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.
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.
Turkey's assets abroad go up 2.4 percent at end of February 2018, compared to end of 2017: Turkish Central Bank
BIST 100 decreases 0.12 percent; US dollar/Turkish lira exchange rate stands at 4.1020