AEIR 2022

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 37.0 (Apr22)38.0 35.0
Broad Money Growth 2 6.6 (Feb22)6.6 10.6
Headline Inflation Rate 3 14.4 (Mar22)14.2 2.5
Industrial/ Manufacturing Production Growth Rate 3 -5.2 (Jun20)-25.3 -7.8
Merchandise Export Growth 3 14.4 (Mar22)14.4 -7.8
Exchange Rate Index 4 247.9 (Apr22)236.5 232.2
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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