ASHGABAT (TCA) — At the meeting of Turkmenistan’s Cabinet of Ministers on July 7, President Gurbanguly Berdymukhammedov summarized the country’s results for the first half of the year and outlined tasks for the period until the year’s end, Turkmen state media reported. Good results had been achieved in the production of goods and services, which made it possible to achieve a GDP growth of 6.4% in the first half of 2017.

Turkmenistan’s growth is projected to rise to 7.0% in 2018.

The revenues of the State budget had also increased, which enabled the government to increase the average wage by 9%, while the national currency — the manat — had remained stable. The volume of investments directed to the infrastructure of the private and public sectors had grown.

Growth moderated to 6.2% in 2016. While inflation also declined slightly, the current account deficit was wider, driven by higher service imports and lower hydrocarbon exports. Growth is projected to return to accelerate to 7.0% in 2018, with some rise in inflation and a narrower current account deficit as prices for hydrocarbons improve.

Private sector development is key to diversifying growth. The president paid particular attention to the diversification of the Turkmen economy. State programs for the production of import-substituting goods and increasing the production of export-oriented products, and the formation of the country’s own electronic industry, are successfully implemented.

The head of state emphasized the need of creation of joint industrial ventures and new jobs.