Turkmenistan’s GDP Grows by 6.3 Percent in 2024, Government Sets Ambitious Targets for 2025
Ashgabat, The Gulf Observer: Turkmenistan’s gross domestic product (GDP) grew by 6.3 percent in 2024, as announced by Deputy Chairman of the Cabinet of Ministers for Economic and Financial Affairs Hojamyrat Geldimyradov during an expanded government meeting on Friday. The announcement was reported by Turkmenistan’s official media.
Among key industries, construction recorded the highest growth at 11%, followed by trade at 10.1% and the transport and communications sector at 7.2%. The overall production of goods and services increased by 12.1% compared to 2023, while retail trade volume expanded by 13.1%. Additionally, the average wages at large and medium-sized enterprises rose by 10.6%.
Investment targets were fully met across all financing sources in 2024, marking a 9.1% increase from the previous year. In response to this economic progress, President of Turkmenistan Serdar Berdimuhamedov signed a resolution approving the Program for Socio-Economic Development and Investments for 2025.
Under this program, the government aims to sustain GDP growth at 6.3% in 2025 while ensuring stable sectoral and regional development. More than 3,000 new jobs will be created through the construction of new enterprises, and foreign trade turnover is expected to reach $20 billion.
A key priority of the program is to boost small and medium-sized enterprises (SMEs), with the private sector’s share in GDP projected to increase to 71.6%. The initiative also includes a 10% increase in salaries, pensions, state benefits, and student scholarships to enhance living standards.
To support economic growth, the government will allocate 40 billion manats in investments from all financing sources in 2025.
During the meeting, officials reviewed the economic performance of 2024, received reports from deputy prime ministers and ministry heads, and discussed key socio-economic development goals and personnel matters.
