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) reported.

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

Mongolia’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.