AEIR 2021

After 3 years of robust growth, Mongolia’s economy contracted by 5.3% in 2020 due to the effects of a retrenchment in mining and COVID-19 pandemic-related restrictions. It was the first drop in 11 years and the steepest since 1992. While agriculture grew by 6.2%, industry and services together contracted 7.7%. On the demand side, growth in net exports and in private and public consumption failed to cushion the effects of a 28.8% decline in net foreign direct investment. With favorable terms of trade, as well as high export demand for minerals, GDP is forecast to grow by 4.8% in 2021 and by 5.7% in 2022 as business sentiment improves and the pandemic eases.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 40.0 (Oct21)44.0 17.0
Broad Money Growth 2 22.9 (Mar21)22.9 19.6
Headline Inflation Rate 3 9.6 (Sep21)8.9 1.7
Industrial/ Manufacturing Production Growth Rate 3 -5.2 (Jun20)-25.3 -7.8
Merchandise Export Growth 3 20.7 (Sep21)20.7 28.3
Exchange Rate Index 4 232.3 (Oct21)232.3 232.0
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database.

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