Mongolia Q3 GDP Strongest in Over a Year

Mongolia’s economy grew by 5.9% year-on-year in the third quarter of 2025, accelerating from a 5.6% expansion in the previous three-month period. This marked the fastest economic growth since the first quarter last year, mainly driven by a strong performance for mining and quarrying (1.1% vs 0.1% in Q2) and in the industry and construction sectors (1.1% vs 0.1%), particularly in manufacturing. In contrast, output growth slightly softened for agriculture (3.4% vs 3.6%) and in the services sector (0.6% vs 0.7%), due to declines in wholesale and retail and transportation. On a seasonally adjusted quarterly basis, the GDP expanded by 1.4% in Q3, following a 1.6% gain in the preceding period.

The gross domestic product of Mongolia expanded by 5.6% in the second quarter of 2025, accelerating from a 2.4% growth in the previous three-month period. This marked the strongest economic growth since the second quarter of last year, mainly driven by a strong performance in the agricultural sector (3.6% vs 1% in Q1). Additionally, production rose for industry and construction sectors (1% vs 0.4%), primarily in construction. On the other hand, output in services moderated (0.7% vs 1.2%), as wholesale and retail (-0.7% vs -0.6%) and transportation (-0.6% vs -1.2%) continued to decline, while other services slowed (1.4% vs 2.4%). On a seasonally adjusted quarterly basis, the country’s economy grew by 1.6% in Q2, following a 0.4% expansion in the preceding period.

Mongolia's economy grew by 2.4% year-on-year in the first quarter of 2025, slowing from a 4.9% expansion in the previous three-month period. This marked the weakest economic growth since the second quarter of 2022, amid contractions in transportation (-1.2%) and wholesale and retail trade (-0.6%), while construction activity remained flat. Meanwhile, output increased for agriculture (1.0%), manufacturing (0.4%), and services (1.2%).