The Turkmen economy continued strong growth performance in 2012, expanding by 11.1 percent. High growth performance sustained over an extended period of time led to a steady increase in income levels and moved the country to an upper middle-income status (GDP per capita exceeded $6,000 by the end of 2012). Preliminary outcomes of the annual economic developments demonstrate that the Turkmen economy remains resilient to the global uncertainties stemming from the Eurozone crisis.
The government maintains a large portfolio of social transfers and budget subsidies. Currently, all 17 subsidies have a universal character and are guaranteed until 2030, after which time the government may decide to move to a more targeted public social transfer policy.
Social indicators have showed improvements commensurate with the country’s economic performance. According to the State Statistics Committee of Turkmenistan, wages and salaries have increased by 11.2 percent during 2012 compared to 2011. After adjusting for inflation, the real rate of wage increase still make up 6 percent.
The Government’s National Socio-Economic Development Program for 2011–2030 and the National Rural Development Program focus on inclusive economic growth while preserving economic independence, modernizing the country’s infrastructure, and promoting foreign direct investment.