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Mongolia's GDP expands 3.7 pct in first 3 quarters

ULAN BATOR
2022-11-18 16:34

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ULAN BATOR, Nov. 18 (Xinhua) -- Mongolia's gross domestic product (GDP) expanded 3.7 percent year on year in the first three quarters of this year, official data from the country's National Statistics Office (NSO) showed Friday.

The GDP totaled 35.2 trillion Mongolian Tugriks (over 10.3 billion U.S. dollars) in the January-September period, Erdene-Ochir Myagmarkhand, a senior expert of the NSO said in a statement.

The increase was mainly attributed to a significant growth of the agricultural and mining sectors, she said.

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

Meanwhile, agriculture is a traditional sector of the Asian country, producing approximately almost 30 percent of the GDP and over 10 percent of the total exports, according to the Ministry of Food, Agriculture and Light Industry.

The Asian country's economy grew 1.4 percent in 2021.
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