Page 32 - Small Stans and Causcasus Outlook 2022

Kyrgyzstan’s grain crop harvest amounted to 35% less than expected
this year, AKIpress reported, citing Minister of Agriculture, Water
Resources and Regional Development Askarbek Janybekov.

3.2 Real economy - Turkmenistan

3.1.1 Retail

Turkmenistan’s retail sector likely continued to suffer in 2021 and will
continue to face severe difficulties in 2022 with the country facing
interminable shortages of basic food and goods amid the pandemic and
its longstanding economic crisis. Prices in non-state-subsidised stores
continue to remain unaffordable for the regular Turkmen population.

3.1.2 Banks

N/A

3.1.3 Industry
N/A

3.1.4 Energy & power
Turkmenistan remains heavily reliant on gas exports as its main source
of economic growth. Assuming a global recovery from the pandemic in
2022, demand for, and prices of, Turkmen gas would likely recover in
favour of the Turkmen economy.

Turkmenistan remains China's biggest gas supplier, according to
Chinese customs data. China imported 19.79mn tonnes of gas from
Turkmenistan for $5.38bn in the first 10 months of 2021.

Iran, Azerbaijan and Turkmenistan have signed a trilateral gas swap
deal that covers a volume of up to 2bn cubic metres (bcm) per year,
Iran’s IRIB TV and Radio Broadcasting Corporation reported on
November 28. Signed in the Turkmen capital, Ashgabat, on the
sidelines of a regional economic summit, the swap deal boosts an
existing agreement. Under the agreement, Iran will receive gas from

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