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📊 Mongolia’s economy expanded by 7.5% year on year in the second quarter of 2026, supported primarily by strong growth in mining and agriculture. The first-half expansion reached 7.7%, maintaining solid economic momentum despite uneven performance across sectors.

⛏️ Mining and quarrying remained the largest growth driver, expanding 29.6% and contributing 3.2 percentage points to Q2 GDP growth. Agriculture grew 11.3%, adding another 2.2 percentage points, while transport and logistics expanded 19.2% and contributed 0.6 percentage points. Together, these sectors accounted for the majority of Mongolia’s economic expansion.

🚚 Mining-linked activity continued to support the broader economy. The recovery in coal exports and continued growth in copper shipments strengthened mining output and transport activity. Construction expanded 7.4%, manufacturing rose 6.3%, and information and communication increased 5.7%, while trade and services remained broadly flat.

📉 Growth, however, remains relatively concentrated. Mining, agriculture and transport together contributed 6.2 percentage points of the 7.7% growth recorded in the first half of 2026. This highlights the economy’s continued sensitivity to commodity exports, external demand and agricultural conditions.

📌 Key Takeaways

• Q2 2026 GDP growth: 7.5% YoY

• H1 2026 GDP growth: 7.7% YoY

• ⛏️ Mining: +29.6%, contributing 3.2 pp to Q2 growth

• 🌾 Agriculture: +11.3%, contributing 2.2 pp

• 🚚 Transport & logistics: +19.2%, contributing 0.6 pp

• Mining, agriculture and transport generated the bulk of first-half growth.

💡 Ard Insight

Mongolia’s growth profile remains strongly leveraged to its commodity cycle. Stronger coal and copper exports are generating spillover effects across transport, logistics and related industries, providing a solid near-term growth base. However, the concentration of growth in a small number of sectors also leaves the economy exposed to commodity-price volatility, Chinese demand and external trade conditions.

For growth to become more resilient, a broader acceleration in manufacturing, construction, trade and other non-mining services will be increasingly important in the second half of the year.

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