Mongolia Q1 GDP Growth Strongest in 2 Years

Mongolia’s economy expanded by 7.9% year-on-year in the first quarter of 2026, accelerating from 6.8% growth in the previous quarter and marking the strongest pace since Q1 2024.The expansion was driven mainly by stronger activity in mining and quarrying (5.0% vs 1.4% in Q4), alongside improved performance in the services sector (2.2% vs 1.0%), particularly transportation services (0.9%). Meanwhile, growth moderated for agriculture (0.4% vs 2.9%), while industry and construction sectors also slowed (0.1% vs 1.5%). On a seasonally adjusted quarterly basis, the GDP rose by 3.1% in Q1, picking up from a 0.7% gain in the previous three-month period.

Mongolia’s economy expanded by 6.8% year-on-year in the fourth quarter of 2025, accelerating from a 5.9% growth in the previous three-month period. This marked the strongest economic growth since the first quarter of 2024, driven by strong performances in mining and quarrying (1.4% vs 1.1% in Q3) and in the industry and construction sectors (1.5% vs 1.1%). Additionally, output increased faster in the services sector (1% vs 0.6%), particularly for transportation. On the other hand, growth softened for agriculture (2.9% vs 3.4%). On a seasonally adjusted quarterly basis, the GDP grew by 0.7% in Q4, slowing from a 1.4% gain in the preceding period.

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.