Mongolia’s GDP grows 5.0 pct in first 3Qs

ULAN BATOR, Nov. 18 (Xinhua) — Mongolia’s gross domestic product (GDP) grew by 5.0 percent year-on-year during the first three quarters of 2024, according to data released by the National Statistics Office (NSO) on Monday.
The GDP reached approximately 56.2 trillion Mongolian tugriks (over 15.4 billion U.S. dollars) from January to September, the NSO reported.
The growth was primarily driven by increased value-added contributions from the mining and quarrying sector, as well as the service sector, said the statistical agency.
Renowned for its abundant natural resources, Mongolia has long relied on its mining industry as a key driver of economic growth. In 2023, the landlocked country’s economy expanded by 7.0 percent, mainly driven by the mining sector. ■