GDP growth reaches 7.3%

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The GDP of Mongolia reached 8.6 trillion MNT at 2010 constant price in the first half of this year, surging by 590.5 billion MNT (7.3 percent) year-over-year, reported the National Statistics Office last week.

GDP at current price amounted to 17.7 trillion MNT, up by 2.3 trillion MNT (14.9 percent) compared to same period of last year.

The GDP growth was primarily driven by to increases in industry, construction, and service sectors. The industry and construction sector rose by 230.7 billion MNT, or 9.3 percent, in the first half of the year, while the service sector went up by 248.2 billion MNT, or 7.4 percent.

In the first half of this year, seasonally adjusted GDP at 2010 constant price rose by 1.1 percent compared to the previous quarter. By preliminary estimation of expenditure approach, GDP at current price surged by 14.9 percent compared to the first half of 2018, reaching 17.7 trillion MNT. However, GDP at 2010 constant price amounted to 8.5 trillion MNT, increasing by 574 billion MNT (7.2 percent) year-over- year. This increase was attributed to a 779.3 billion MNT (24.9 percent) rise in gross capital formation, according to the National Statistics Office.

At the end of June, the shares of final consumption, gross capital formation and net export in GDP became 61.7 percent, 39.8 percent and -1.5 percent respectively. Compared the first half of 2018, the share of final consumption in GDP decreased by 2.6 percentage points, while shares of gross capital formation and net exports in GDP increased by 1.4 and 1.2 percentage points respectively

Dulguun Bayarsaikhan