GDP OF MONGOLIA INCREASED BY 4.8 PERCENT

Ulaanbaatar, February 20, 2023 /MONTSAME/.  In 2022, by preliminary estimation of production approach, Gross Domestic Product (GDP) at current prices was MNT 52.9 trillion, which is increased by MNT 9.3 trillion (21.4%) compared to the previous year. GDP at 2015 constant prices was MNT 28.4 trillion, which is increased by MNT 1.3 trillion (4.8%) compared to the previous year.

According to the National Statistics Office of Mongolia, GDP at 2015 constant prices decreased by 4.6% in 2020 but increased by 1.6%, 4.8 in 2021, and 2022. In the fourth quarter of 2022, seasonally adjusted GDP at 2015 constant prices increased by 3.2% compared to the previous quarter.

To 4.8% increase in GDP at 2015 constant prices in 2022,

• agriculture sector contributed 1.7 percentage points,
• mining and quarrying sector contributed -1.6 percentage points,
• industry and construction sectors contributed 0.8 percentage points,
• service sector contributed 2.6 percentage points and
• net taxes on products contributed 1.4 percentage points.

The value added of mining and quarrying sector at 2015 constant prices was MNT 3.3 trillion, which is decreased by MNT 440.0 billion (11.9%) compared to the previous year. This decrease was mainly due to 26.9% decrease in extraction of iron ore, concentrate and 45.0% decrease in extraction of crude oil compared to the previous year.

The value added of the industry and construction sector at 2015 constant prices was MNT 4.0 trillion, which is increased by MNT 228.7 billion (6.1%) compared to the previous year.

This increase was mainly due to 7.9% increase in value added of construction sector and 6.3% increase in value added of manufacturing sector compared to the previous year.

The value added of the service sector at 2015 constant prices in 2022 was MNT 13.3 trillion, increased by MNT 699.8 billion (5.5%) compared to previous year. This increase was mainly due to 8.0% increase in value added of wholesale and retail trade, and 6.9% increase in value added of communication and information sector, compared to the previous year.

Source:https://montsame.mn/en/read/313453