Fiscal policy aimed to support growth through public investment.
The state budget, which excludes what are believed to be substantial extrabudgetary expenditures, recorded a large budget surplus equal...
to 6.0% of GDP, well above the surplus of 3.6% in 2011, as revenue grew
much more quickly than expenditure (Figure 3.7.3). Rising hydrocarbon
exports contributed to a 40% increase in revenue. Budget expenditure
rose by 20.6% from 2011, reflecting greater spending for public investment
projects, with socially oriented projects constituting over 70% of state
budget allocations. As in previous years, the state budget surplus was
transferred to a stabilization fund set up in 2008 to finance the country’s
development needs. The International Monetary Fund (IMF) estimated
total public debt, all of it external, at 14.4% of GDP at the end of 2012.
Monetary policy remained broadly neutral in 2012, with the central
bank’s main instruments largely unchanged. Directed lending by the
central bank slowed somewhat, as more liquidity from the stabilization
fund became available through commercial banks and the recently
established state development bank. Bank lending to state-owned
enterprises—comprising 80% of total lending—rose by 32.6%, while
lending to entities and individuals outside the public sector increased by
41.8%. The IMF estimates that broad money grew by 16.6% during 2012.
Since the 2009 currency reform, the exchange rate has remained stable
at TMM2.85 to $1. Rapid growth in reserves since 2011 has enabled the
authorities to maintain this rate.
The current account surplus is believed to have slid from 2.0% of GDP
in 2011 to 1.5% in 2012. Exports grew by 19.3%, according to government
reports, reflecting higher exports of gas, crude oil, and oil products.
However, export growth was offset by rising imports, reflecting growing
demand for machinery and other equipment, and for foreign services
in the hydrocarbon sector and construction. Turkmenistan received
$12.6 billion in foreign direct investment during 2008–2011, including
$3.2 billion in 2011, according to the United Nations Conference on Trade and Development, which listed Turkmenistan among the world’s top 10 recipients of foreign direct investment (Figure 3.7.4). The Economist Intelligence Unit estimated that international reserves rose by 7% to
$20.2 billion at the end of 2012.
Sources: International Monetary Fund. 2012. Regional Economic Outlook, Middle East and Central Asia. November; ADB estimates. UNCTAD. 2012. World Investment Report. Geneva, Turkenistan.ru - http://www.turkmenistan.ru/en/articles/17049.html
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