ULAN BATOR, May 18 (Xinhua) -- 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 Saturday.

The Asian country's GDP amounted to 16.5 trillion Mongolian tugriks (around 4.9 billion U.S. dollars) in the January-March 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. Enditem

Related

Go to Forum >>0 Comment(s)