World Bulletin/News Desk
Turkmenistan's parliament has approved a $1.2 billion budget deficit for next year to help fund plans to raise salaries and pensions in the gas-rich former Soviet republic, state media reported on Saturday.
The state budget for 2013 envisages outgoings of $31.5 billion versus income of $30.3 billion. The reclusive Central Asian state, which closely guards economic data, did not reveal the size of the deficit in relation to gross domestic product.
Economic growth in Turkmenistan, a country of 5.5 million people, hinges on the development and export of the world's fourth-largest natural gas reserves. BP data shows the country consumed less than half the gas it produced in 2011.
Almost every aspect of life in Turkmenistan is controlled by President Kurbanguly Berdymukhamedov, a trained dentist who goes by the unofficial nickname of "Arkadag", or The Patron.
State newspaper Neutral Turkmenistan reported Berdymukhamedov as saying next year's budget would include a 10 percent increase in salaries and a 15 percent rise in pensions, as well as investment in the water supply, housing and schools.
Turkmenistan's GDP expanded by 11.1 percent in the first nine months of this year, largely on the back of an 8.5 percent increase in gas production. State media have not disclosed the actual size of GDP or natural gas production.
The country has the capacity to produce about 75 billion cubic metres of gas annually and plans to triple output by 2030 after developing large gas fields to supply China, Iran, southern Asia and Europe, as well as traditional market Russia.
A monitoring mission from the International Monetary Fund, which visited Turkmenistan in July, said it projected real GDP growth to remain strong in 2012 and 2013, at about 8 percent a year.
Tuvakmammed Japarov, governor of Turkmenistan's central bank, said on Oct. 17 that inflation in the first nine months of the year was less than 4.7 percent on a year-on-year basis.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.