Ulaanbaatar
GDP of Mongolia Increased by 4.8 Percent
Economy
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.
