All sectors of Turkmenistan's economy are developing steadily

On July 12, President Serdar Berdimuhamedov held an enlarged meeting of the Cabinet of Ministers to summarize the results of the work of economic sectors for six months of the current year, discuss the implementation of the adopted programs of socio-economic development of the country. Determination of perspective tasks for the second half of the year and personnel issues were put on the agenda. Reports of the deputy chairmen of the Cabinet of Ministers, a number of heads of state structures, khakims of velayats were also heard, TDH reports.

Deputy Chairman of the Cabinet of Ministers H. Geldimiradov reported on the practical steps taken since the beginning of the year to maintain the stable development of all sectors of the economy and regions, ensuring a steady rate of GDP growth. In the industrial complex this indicator is equal to 3.6 percent, construction - 9.3 percent, transport and communication sector - 7.3 percent, trade - 7.8 percent, agriculture - 5.8 percent, services - 7.9 percent.

Overall, the volume of products produced increased by 11.5 percent compared to the same period in 2023.

In the first half of the year, the retail turnover increased by 11.1 percent compared to the same period last year.

During the meeting, Finance and Economy Minister S. Jorayev reported on the implementation of the State Budget, capital investments and implementation of the National Rural Program for the period under review.

As reported, as of July 1, 2024, the execution of the revenue part of the main financial plan was 102.1 percent and the expenditure part was 97.7 percent.

For the indicated period, the revenue part of local budgets was fulfilled at the level of 101.4 percent, and the expenditure part - at the level of 98.2 percent.

The volume of investments aimed at the development of the national economy increased by 20.8 percent in the first half of the year compared to the same period of 2023, which amounted to 17.3 percent of GDP. 48.5 percent of the utilized capex was allocated to the structures of production purpose, and 51.5 percent - to the objects of social and cultural sphere.

In his speech, Chairman of the State Statistics Committee D. Amanmukhammedov reported on the fulfillment of plans by ministries and sectoral departments for January-June this year.

As reported, the results of the first half of the year showed stable growth in the industrial sector. In particular, the production of natural gas amounted to 40230.1 million cubic meters, oil - 4163.7 thousand tons. In comparison with the corresponding period of 2023, the production of oil bitumen is higher by 13.2 percent, fuel oil - by 31.7 percent, sheet glass - by 7.9 percent, cement - by 6.8 percent, caught fish - by 34.2 percent, processed fish and canned fish products - by 16.5 percent, dairy products - by 14.1 percent, butter - by 10.8 percent, confectionery - by 5.6 percent.

Positive indicators are observed in the transport and communication sector, which is confirmed by the increase in indicators of cargo and passenger transportation. The volume of provision of communication services increased by 12.7 percent.

In agriculture, vegetable production increased by 7.4 percent, potatoes by 11.4 percent, berries and fruits by 1.2 percent, milk by 0.5 percent, and net weight meat by 0.6 percent in the six months compared to the same period in 2023.

In January-June, dynamic indicators in the non-state sector of the economy were noted. Thus, production of silk fabric increased by 1.4 percent, confectionery products - by 5.9 percent, butter - by 15.3 percent, dairy products - by 14.5 percent, pasta - by 64.1 percent, bread and bread products - by 7 percent, vegetables - by 9.3 percent, potatoes - by 5.8 percent, milk - by 0.5 percent.

Chairman of the Central Bank T. Myalikov reported that in the first six months of 2024, lending to the economy was continued. Compared to the same period of 2023, the total volume of loans granted by the country's banks to the private sector increased in the first half of this year. Along with this, the indicators for soft loans to support small and medium-sized enterprises, as well as credit facilities provided to private agricultural producers increased.

As of July 1, 2024, the volume of mortgage loans issued in accordance with the Decree of the President of Turkmenistan to citizens for the purchase of real estate in the cities of Ashgabat and Arkadag, as well as in the velayats increased by 12.4 percent.

Summarizing the reports, President Serdar Berdimuhamedov noted that it is necessary to increase the efficiency of banks' activity in lending to the production sectors of the economy and, by ensuring the targeted use of loans, to strengthen its effectiveness. The head of state also gave instructions to work on maintaining a stable exchange rate of the national currency and expanding cooperation with international financial organizations.

During the meeting, President Serdar Berdimuhamedov signed a decree to increase salaries, pensions, state allowances and student scholarships by 10 percent from January 1, 2025.