Mongolian economy grows by 5.1 pct in 2017

ULAN BATOR, Feb. 14 (Xinhua) -- Mongolia's economy grew by 5.1 percent year on year in 2017, compared to a growth rate of 1.0 percent in the previous year, data released by the country's National Statistics Office showed Wednesday.

The figure was higher than the 3.3 percent forecast by the International Monetary Fund.

Gross domestic product (GDP) totaled 16.9 trillion MNT (8.544 billion U.S. dollars) in 2017, an increase of 826 billion MNT (417.6 million dollars) compared to the previous year.

Robust growth in exports, tax hikes and the service sector are the key factors in the growth of the economy.