Turkmenistan boosted GDP 6.3% in Q1 - president

ASHGABAT. April 8 (Interfax) - Turkmenistan's economy grew 6.3% in Q1 2024, President Serdar Berdimuhamedov said at a cabinet meeting.

"The head of Turkmenistan was pleased to say that the results of work done in the first quarter of this year demonstrate that adopted programs are being implemented successfully. There was robust GDP growth of 6.3% during the reporting period," the Neutral Turkmenistan newspaper quoted him as saying.

Industry grew 4.7%, transport and communications 6.6%, trade 8.2% and agriculture 4.1% in Q1.

The country is building large industrial and social facilities, including new settlements, residential buildings, entertainment and medical centers, schools, kindergartens and other facilities.

Hojamyrat Geldimyradov, the deputy prime minister responsible in the cabinet for finances and the economy, said for the first quarter of 2024, "in general, production volume was 8.8% higher than in the same period in 2023." State budget revenue was 2.9% above target and expenditure was 2.4% below.

Capital investment to develop the national economy through all sources of financing increased by 25.3% compared to the same period last year, Geldimyradov said.