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Economy of Turkmenistan

Turkmenistan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Turkmenistan may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Turkmenistan exports around $17.13 billion and imports roughly $12.48 billion. 3.4% of population in the country are unemployed. The total number of unemployed people in Turkmenistan is 198,950. In Turkmenistan, 30% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Turkmenistan is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. The Gini Index of the country is 40.8. Turkmenistan is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Turkmenistan has a Human Development Index (HDI) of 0.698. Turkmenistan has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Turkmenistan is 2.135.

Currency

The currency of Turkmenistan is Turkmenistan manat. There are several plural forms of the name 'Turkmenistan manat'. These are manat, manats. The symbol used for this currency is m, and it is abbreviated as TMT. The Turkmenistan manat is divided into Tennesi; there are 100 in one manat.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Turkmenistan.

Central bank

In Turkmenistan, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Turkmenistan. Locally, the central bank of Turkmenistan is called Türkmenistanyň Merkezi banky.

Public debt

Turkmenistan has a government debt of 21% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Turkmenistan is set at 20%. Personal income tax ranges from 10% to 10%, depending on your specific situation and income level. VAT in Turkmenistan is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Turkmenistan is $82395 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Turkmenistan was last recorded at $14 million. PPP in Turkmenistan is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Turkmenistan is 41,851 billion. Based on this statistic, Turkmenistan is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Turkmenistan was last recorded at $7 million. The average citizen in Turkmenistan has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Turkmenistan averaged 10.1% in 2014. According to this percentage, Turkmenistan is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Turkmenistan.

Industry

Major industries in the country are natural gas, oil, petroleum products, textiles, food processing. The total labor force of Turkmenistan is 2,603,920 people, wherein 3.4% of population in the country are unemployed. The total number of unemployed people in Turkmenistan is 198,950. The Industrial Production growth rate of Turkmenistan is 11%.To read more about industrial information within Turkmenistan click on industry of Turkmenistan.

Agriculture

There are 17754 km2 of arable land in Turkmenistan, and it comprises 4% of the country's total territory. There are 20001 km2 of cultivated land in Turkmenistan. The country's major agricultural crops and products are cotton, grain, livestock.To read more about agriculture click on agriculture of Turkmenistan.