Overview
This analysis compares Turkmenistan’s state budgets across five years (2022-2026), showing the growth trajectory of various budget categories.
Table 1: Overall State Budget Summary
| Category | 2022 | 2023 | 2024 | 2025 | 2026 |
| State Budget Total (million manat) | 85,619.2 | 95,117.7 | 102,313.5 | 123,798.1 | 131,845.1 |
| State Budget Total (US$ billion) | 24.46 | 27.17 | 29.23 | 35.37 | 37.67 |
| Growth from previous year | – | +11.1% | +7.6% | +21.0% | +6.5% |
| First-Level Budget (million manat) | 25,796.0 | 29,147.0 | 32,865.0 | 36,500.0 | 36,500.0 |
| First-Level Budget (US$ billion) | 7.37 | 8.32 | 9.39 | 10.43 | 10.43 |
Table 2: Centralized Budget
| Category | 2022 | 2023 | 2024 | 2025 | 2026 |
| Centralized Budget (million manat) | 77,421.5 | 85,378.7 | 91,544.7 | 111,987.6 | 119,703.3 |
| Centralized Budget (US$ billion) | 22.12 | 24.39 | 26.15 | 31.99 | 34.20 |
| Growth from previous year | – | +10.3% | +7.2% | +22.3% | +6.9% |
| First-Level (within Centralized) (million manat) | 17,598.2 | 19,408.0 | 22,096.2 | 24,689.6 | 24,358.2 |
| First-Level (within Centralized) (US$ billion) | 5.03 | 5.54 | 6.31 | 7.05 | 6.96 |
Table 3: Local Budgets Total
| Category | 2022 | 2023 | 2024 | 2025 | 2026 |
| Total Local Budgets (million manat) | 11,299.0 | 12,393.0 | 13,755.0 | 15,307.0 | 15,521.0 |
| Total Local Budgets (US$ billion) | 3.23 | 3.54 | 3.93 | 4.37 | 4.43 |
| Growth from previous year | – | +9.7% | +11.0% | +11.3% | +1.4% |
Table 4: Local Budget Distribution by Region (million manat)
| Region | 2022 | 2023 | 2024 | 2025 | 2026 |
| Ashgabat City | 2,019.7 | 2,205.6 | 2,443.1 | 2,739.6 | 2,742.8 |
| Arkadag City | – | – | 236.7 | 283.2 | 299.9 |
| Ahal Province | 1,399.7 | 1,548.8 | 1,658.9 | 1,828.6 | 1,893.8 |
| Balkan Province | 1,287.3 | 1,404.6 | 1,538.7 | 1,657.4 | 1,662.3 |
| Dashoguz Province | 2,058.1 | 2,265.8 | 2,478.5 | 2,780.2 | 2,808.7 |
| Lebap Province | 2,325.2 | 2,547.3 | 2,781.1 | 3,084.3 | 3,125.6 |
| Mary Province | 2,209.0 | 2,420.9 | 2,618.0 | 2,933.7 | 2,987.9 |
Note: Arkadag City was established as a new administrative entity and appears in the budget from 2024 onwards.
