ULAN BATOR, May 19 (NNN-APA) – Mongolia’s gross domestic product (GDP) grew 7.8 percent year on year, in the first quarter of 2024, official data released by the country’s National Statistics Office (NSO) showed, yesterday.
The country’s GDP amounted to 16.5 trillion Mongolian tugriks (around 4.9 billion U.S. dollars) in the Jan-Mar period, the NSO said.
The service sector, mining and quarrying sector, and net taxes on products were the primary drives of the GDP growth in the first quarter, it said.
The landlocked Asian country’s economy grew 7.0 percent in 2023, according to the statistical agency.
However, the Asian Development Bank predicts that, Mongolia’s GDP growth will decline to 4.1 percent in 2024, primarily due to the contraction of the agricultural sector. Extreme wintry weather, known as “dzud,” has killed more than 7.1 million head of livestock across Mongolia last winter and this spring.
“Dzud” is a Mongolian term to describe a severely cold winter, when a large number of livestock die because the ground is frozen or covered in snow. The frequency of droughts and “dzud” caused by climate change has been increasing in Mongolia, according to experts.– NNN-APA