Turkmenistan's Gross Domestic Product (GDP) growth was estimated at 109.8 per cent for the first eight months of 2013, the Turkmen Ministry of Economy and Development said on Monday.

'All spheres of the economy are developing at a high rate. Growth in industrial sphere was fixed at 106.8 per cent and in construction at 117.5 per cent. Favourable results were achieved in trade, service and other spheres too', the report said.

As of January-August 2012, Turkmenistan's GDP growth was 111.1 per cent.

Production growth hit 112.9 per cent for the first eight months of 2013 compared to the same period last year. The retail trade turnover volume amounted to 119.8 per cent for the first eight months of this year compared to the same period of 2012.

'The high figures were achieved in the increased volume of investments from all sources of financing. The ratio of this index to GDP increased and amounted to 46.1 per cent', the report said.

Turkmenistan holds one of the key positions in the region in terms of natural gas supplies. Russia, China and Iran are importers. The country's leadership has taken the course for economic diversification. The oil and gas processing sphere, textile industry, cotton processing industry and production of construction materials have been recently developed.

The growth in oil and gas condensate production was observed with the execution of the plan and amounting to 106.3 per cent for the first eight months of 2013, compared to the same period of 2012.

The volume of oil processing and production of oil products has increased. The growth of gasoline production amounted to 103 per cent, polypropylene - 103.5 per cent and the plan was executed by 112.9 per cent and 106.7 per cent respectively.