The Mongolian economy expanded 8.6 percent year-on-year in the first quarter of 2019, well above 6.2 percent a year earlier. It was the strongest expansion since the third quarter of 2014 when it jumped 9.1 percent. The services sector was the main driver of growth (6.5 percent vs 5.3 percent a year earlier), followed by wholesale & retail trade (13.9 percent vs 7.3 percent) and mining & quarrying (14.4 percent vs 3.0 percent) while transport & storage rebounded (3.2 percent vs -0.1 percent). Meanwhile, output slowed for manufacturing (2.6 percent vs 8.9 percent) and construction (6.4 percent vs 19.1 percent). On a seasonally adjusted basis, the economy grew 0.1 percent over the previous quarter. GDP Annual Growth Rate in Mongolia averaged 5.59 percent from 1991 until 2019, reaching an all time high of 17.50 percent in the fourth quarter of 2011 and a record low of -9.30 percent in the fourth quarter of 1992.
GDP Annual Growth Rate in Mongolia is expected to be 5.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Mongolia to stand at 5.80 in 12 months time. In the long-term, the Mongolia GDP Annual Growth Rate is projected to trend around 5.00 percent in 2020, according to our econometric models.