(MENAFN- IANS) Ulan Bator, May 17 (IANS) Mongolia's gross domestic product (GDP) expanded by 7.9 per cent year-on-year in the first quarter of this year, the country's National Statistics Office (NSO) said on Wednesday.
The increase was mainly thanks to a significant growth of the mining exports, according to the NSO.
Mongolia is rich in natural resources, and the mining sector has been one of the main drivers of the country's economic growth for many years, reports Xinhua news agency.
The landlocked Asian country's economy grew 4.8 per cent in 2022 and 1.4 per cent in 2021.
International banks and financial institutions are optimistic about Mongolia's economic outlook.
Its GDP is projected to grow 5.4 per cent in 2023 and 6.1 per cent in 2024, supported by exports, recovery in mining and its positive spillover to transport and other pursuits, according to the Asian Development Bank.
--IANS
ksk/
MENAFN17052023000231011071ID1106261043
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment