ULAN BATOR (XINHUA) – Mongolia’s gross domestic product (GDP) increased by 5.6 per cent year-on-year in the first half of 2024, official data released by the country’s National Statistics Office (NSO) showed yesterday.
The Asian country’s GDP reached USD11 billion during the period, according to the NSO data.
The growth was primarily driven by the service sector, mining and quarrying, construction, and net taxes on products, according to the statistical agency.
In 2023, Mongolia’s economy grew by 7.0 per cent. However, the Asian Development Bank forecasts a slowdown in GDP growth to 4.1 per cent for 2024. The decline is mainly attributed to challenges in the agricultural sector, exacerbated by extreme winter conditions known as ‘dzud’. Last winter and spring, ‘dzud’ resulted in the death of over 7.1 million livestock across the country.
‘Dzud’ refers to a harsh winter period when the ground is either frozen or covered in snow, leading to significant livestock losses.
Experts indicate that the frequency of droughts and ‘dzud’, influenced by climate change, has been increasing in Mongolia.
