The Center for Analysis of Economic Reforms and Communications, together with the Secretariat of the Organization of Turkish States, published the report 'Turkish Economic Review,' presented in eight languages for the first quarter of the current year. This document contains an analysis of the economic indicators of the countries that are members and observers of this organization.
General Economic Indicators
The total gross domestic product (GDP) of the Turkish states for the reporting period reached $673.557.5 billion, accounting for 2.34% of the world's economy. The total population of the region was 178.8 million people, which corresponds to 2.8% of the world's population.
Trade Turnover Dynamics
In the first quarter, the aggregate trade turnover of the Turkish states reached $326.1155 billion, which is approximately 3.73% of global trade turnover. Economic growth rates vary across countries: Kyrgyzstan showed growth at 10.1%, Uzbekistan at 8.7%, Turkmenistan at 8.5%, and Northern Cyprus (Turkish Republic of Northern Cyprus) at 6.3%. In Kazakhstan, GDP growth was 3.0%, in Turkey (the largest economy of the organization) it was 2.5%, in Hungary it was 1.7%, and in Azerbaijan it was 0.3%.
Leaders in Trade Turnover
Turkey was the absolute leader in terms of trade turnover with a sum of $155.122 billion. It was followed by Hungary with $87.445 billion, Kazakhstan with $32.908 billion, and Uzbekistan with $18.23 million. Furthermore, Uzbekistan and Kyrgyzstan demonstrated stable export growth in the agricultural and textile industries.
Growth in Industry and Agriculture
The highest growth rates in the industrial sector were achieved in Kyrgyzstan (14%) due to large production and infrastructure projects, as well as in Northern Cyprus (9.2%), Uzbekistan (8%), Turkmenistan (2.4%), and Turkey (1.1%). In the agricultural sector, the largest increase was recorded in Northern Cyprus (Turkish Republic of Northern Cyprus) at 7.9%. Meanwhile, agricultural growth in Uzbekistan was 5.1%, in Kazakhstan was 3.4%, in Kyrgyzstan was 2.8%, and in Turkey was 2.7%.