February 15, 2019 / 3:25 AM / a year ago

Mongolia posts 6.9 pct economic growth in 2018

ULAANBAATAR, Feb 15 (Reuters) - Mongolia saw its economy grow 6.9 percent in 2018, beating expectations and accelerating from 5.3 percent growth in the previous year, the country’s statistics office said on Friday.

An increase in foreign trade, particularly mining products like coal and copper, most of which are sold to neighboring China, helped drive the growth.

The 2017 growth rate was revised up from a previous estimate of 5.1 percent.

The country was forced to turn to the International Monetary Fund for assistance in 2017 after a collapse in foreign investment and commodity prices left the government heavily in debt and put its currency, the tugrik, into freefall. (Reporting by Munkhchimeg Davaasharav Writing by David Stanway; Editing by Simon Cameron-Moore)

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