Turkmenistan's GDP growth in Jan-Mar exceeds 10 %

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ASHGABAT. April 15. KAZINFORM Turkmenistan's rate of GDP growth in the first quarter of 2012 amounted to 10.4 percent in comparison with the same period of 2011, President Gurbanguly Berdymukhamedov of the country said at an enlarged meeting of the government held here on Friday.

"The results of the first quarter of this year as a whole give hope," the head of state said. "The volumes of capital investments increased by 163.4 percent, foreign trade turnover - - by 156.4 percent and wages - - by 111.7 percent. The rate of national currency - - manat remains to be stable, and the level of inflation remains within the forecasted frames."

According to the president, the share of industry within the GDP continues to grow, the rate of growth of construction, trade, transport, communications and the sphere of services remains to be high. "Internal stability, inexhaustible natural riches and the availability of a corresponding legal basis aroused great interest of major international companies in our country, ensuring a systematic inflow of foreign investments in the country's economy," Berdymukhamedov said. "The construction of more than 1,500 facilities worth about 32 billion dollars is a vivid example of this. At present, our state has no overdue debts to foreign states," he stressed.

According to Itar-Tass, the reports of members of the government pointed to the fact that 70.5 percent of budget funds were earmarked in the first quarter of the current year for the implementation of the state's social policy. Tens of residential houses, industrial enterprises, schools, kindergartens, buildings of educational establishments and sport schools were built. At the meeting, the president signed dozens of ordinances envisaging the construction of facilities of mainly social importance to the total sum of about 700 million dollars. Among them is the construction in every region of a modern rural settlement and marriage palaces, as well reconstruction and construction of new textile factories, multistory residential houses in big cities and cottages in villages.

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