ASHGABAT, June 4: Turkmenistan's economy, which depends heavily on exports of natural gas, grew by 14.5 per cent in January-May in year-on-year terms, state media on Saturday quoted President Kurbanguly Berdymukhamedov as saying.

The Central Asian nation of 5.4 million does not publish macroeconomic statistics regularly, and the president, whose word is final, is the main source of such data.

“The results of the first five months show that the national economy continues to develop at a fast pace, with gross domestic product growing steadily, having risen by 14.5 per cent during this period,” Berdymukhamedov was quoted as saying during a government meeting late on Friday.

He had said earlier that the country's GDP expanded by 14.4 per cent in the first quarter of 2011 and by 9.2 per cent in 2010.

The European Bank for Reconstruction and Development said in its latest economic forecast for former communist nations last month it expected Turkmenistan's GDP to grow 10 per cent this year and next. It said Turkmen GDP rose 9.2 per cent in 2010.

Turkmenistan, which depends heavily on gas exports to former Soviet Union power Russia, pins hopes of its future prosperity on tripling natural gas output to 230 billion cubic metres by 2030, of which it plans to export 180 bcm.

While volumes purchased by Russia have fallen drastically, the country aims to boost exports to China and Iran via its existing pipelines and seeks alternative routes to Europe and to India via Afghanistan and Pakistan.—Reuters