Mongolia Economic Update - Robust but Unbalanced Growth (English)

Economic growth in Mongolia has been robust but uneven, with the mining sectordriving the economy while the non-mining sector lags. Growth reached 6.2 percent in the first half of 2023 (up from 5.0 percent in 2022), with more recent higher frequencydata suggesting that this momentum has been kept in the third quarter. The acceleration in growth has been uneven, mainly driven by robust growth of the miningsector, which strongly rebounded from its contraction in 2022. Non-miningsector growth, however, was timid in H1 of 2023 reflecting to some extent a slowdownfrom its strong post-pandemic growth and a contraction in agricultural production.