The Turkic Economic Outlook for January–September 2025 has been released by the Turkic World Research Center, operating under the Center for Analysis of Economic Reforms and Communication, in cooperation with the Organization of Turkic States (OTS). The report is published in eight languages and provides a comprehensive assessment of macroeconomic performance, trade dynamics, fiscal developments, and structural transformation trends across the OTS region during the first nine months of 2025.

During January–September 2025, the economies of the Organization of Turkic States continued to outperform the global economy. Average GDP growth across OTS members reached approximately 6 percent, compared with an estimated global growth rate of around 3 percent. In nominal terms, the combined GDP of OTS countries amounted to USD 1.79 trillion, corresponding to roughly 2 percent of global GDP over the same period. Growth performance remained broad-based across the region. Kyrgyzstan recorded GDP growth of about 10 percent, followed by Uzbekistan at 7.2 percent, Hungary at 6.5 percent, Northern Cyprus at 6.4 percent, Kazakhstan and Turkmenistan at around 6.3 percent each. Türkiye maintained growth of around 4 percent, while Azerbaijan recorded growth of 1.3 percent.

Trade activity remained a central pillar of economic performance. Total trade turnover of OTS countries reached approximately USD 958.5 billion during January–September 2025, accounting for about 3.6 percent of global trade. This share exceeds the region’s weight in global GDP, underlining the high degree of external integration of OTS economies. Energy-exporting members preserved trade surpluses, with Azerbaijan posting a surplus of around USD 0.9 billion and Kazakhstan maintaining a surplus of approximately USD 7.7 billion. Uzbekistan recorded strong export growth driven by manufacturing, agriculture.

Investment activity remained robust across much of the region. Fixed capital investment expanded in most OTS economies, supported by large infrastructure pipelines, transport and logistics projects, and energy-related investments. Financial sector indicators pointed to expanding intermediation, with banking assets exceeding USD 1.05 trillion in Türkiye and growing at double-digit rates in Kazakhstan and Uzbekistan. Investment flows were increasingly concentrated in energy infrastructure, manufacturing capacity, logistics, and digital services, reflecting both public investment programs and targeted foreign direct investment.

Fiscal outcomes during the period reflected expanding revenue bases and elevated nominal spending levels. Public revenues increased across all reporting OTS economies, supported by economic growth, improved tax administration, and, in energy exporters, hydrocarbon revenues. Expenditure growth remained significant, largely driven by infrastructure development, social spending, and strategic investments in green and digital transformation. Fiscal positions varied across countries, with some maintaining fiscal space and others facing tighter balances, but overall budget policy remained growth-supportive.

Progress in green and digital transformation translated into measurable economic activity, although outcomes remained uneven across members. Renewable energy investments expanded through new solar, wind, and grid projects, while digitalization advanced via e-government platforms, digital tax administration, and smart-infrastructure initiatives. Digital public services supported revenue mobilization and administrative efficiency, while green investments contributed to longer-term energy diversification objectives.

Connectivity continued to strengthen as a structural driver of growth. Freight volumes along the Trans-Caspian East–West route increased multiple times compared with pre-2022 levels, reinforcing the strategic role of OTS economies as a transit hub between Asia and Europe. Investments in ports, railways, border crossings, and digital customs systems supported rising transit flows and trade-related services output across the region.

Overall, January–September 2025 data confirm that OTS economies are growing faster than the global average, trading more intensively than their economic size would suggest, and allocating increasing resources to investment, connectivity, and structural transformation. Continued progress in diversification, regional integration, and infrastructure development is expected to support growth momentum into the final quarter of 2025 and beyond.

"Turkic Economic Review" is traditionally presented in 8 languages, including those of the member and observer states of the Turkic Council, as well as in English. You can explore the publications in the following languages through the links below:

In Azerbaijani:  https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_az.pdf

In English:    https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_en.pdf

In Russian:    https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_ru.pdf

In Turkish:    https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_tr.pdf

In Hungarian:    https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_hu.pdf

In Uzbek:   https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_uz.pdf

In Kazakh:   https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_kz.pdf

In Kyrgyz:   https://ereforms.gov.az/turkic-economic-review-2025-january-september-no-3_doc_kr.pdf