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Economy / Featured News / Mongolia News / October 21, 2014

Premier about economic situation

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Gross Domestic Product (GDP) of Mongolia increased by 5.3% in the first nine months of this year against the previous year. The GDP growth was affected by almost 40% increase of the industrial sector which reached MNT 4.8 trillion.

The Prime Minister N.Altankhuyag said it in a report on the national economic situation by first nine months at a plenary meeting of the parliamentary session last Friday.

The mining industry rose by 45%, the processing industry–by 27%, energy and water supply sectors–by 21% each, a number of livestock–by 13%, and a size of harvesting–by 6.6%, he continued.

By first nine months of this year, the external trade turnover reached USD 8 billion, increasing 1.8% against the same period of 2013. The export increased 30%, whereas the import decreased by 16%, so there was almost no deficit in the external trade, the Premier said.

The price of coal, which makes 90% of the export products of Mongolia, declined at the world market by 31%, causing a problem to the national economy and the state budget, he said. “Although the coal export rose this year by 2.5 million tons against the previous year, the expected revenue from it cut by almost MNT 300 billion, so a number of budgetary and financial regulations are required,” he added.

The Premier said the inflation rate is slackening, the currency rates against Togrog are stabilizing thanks to a sustainable policy. For instance, the inflation rate has gone down from 14.9 to 13% in the last three months. In addition, a number of the unemployed decreased 10% this year against the previous year.

It is expected that the real economic growth will increase by 6.9% by end of this year due to possible investments from the “Chingis” bonds and the Development Bank of Mongolia, and joint programmes of the government and the Bank of Mongolia, the Premier emphasized.

SOURCE: Montsame




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