Mongolia’s economy expands in 1st 3Qs

Mongolia’s economy expanded 5.0 per cent year-on-year during the first three quarters of 2024, reaching over $15.4 billion, the National Statistics Office (NSO) reported on Monday.

The mining and quarrying sector, along with the service sector, were the primary contributors to this economic growth.

Mongolia, known for its rich mineral resources, has historically relied on its mining industry to drive economic development. In 2023, the country’s economy expanded by 7.0 per cent, primarily fuelled by the mining sector.

Attribution: Xinhua

Subediting: M. S. Salama