The region
Eighteen countries, outgrowing the euro area over a decade
Eighteen countries make up the Greater Caspian Region, grouped below by sub-region; some belong to more than one. Region-wide figures and our definition are on our Greater Caspian Region page.
The map
The eighteen, by sub-region
We address the eighteen as one region, not as eighteen separate markets.
- Real GDP, annual, 2014–2024
- Leading exports
Growth
Growth, 2014–2024
Compound annual growth of real GDP, 2014–2024
+28.7%
The eighteen, decade total
These figures show compound annual growth of real GDP. Over the decade the region grew at 2.6% a year, against 1.5% for the euro area, and Central Asia at 3.6%. The gap widens to almost three to one across the final five years.
Our own calculation from annual real gross domestic product growth by country, compiled by countryeconomy.com from International Monetary Fund, World Bank, Eurostat and national statistical office accounts (read 3 August 2026). The euro-area figure uses the same method and source data.
Country by country
Growth by country, fastest first
Compound annual growth of real gross domestic product over the ten years to 2024, fastest first. Nine of the eighteen compounded at 3% a year or better across a decade that included a pandemic. The exports column lists each country's leading commodity categories by value.
| Tajikistan | Raw aluminium, gold, zinc ore, lead ore, raw cotton | |
|---|---|---|
| Uzbekistan | Gold, cotton yarn, copper wire, petroleum gas, fertilisers | |
| Georgia | Copper ore, ferroalloys, cars (re-export), wine, refined petroleum | |
| Turkey | Cars and vehicle parts, machinery, gold and jewellery, steel | |
| Armenia | Copper ore, gold, jewellery, ferroalloys and tobacco | |
| Kyrgyzstan | Gold, precious-metal ores and refined petroleum | |
| Turkmenistan | Petroleum gas and natural gas, refined petroleum, fertilisers | |
| Pakistan | House linens, textiles and apparel, and rice | |
| Romania | Cars and vehicle parts, insulated wire, circuit boards | |
| Kazakhstan | Crude petroleum, gold, refined copper, ferroalloys, uranium | |
| Bulgaria | Refined copper, refined petroleum, electricity, wheat, medicines | |
| Iran | Ethylene polymers, petroleum gas, nuts, iron ore, aluminium | |
| Moldova | Insulated wire, sunflower seeds, wheat, wine, iron bars | |
| Russia | Crude and refined petroleum, gas, coal, gold, wheat, fertilisers | |
| Azerbaijan | Crude petroleum and petroleum gas, refined petroleum, gold | |
| Belarus | Potassic fertilisers, refined petroleum, rapeseed oil, sawn wood | |
| Afghanistan | Gold, grapes, nuts, tropical fruits and raw cotton | |
| Ukraine | Corn, sunflower and seed oils, wheat, iron ore, rapeseed |
Our own calculation from the annual growth series cited above; export categories from the Observatory of Economic Complexity. Two of the eighteen contracted over the decade; both are included in the regional figures at the top of this page.
Our reach
Participation in our forums
13/ 18
countries whose ministers, ambassadors and institutions have taken part in our forums
- Azerbaijan (has taken part)
- Iran
- Kazakhstan (has taken part)
- Russia (has taken part)
- Turkmenistan (has taken part)
- Armenia
- Georgia (has taken part)
- Afghanistan (has taken part)
- Kyrgyzstan (has taken part)
- Tajikistan (has taken part)
- Uzbekistan (has taken part)
- Belarus
- Bulgaria (has taken part)
- Moldova
- Romania
- Turkey (has taken part)
- Ukraine (has taken part)
- Pakistan (has taken part)
Two serving prime ministers of Georgia opened our forums in 2019 and 2020. Turkmenistan's Permanent Mission to the United Nations in Geneva co-organised our War, Peace and Neutrality Forum in October 2025. Azerbaijan hosted our 2024 edition at ADA University, alongside COP29.
The complete event record is on our Events page.
