Mongolia Q1 GDP Growth Strongest in 2 Years

Mongolia’s economy expanded 7.7% in the first half of 2026 compared to the same period a year earlier. The expansion was driven mainly by strong growth in mining and quarrying (31.5%) and agriculture (11.3%). Meanwhile, services (3.8%) and manufacturing and construction (4.1%) recorded more modest growth. On the expenditure side, total capital accumulation declined 14.5%, largely due to a 38.6% drop in changes in tangible working capital. Government spending increased 4.2%, while household consumption edged up 0.5%. On a seasonally adjusted quarterly basis, the economy grew 1.4% in the second quarter of 2026, slowing from a 3.1% expansion in the previous quarter.

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.