Economic growth – evidence of the Homeland’s rapid development

Turkmenistan is achieving great success in the development and diversification of all sectors of the national economy. This is evidenced by the macroeconomic indicators for the past ten months of the current year — the International Year of Peace and Trust, marked by the glorious 30th anniversary of the neutrality of the Homeland — which demonstrate the successful fulfillment of the tasks set in this area.

Thus, during the indicated period, the growth rate of Gross Domestic Product (GDP) amounted to 6.3%, including 1.7% in industry, 8.1% in construction, 10.4% in the transport and communications sector, 9.7% in trade, 5.2% in agriculture, and 8.3% in services. Compared to the corresponding period of 2024, the total volume of produced goods increased by 10.1%, which made it possible to achieve positive production indicators across economic sectors. Retail trade turnover for the same period rose by 13%, while foreign trade turnover increased by 9.2%.

The principle of the President of Turkmenistan, “The Homeland is a Homeland only with its people! The state is a state only with its people!” plays an important role in work related to the country’s socio-economic development. Today, Turkmenistan is not only an economically strong state but is also confidently joining the ranks of the world’s leading industrial powers. At the core of the country’s industrial and innovative development lies the introduction into the production sector of scientific and technological achievements, innovative technologies, as well as structural transformations in the economy as a whole, including the transition to a digital economy.

Turkmenistan attaches great importance to cooperation in this area with countries around the world in the interests of accelerating national economic development. Visits of foreign delegations to Turkmenistan, as well as delegations from our country to various states for the purpose of exchanging experiences, contribute to the high effectiveness of ongoing work.

Economic stability, legal guarantees, and other forms of state support enhance the interest of foreign investors in Turkmenistan. As a result, investments directed into the production and social sectors ensure the implementation of large-scale projects of national and international significance, the improvement of the national production base, and the construction of large complexes and socio-cultural facilities.

Currently, foreign companies are participating in the financing of projects in our country in such sectors as heavy industry, the textile industry, agriculture, the electronics industry, the production of building materials based on local raw materials, tourism, transport and communications, as well as in the modernization of civil aviation infrastructure, railway and maritime transport, the construction of high-speed highways, and the use of the capabilities of the national space satellite “Türkmen Älem 52°E”.

For the further development of small and medium-sized businesses, the state provides private-sector representatives with preferential bank loans and other forms of support, creating all necessary conditions for the implementation of entrepreneurial initiatives, including the creation or expansion of production. As a result of the farsighted initiatives of the Hero-Arkadag successfully implemented by the Arkadagly Hero Serdar, a large business structure has been formed, becoming an integral part of the country’s economic potential. The successful implementation of the “open-door” policy, the creation of free economic zones, and preferential tax policies all contribute to the development of entrepreneurship.

The policy of fundamental reforms in the social sphere is aimed at ensuring a high standard of living for the people. The program “Revival of the New Epoch of the Powerful State: The National Program for the Socio-Economic Development of Turkmenistan for 2022–2052”, as well as the “Program of the President of Turkmenistan for the Socio-Economic Development of the Country for 2022–2028”, serve as the basis for implementing large-scale projects to improve the population’s well-being. In this regard, numerous residential buildings, social service complexes, hospitals and health centers, higher educational institutions, schools and kindergartens, and modern sports facilities are being constructed to solve housing and living issues.

Great importance in achieving the country’s socio-economic development is attached to the main financial document adopted annually — the State Budget. On 22 November of the current year, the Law of Turkmenistan “On the State Budget of Turkmenistan for 2026” was adopted. The Law is aimed at further successful implementation of large-scale reforms, maintaining stable economic growth rates, ensuring high efficiency of investment projects and government expenditures, and improving the population’s standard of living. In accordance with the document, the State Budget of Turkmenistan for 2026 is approved with revenues and expenditures amounting to 131,845.1 million manats.

The Law includes 9 articles that define the revenues and expenditures of the State Budget, including revenues and expenditures of the first level, as well as centralized and local budgets, norms for the allocation of tax revenues from the centralized budget to local budgets, amounts of funds allocated for equalizing local budgets from the centralized budget, protected articles, and sources of financing.

The State Budget for 2026 provides for the development of industrial sectors, the expansion of export-oriented and import-substituting production, and the strengthening of social protection for the population. Funds are allocated for the construction of industrial and socio-cultural facilities, including residential buildings, hospitals, health houses and centers, preschool institutions, general secondary schools, cultural centers, as well as water supply networks, power transmission lines, highways, and others.

Following the tasks set for increasing the share of the private sector in the country’s economic structure, the State Budget for 2026 includes measures to support entrepreneurship, which plays a major role in increasing production volumes and ensuring food abundance in the domestic market.

At a time when our country is confidently following its chosen path of development, this important financial and legal document serves as a guarantee of the people’s confidence in the future and their prosperous life.