The economy of Mongolia expanded by 7% year-on-year in the fourth quarter of 2023, from a 6.9% growth in the previous three-month period, mainly boosted by the manufacturing (5.1% vs 3.9% in Q3) and information & communication (16.4% vs 16.3%) sectors. On the other hand, output slowed for transportation & storage (39.3% vs 58.2%), mining & quarrying (23.4% vs 33.2%), construction (0.6% vs 2.1%), and wholesale & retail trade (5.7% vs 6.14%), while production declined in agriculture, forestry, fishing & hunting (-8.9% vs -9.5%). source: National Statistical Office of Mongolia

The Gross Domestic Product (GDP) in Mongolia expanded 7 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Mongolia averaged 6.01 percent from 1991 until 2023, reaching an all time high of 20.60 percent in the third quarter of 2011 and a record low of -10.10 percent in the first quarter of 2020. This page provides - Mongolia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mongolia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

The Gross Domestic Product (GDP) in Mongolia expanded 7 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Mongolia is expected to be 6.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mongolia GDP Annual Growth Rate is projected to trend around 6.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-17 09:00 AM
GDP Growth Rate YoY
Q3 6.9% 6.4% 5.2%
2024-02-19 05:30 AM
GDP Growth Rate YoY
Q4 7% 6.9% 7.1%
2024-05-16 09:30 AM
GDP Growth Rate YoY
Q1 7% 6.8%


Related Last Previous Unit Reference
GDP Growth Rate YoY 7.00 6.90 percent Dec 2023
GDP Constant Prices 8758474.30 8064217.60 MNT Million Dec 2023
GDP from Agriculture 819398.70 1084896.20 MNT Million Dec 2023
GDP from Construction 497382.30 203035.60 MNT Million Dec 2023
GDP from Manufacturing 1056920.50 579425.50 MNT Million Dec 2023
GDP from Mining 1125066.80 1118513.30 MNT Million Dec 2023
GDP from Services 2496441.40 2118677.40 MNT Million Dec 2023
GDP from Transport 604284.30 621828.90 MNT Million Dec 2023
GDP from Utilities 250525.60 138309.50 MNT Million Dec 2023
Gross Fixed Capital Formation 2910650.00 2631428.30 MNT Million Dec 2023
Gross National Product 62323580.30 47323439.10 MNT Million Dec 2023

Mongolia GDP Annual Growth Rate
Mongolia's services sector is the biggest and accounts for 43 percent of GDP. Industry has been expanding heavily in the past few years, contributing the most to economic growth and accounting for 34 percent of total output. Finally, agriculture makes up for 13 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
7.00 6.90 20.60 -10.10 1991 - 2023 percent Quarterly

News Stream
Mongolia GDP Expands in Q4
The economy of Mongolia expanded by 7% year-on-year in the fourth quarter of 2023, from a 6.9% growth in the previous three-month period, mainly boosted by the manufacturing (5.1% vs 3.9% in Q3) and information & communication (16.4% vs 16.3%) sectors. On the other hand, output slowed for transportation & storage (39.3% vs 58.2%), mining & quarrying (23.4% vs 33.2%), construction (0.6% vs 2.1%), and wholesale & retail trade (5.7% vs 6.14%), while production declined in agriculture, forestry, fishing & hunting (-8.9% vs -9.5%).
2024-02-19
Mongolia GDP Expands 6.9% in Q3
The economy of Mongolia expanded by 6.9% year-on-year in the third quarter of 2023, from a 6.4% growth in the previous three-month period, driven by a solid performance in information & communication (16.3% vs 11.4% in Q2). Positive contributions also came from manufacturing (3.9% vs 1.6%) and construction (2.1% vs 1.6%). On the other hand, output slowed for transportation & storage (58.2% vs 74%), mining & quarrying (33.2% vs 45.2%) and wholesale & retail trade (6.1% vs 6.6%), while production declined in agriculture, forestry, fishing & hunting (-9.5% vs -9.9%).
2023-11-17
Mongolia GDP Growth Eases from 2-Year High
The economy of Mongolia slowed to 6.4% year-on-year in the second quarter of 2023 from a two-year high of 7.9% growth in the previous three-month period, as output slowed for mining & quarrying (45.2% vs 49.6% in Q1), and further decreased for agriculture (-9.9% vs -5.1%). Meanwhile, positive contributions came from construction (2.4% vs -2.2%) and services sector (7.4% vs 7.1%). On a seasonally adjusted quarterly basis, the GDP expanded 0.5%.
2023-08-18