Mongolia's GDP expands 7.9 pct in Q1

ULAN BATOR, May 17 (Xinhua) -- Mongolia's gross domestic product (GDP) expanded by 7.9 percent year-on-year in the first quarter of this year, the country's National Statistics Office (NSO) said Wednesday.

This photo taken on October 6, 2017 shows North Korean workers at a construction site in the capital Ulaanbaatar. (Photo: AP)

The increase was mainly thanks to a significant growth of the mining exports, according to the NSO.

Mongolia is rich in natural resources, and the mining sector has been one of the main drivers of the country's economic growth for many years.

The landlocked Asian country's economy grew 4.8 percent in 2022 and 1.4 percent in 2021.

International banks and financial institutions are optimistic about Mongolia's economic outlook. Its GDP is projected to grow 5.4 percent in 2023 and 6.1 percent in 2024, supported by exports, recovery in mining and its positive spillover to transport and other pursuits, according to the Asian Development Bank.