Table 5: Centralized Budget Allocations to Provinces (million manat)
These are transfers from the Centralized Budget to ensure balanced provincial budgets:
| Province/City | 2022 | 2023 | 2024 | 2025 | 2026 |
| Arkadag City | – | – | 211.3 | 240.9 | 256.9 |
| Ahal Province | 187.7 | – | – | – | – |
| Dashoguz Province | 1,520.3 | 1,605.6 | 1,685.4 | 1,956.0 | 1,911.3 |
| Lebap Province | 1,051.4 | 1,026.6 | 1,089.5 | 1,299.6 | 1,211.0 |
| Mary Province | 341.8 | 21.8 | – | – | – |
| TOTAL ALLOCATIONS | 3,101.2 | 2,654.0 | 2,986.2 | 3,496.5 | 3,379.2 |
Table 6: Tax Deduction Standards to Local Budgets (%)
Ashgabat City
| Tax Type | 2022 | 2023 | 2024 | 2025 | 2026 |
| VAT | 5.7% | 2.0% | 1.4% | 5.0% | 5.1% |
| Profit/Income Tax | 5.7% | 1.8% | 1.4% | 4.5% | 5.0% |
| Subsoil Use Tax | 5.7% | 2.0% | 1.4% | 4.5% | 6.0% |
Arkadag City (from 2024)
| Tax Type | 2024 | 2025 | 2026 |
| VAT | 100.0% | 100.0% | 100.0% |
| Profit/Income Tax | 100.0% | 100.0% | 100.0% |
| Subsoil Use Tax | 100.0% | 0% | 0% |
Ahal Province
| Tax Type | 2022 | 2023 | 2024 | 2025 | 2026 |
| VAT | 100.0% | 97.0% | 90.0% | 96.0% | 96.0% |
| Profit/Income Tax | 100.0% | 96.0% | 90.0% | 96.0% | 96.0% |
| Subsoil Use Tax | 100.0% | 97.0% | 90.0% | 95.0% | 97.0% |
Balkan Province
| Tax Type | 2022 | 2023 | 2024 | 2025 | 2026 |
| VAT | 7.7% | 8.4% | 28.0% | 33.0% | 25.0% |
| Profit/Income Tax | 7.7% | 8.4% | 28.0% | 32.0% | 25.0% |
| Subsoil Use Tax | 7.7% | 8.0% | 27.0% | 32.0% | 24.0% |
Dashoguz Province
| Tax Type | 2022-2026 |
| All Three Tax Types | 100.0% |
Lebap Province
| Tax Type | 2022-2026 |
| All Three Tax Types | 100.0% |
Mary Province
| Tax Type | 2022 | 2023 | 2024 | 2025 | 2026 |
| VAT | 100.0% | 100.0% | 87.0% | 80.0% | 80.0% |
| Profit/Income Tax | 100.0% | 100.0% | 87.0% | 82.0% | 81.0% |
| Subsoil Use Tax | 100.0% | 100.0% | 88.0% | 80.0% | 81.0% |
Table 7: Budget Execution Data (Actual Revenues and Expenditures)
| Year Executed | Revenues (million manat) | Revenues (US$ billion) | Expenditures (million manat) | Expenditures (US$ billion) | Surplus/Deficit (million manat) |
| 2022 | 124,299.1 | 35.51 | 117,601.1 | 33.60 | +6,698.0 |
| 2023 | 119,007.6 | 34.00 | 116,223.8 | 33.20 | +2,783.8 |
| 2024 | >130,000* | >37.1* | 116,000* | 33.1* | +14,000* |
*Approximate figures reported in the 2026 budget adoption announcement
Key Observations
Overall Growth
- 2022-2026 Total Growth: The State Budget increased by 54.0% in manat terms (from 85.6 billion to 131.8 billion manat)
- Largest Annual Growth: 2025 saw the highest year-over-year increase at 21.0%
- In USD Terms: Growth from $24.46 billion (2022) to $37.67 billion (2026) represents a 54.0% increase
Regional Patterns
- Dashoguz and Lebap Provinces consistently receive 100% of all three tax types and significant centralized budget allocations, indicating they need more fiscal support
- Balkan Province shows the most dramatic increase in tax retention, jumping from 7-8% (2022-2023) to 25-33% (2024-2025), likely reflecting increased economic activity
- Ashgabat City has variable tax retention rates, fluctuating between 1.4% and 6.0% across different years
- Arkadag City, newly established, receives 100% of VAT and income tax but 0% of subsoil use tax
Budget Structure
- Centralized Budget represents approximately 90% of the total State Budget across all years
- Local Budgets have grown steadily but remain around 11-12% of the total budget
- First-Level Budgets within both State and Centralized budgets appear to represent core administrative/operational costs
Budget Execution
- All three years with available data (2022-2024) show budget surpluses
- 2022 had the largest surplus: 6.7 billion manat
- The government consistently generates more revenue than initially budgeted
Protected Expenditure Categories
All five budget laws identify the same protected categories:
- Wages
- Pensions
- State benefits
- Student allowances
Exchange Rate Used: All conversions use the official Turkmenistan Central Bank rate of 1 USD = 3.50 manat, which has remained constant throughout the period. /// nCa, 25 November 2025