Asia Regional Integration Center

The economy grew 6.3% in 2019, slightly up from 6.2% in 2018, on higher oil and gas output. On the demand side, increased gas exports and public investment bolstered growth. However, private consumption growth remained subdued as double-digit inflation curbed real household incomes. To contain inflation, the Central Bank of Turkmenistan promoted noncash payments while maintaining a fixed exchange rate. As export growth slowed, the current account dipped into a slight deficit of 0.6% of GDP, reversing the 5.7% surplus in 2018. GDP growth is forecast to moderate to 6.0% in 2020 and 5.8% in 2021 as the hydrocarbon industry expansion slows.