January-June: Turkmenistan's Foreign Trade Turnover Increases by 8 Percent

January-June: Turkmenistan's Foreign Trade Turnover Increases by 8 Percent
Confectionery company's production facility, Ahal province, Turkmenistan

Turkmenistan’s foreign trade increased by 8% in the first half of 2023, the Deputy Prime Minister for Economy, Banking, and Financial Institutions, Hojamyrat Geldimiradov, reported at the meeting of the Cabinet of Ministers on Friday.

The Deputy Prime Minister noted that stable GDP growth was ensured, and this indicator amounted to 6.2 percent, the official Turkmen media reported.

The report also showed that retail trade turnover increased by 9.3%; average salaries at large and medium enterprises rose by 9.9% in the same period. 

The Chairman of the Central Bank, Toyly Malikov, reported on the results of activities carried out in the first half of 2023. According to the report, as of July 2023, the banking system had lent 5.1% of its total assets to the economy, with 13.8% going to the private sector and 19.5% going to individuals. Loans to agricultural producers have increased by 15%, and mortgage loans have increased by 7.4%. The profit of credit organizations has also increased by 1.7%.

President of Turkmenistan Serdar Berdimuhamedov stressed the importance of modernization of the budget and tax system, the use of digital technologies to accelerate the full implementation of the "e-tax" system in the country, and instructed officials to monitor the implementation of the National Rural Program.

The Turkmen President signed a Decree on raising wages, pensions, state benefits, and student and audit fees in the country from January 1, 2024.