Mongolia’s GDP up by 8.6pc in Q1

20 May, 2019 12:00 AM printer

ULAN BATOR: Mongolia's gross domestic product (GDP) expanded 8.6 percent year-on-year in the first quarter of 2019, data released by the country's National Statistical Office (NSA) revealed on Thursday.

It was the strongest GDP growth rate since the third quarter of 2014 when the figure stood at 9.1 percent, it showed, reports Xinhua.

The Asian country's GDP totaled 3.5 trillion Mongolian tugriks (1.3 billion U.S. dollars) in the January-March period and the growth was mainly attributed to a significant increase in commodity exports and higher commodity prices on the international market, according to the NSA.

Mongolia's GDP grew 6.9 percent year-on-year in 2018 thanks to steady commodity exports, a recovery in direct foreign investment, improved business sentiment and the government's economic adjustment program.

The World Bank has predicted that Mongolia's economy would grow by 7.2 percent in 2019 and 6.9 percent in 2020.