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Growth in Mongolia accelerated from 1.2% in 2016 to 5.1% in 2017, due largely to higher coal exports and increased investments, which were brought about by the development at the Oyu Tolgi copper and gold mine. Gross capital formation also proved to be a significant driver of growth. In 2017, gross capital formation increased by 36.2%. Forecasts show that growth will lose steam in 2018 and pick back up in 2019, at 3.8% and 4.3%, respectively. This growth in Mongolia’s economy will be supported by foreign direct investments, which are expected to increase by roughly $1 billion in the next two years.
Source: Asian Development Outlook 2018, ADB.
| Latest | Month-Ago | Year-Ago | |
|---|---|---|---|
| Composite Stock Price Index 1 | 19.0 (Jul18) | 19.0 | 13.0 |
| Headline Inflation Rate 2 | 7.2 (Jun18) | 6.2 | 2.5 |
| Industrial/ Manufacturing Production Growth Rate 2 | -2.4 (Jun18) | 4.1 | 28.5 |
| Merchandise Export Growth 2 | 16.5 (Jun18) | 16.5 | 24.9 |
| 1 Monthly average, local index. 2 y-o-y, %. | |||
| Source: Bloomberg LP; CEIC database. | |||
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