Turkmenistan's external debt amounted to 4,1% of GDP as of 2024, while the country has had no domestic debt since January 2022. This was stated by Babaniyaz Yalakov, Deputy Minister of Finance and Economy of Turkmenistan.

"GDP by the end of 2024 amounted to over 68,7 billion USD. By the end of the first eight months of this year, it was 48,7 billion USD. Economic growth has been maintained at 6,3%. Turkmenistan is pursuing a balanced policy regarding domestic and external debt. Domestic debt has been completely zero since January 2022. External debt by the end of 2024 amounted to 4,1% of GDP," Yalakov said during the Days of Turkmenistan's Economy in Germany.

The Deputy Minister emphasized that Turkmenistan adheres to a balanced debt policy, which allows it to maintain macroeconomic stability and sustainable rates of economic development.

According to him, by the end of 2024, investments in Turkmenistan's economy amounted to over 12,1 billion USD, an increase of 9% compared to 2023. The share of foreign investment amounted to 11,6% of the total investment volume, an increase of 1,4% compared to 2023. In total, foreign investment amounted to over 1,4 billion USD, an increase of almost 25% compared to 2023. By the end of the first eight months of this year, investments amounted to 8,3 billion USD.

Yalakov noted that the highest priority areas for investment are the oil and gas industry, petrochemicals, energy, construction, and the agro-industrial complex.

The current macroeconomic policy contributes to sustainable stability and a reduction in inflation, which amounted to 3,8% by the end of 2024 and 3,9% by the end of the first three quarters of this year, the Deputy Minister reported.

Turkmenistan's foreign trade turnover remains high, reaching 19,7 billion USD in 2024 and 14,1 billion USD in the first eight months of this year. Exports outweigh imports. The share of hydrocarbons and processed products in exports is steadily growing.

"In addition to natural gas exports, petroleum products, gas and petrochemicals are successfully exported. The geography of exports of electricity and mineral fertilizers, construction materials, chemicals, textiles, and food products is expanding," Yalakov said. He added that the growth of non-hydrocarbon exports is being driven by the widespread adoption of innovative technologies and digital systems across all sectors of production, which increases the productivity and competitiveness of domestic products.

The Turkmenistan Economy Days are taking place on October 30-31 in Frankfurt am Main. The event is organized by the Chamber of Commerce and Industry of Turkmenistan in collaboration with TMT Consulting Group.

Turkmenportal is the forum's official media partner.

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