ULAN BATOR, Feb. 17 (Xinhua) -- Mongolia's gross domestic product (GDP) expanded by 4.9 percent year-on-year in 2024, official data released by the country's National Statistics Office (NSO) showed Monday.

The country's GDP for the year totaled 80.0 trillion Mongolian Tugriks (over 23.1 billion U.S. dollars), the NSO said in a report.

The economic growth was primarily driven by significant expansions in the mining and service sectors, which played a pivotal role in the overall performance of the Mongolian economy.

Mongolia, known for its rich natural resources, has long relied on the mining sector as a central pillar of its economic development.

In 2023, the country's economy grew by 7.0 percent, largely supported by the mining sector, according to the NSO. Enditem

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