Turkmen president notes 24.6% growth of capital investment in Jan YoY

ASHGABAT. Feb 19 (Interfax) - The volume of capital investment in Turkmenistan for January 2024 used at the expense of all sources of funding soared 24.6% year-on-year, Turkmen President Serdar Berdimuhamedov said.

Berdimuhamedov said this at last Friday's government meeting dedicated to the results of Turkmenistan's socioeconomic development in January this year, the Neutral Turkmenistan government newspaper said on Saturday.

"Last month, the volume of capital investment in the country, used at the expense of all sources of financing, amounted to 2.545 billion manat [$727.1 million at the Turkmen Central Bank exchange rate], which is 24.6% more than in the corresponding period of last year," Berdimuhamedov said.

"This creates conditions for increasing production capacity [and] will give an opportunity to further improve the social and living conditions of the population and to create additional jobs in the regions," Berdimuhamedov said.

The GDP growth rate in January stood at 6.3%, and sustainable development has been achieved in various sectors of the national economy, Berdimuhamedov said when addressing the meeting's participants.

"At present, it's necessary to take measures to increase the volume of production in sectors of industry, effectively use existing capacities, and expand the scale of activities in trade and services. It's also necessary to continue working on fulfilling the revenue and expenditure parts of the State Budget in the planned volumes," Berdimuhamedov added.

It is noted that the investment growth rate in January 2024 exceeded the figure for last year. In January 2023, the volume of investment used in Turkmenistan totaled over two billion manat ($571.4 billion at the Turkmen Central Bank exchange rate), with a 9.1% growth rate year-on-year.