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.
|Composite Stock Price Index 1||39.0 (Nov21)||40.0||17.0|
|Broad Money Growth 2||22.9 (Mar21)||22.9||19.6|
|Headline Inflation Rate 3||10.5 (Nov21)||9.7||3.5|
|Industrial/ Manufacturing Production Growth Rate 3||-5.2 (Jun20)||-25.3||-7.8|
|Merchandise Export Growth 3||50.3 (Nov21)||50.3||34.0|
|Exchange Rate Index 4||232.7 (Dec21)||232.7||232.3|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
Initiatives / FTAs
ADB Working Paper Series0 items
on Regional Economic
Studies and Research