During the Cabinet of Ministers meeting held on 15 January chaired by Gurbanguly Berdymuhamedov, H. Geldimyradov, the Vice – Chairman of the Cabinet of Ministers briefed on the results of socio – economic development of Turkmenistan in 2008.
The volume of gross domestic product reached 43.68 billion denominated manats (official exchange rate of the manats after the denomination is 2.85 manats for 1), GDP growth amounts to 110.5%. The industry share increased by 15.1%, due to contribution of significant increase in productive investments (more than 70% of total investments).
The total volume of production estimated to 46.24 billion manats, which is 123.9% in comparison with 2007. The highest growth rates were achieved in the industry (137.8%), construction (132.5%), commerce (125.1%), transport and communications (120.8%).
According to H. Geldimyradov, arrangements for the introduction of a single exchange rate, monetary reform, reduction of tariffs helped to keep inflation at the end of 2008 by 8.9%. During the year, average wages rose by 13.3 percent.
Foreign trade turnover in 2008 amounted to $17.6 billion, which is 32% more than in 2007. Exports of goods amounted to $ 11.9 billion, or 33.7% over a similar measure last year. Imports of goods reached $5.7 billion to 96. The surplus totaled $ 6.2 billion.
