The Turkic World Research Center, operating under the Center for Analysis of Economic Reforms and Communication, has presented the latest issue of the "Turkic Economic Outlook." The report, covering the period from January to June 2024, provides information on the member and observer countries of the Organization of Turkic States (OTS). It includes statistical indicators related to economic growth, industry and agriculture, investments, state budgets, banking assets, and trade dynamics.
In the first half of 2024, the total GDP of the Turkic states reached approximately 900.4 billion US dollars, representing 1.7% of the global gross domestic product, which is projected to be 54 trillion US dollars for the same period. The average GDP growth rate among the Turkic states was 5.98%, compared to the global average of 3.1%. The economic growth rate of the Turkic states is nearly double the global average, underscoring their rapid development and strengthening position as an emerging economic bloc.
Turkiye led the Turkic-speaking countries in GDP growth, recording a rate of 13.67%, and maintained the largest economy within the OTS, with a GDP volume of 594.9 billion US dollars. Kyrgyzstan reported a steady growth of 8.1%, Uzbekistan 6.4%, Kazakhstan 4.1%, and Azerbaijan 4.3%.
In terms of industrial production growth, Uzbekistan led with an increase of 7.8%. Kazakhstan recorded an increase of 2.9%, while Azerbaijan and Kyrgyzstan reported increases of 0.9% and 1%, respectively. Although Turkiye 's industrial sector experienced a decrease of 1.55%, it remains significant, with a volume of 123.5 billion US dollars. In agriculture, Uzbekistan led with a growth rate of 3.8%, followed by Kazakhstan with 3.7%, Kyrgyzstan with 3.3%, and Azerbaijan with 0.3%.
During the reporting period, the total trade turnover of the Turkic states amounted to 508.8 billion US dollars, constituting 3.18% of the projected global trade turnover of 16 trillion US dollars for the same period. The rapid economic growth and expanding trade operations are expected to further strengthen the position of the Turkic states in the global market.
Kazakhstan recorded a positive trade balance of 11.6 billion US dollars. In contrast, Turkiye 's trade deficit stood at -42.5 billion dollars, with Uzbekistan and Kyrgyzstan showing deficits of -5.8 billion and -4.4 billion dollars, respectively.
Regarding investment growth, Kyrgyzstan achieved the highest rate with 60.5%. Uzbekistan and Turkey showed growth rates of 36.6% and 12.37%, respectively, while Azerbaijan reported an investment growth of 9.4%. In the banking sector, Kyrgyzstan again stood out with a 31.7% increase, followed by Uzbekistan with a 20% increase, and Turkiye with a 16.57% increase. Azerbaijan's bank assets increased by 2.3%.
Turkiye and Azerbaijan reported increases of 26.34% and 21.7%, respectively, in budget revenues. However, Turkey also showed a significant increase of 20.11% in budget expenditures. Kazakhstan demonstrated stable financial management, with a 4% increase in both budget revenues and expenditures. Uzbekistan reported an 18.3% increase in budget revenues, accompanied by relatively modest expenditure growth. In Kyrgyzstan, budget revenues rose by 24.7%, while expenditures increased by only 6%, reflecting a prudent fiscal policy.
The application of strategic approaches is essential for enhancing economic potential. In this context, the "Turkic Economic Outlook" underscores the economic capabilities of the Turkic-speaking countries and highlights substantial growth across various sectors. The report indicates that the region is well-positioned for sustainable development, marked by GDP growth, positive trends in agriculture, and stable investment increases.
The "Turkic Economic Outlook" is traditionally available in eight languages, including those of the OTS member and observer states, as well as in English. The publications in these languages can be accessed via the following links:
- In Azerbaijani: https://tinyurl.com/yc6xydwc
- In English: https://tinyurl.com/4xac4t7p
- In Russian: https://tinyurl.com/5n8fp9z6
- In Turkish: https://tinyurl.com/22da2d9m
- In Hungarian: https://tinyurl.com/3t5c5s7b
- In Uzbek: https://tinyurl.com/ycyuu35w
- In Kazakh:https://tinyurl.com/bzpwn7bu
- In Kyrgyz: https://tinyurl.com/ybnxuj6j