Mongolia GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

5.6

Units In

7.8

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	6.01 %	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 grew by 5% year-on-year in the third quarter of 2024, following a 5.6% expansion in the previous three-month period. Output growth slowed for mining & quarrying (11.4% vs 15.4%), manufacturing (0.1% vs 6.3%), construction (7.8% vs 19.5%), transportation & storage (15.7% vs 24.7%), and information & communication (14.4% vs 17.4%). On the other hand, output increased for wholesale and retail trade; repair of motor vehicles and motorcycles (7.9% vs 6.8%) and services (8.6% vs 7.1%).