmenistan has recorded stable GDP growth over the first five months of 2024, as reported by Deputy Prime Minister H. Geldimyradov during a Government meeting on June 7. The report highlighted positive macroeconomic indicators and increased production volumes compared to the same period in 2023.

In his report, Geldimyradov detailed that from January to May, Turkmenistan saw a significant uptick in production across various sectors of the economy. Retail trade turnover increased by 11.1 percent year-on-year, indicating robust consumer activity.

President Serdar Berdimuhamedov expressed satisfaction with these results, noting that the GDP growth rate reached 6.3 percent for the period of January-May. The overall production volume grew by 11.5 percent compared to the corresponding period last year. Additionally, the revenue side of the State budget was executed at 102.2 percent, while the expenditure side reached 97.6 percent.

The President underscored the importance of timely financial support, affirming that wages, pensions, state benefits, and student scholarships were all financed without delay. He directed Deputy Prime Minister Geldimyradov to implement necessary measures to maintain the stability of the national economy’s macroeconomic indicators.

This announcement follows a previous report that Turkmenistan’s GDP growth rate for January-April 2024 was also 6.3 percent, reaffirming the country’s consistent economic performance.

The government’s commitment to economic stability and growth reflects its ongoing efforts to enhance production capabilities and bolster retail trade, ensuring sustained development for Turkmenistan.