Mongolia GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

4.9

Units In

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20.6 Sep 2011	-10.1 Mar 2020	5.99 %	1991-2024	National Statistical Office of Mongolia

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.

Latest Updates

The economy of Mongolia expanded by 4.9% year-on-year in the fourth quarter of 2024, compared to the 5% growth recorded in the previous three-month period. Activity slowed for mining & quarrying (10.8% vs 11.4% in Q3), wholesale and retail trade; repair of motor vehicles and motorcycles (6.6% vs 7.9%), and services (7.8% vs 8.6%). At the same time, production declined for agriculture, forestry, fishing & hunting (-28.7% vs -25%) as well as manufacturing (-1.2% vs 0.1%). Meanwhile, output growth accelerated for construction (10.4% vs 7.8%), transportation & storage (23.1% vs 15.7%), and information & communication (15.5% vs 14.4%).