The “Turkic Economic Review”, jointly published by the Center for Analysis of Economic Reforms and Communication (CAERC) and the Secretariat of the Organization of Turkic States (OTS) in eight languages, has released its issue covering the first quarter of 2026.
Prepared by the Center for Turkic World Studies of CAERC, the review presents an analysis of the economic indicators of the OTS member states—Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan—as well as the observer members Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus (TRNC) for the first quarter of 2026. Based on the latest economic developments, the publication assesses the economic potential of OTS members and their contribution to the global economy.
In the first quarter of 2026, the Turkic states recorded a combined GDP of USD 673,557.5 million, accounting for 2.34% of the global economy. Their combined population reached 178.8 million people, representing 2.8% of the world’s population. These figures demonstrate the growing economic and demographic significance of the Turkic states.
Kyrgyzstan, Uzbekistan, and Turkmenistan recorded economic growth rates of 10.1%, 8.7%, and 8.5%, respectively, supported by sustained development in the industrial and agricultural sectors. The TRNC recorded 6.3% economic growth, while Kazakhstan achieved 3.0% growth. Türkiye, the largest economy within the Organization, posted 2.5% economic growth. Hungary’s GDP grew by 1.7%, while Azerbaijan recorded -0.3% growth.
Trade turnover remains an important indicator of both global integration and economic integration among OTS countries. In the first quarter of 2026, the total trade turnover of the Turkic states amounted to USD 326,011.55 million, equivalent to approximately 3.73% of the USD 8.75 trillion global trade volume.
Türkiye led with the highest trade turnover at USD 155,122 million. Hungary, Kazakhstan, and Uzbekistan recorded trade volumes of USD 87,445 million, USD 32,908 million, and USD 18,023 million, respectively.
Uzbekistan and Kyrgyzstan continued to record steady export growth in both agriculture and industry. These figures reflect the diversity of regional trade dynamics and the strong export performance of the Turkic states.
In the industrial sector, Kyrgyzstan, the TRNC, and Uzbekistan led with growth rates of 14.0%, 9.2%, and 8.0%, respectively. Turkmenistan’s industrial sector expanded by 2.4%, driven by large-scale production and infrastructure projects. Türkiye’s industrial sector grew by 1.1%.
In agriculture, the TRNC recorded the strongest performance with 7.9% growth. Uzbekistan’s agricultural sector grew by 5.1%, Kazakhstan by 3.4%, Kyrgyzstan by 2.8%, and Türkiye by 2.7%.
Investment, particularly in fixed capital, remains a key driver of long-term economic growth. During the first quarter of 2026, Uzbekistan and Kyrgyzstan recorded fixed capital investment growth of 29.6% and 25.5%, respectively, supported by major investments in infrastructure, energy, and manufacturing. Azerbaijan and Hungary also achieved strong growth in fixed capital investment, at 14.9% and 12.2%, respectively, reflecting increased foreign direct investment and improvements in the business environment.
The banking sector also demonstrated notable growth across the Turkic states. During the reporting period, total banking sector assets increased by 23.0% in Kyrgyzstan, 19.6% in Uzbekistan, 11.0% in Kazakhstan, 7.4% in Türkiye, 6.8% in Hungary, and 5.7% in Azerbaijan. These results reflect the strengthening of financial services supporting economic growth and investment. The banking sector of the TRNC recorded a more moderate growth rate of 5.04%.
Public finance performance remained another important indicator of economic health. Kyrgyzstan recorded the highest increases in both state budget revenues (48.8%) and expenditures (42.3%). Türkiye also registered significant growth, with state budget revenues increasing by 44.4% and expenditures by 45.5%. In Uzbekistan, state budget revenues rose by 35.0%, while expenditures increased by 24.1%. The TRNC, Kazakhstan, and Hungary also demonstrated stable growth in both revenues and expenditures, reflecting effective fiscal management.
As is customary, the “Turkic Economic Review” is published in the languages of the OTS member and observer states, as well as in English, making it available in a total of eight languages.