| 2. Mongolian Economic Outlook
2.1. Gross Domestic Product (GDP)
For the 2007, Gross Domestic Product was 4557, 5 bln.tugriks at current prices. Compared to 2006 that was more 842.6 bln.tugriks or 22.7 percent. The GDP at 2007 constant prices has reached to 3316.5 bln.tugriks, which is increased by 9.9 percent or 299.1 bln.tugriks compared to 2006. (Figure # 1).
GDP per capita is reached 1729.6 thousand tugriks in 2007.
Economic growth has been primarily driven by agriculture (which contributed 3.4 percentage points to economic growth), and services (which contributed 4.3 percentage points). In the agriculture sector, the December 2007 annual livestock census reported an increase of 15 percent of livestock from 34.8 to 40.3 mln livestock, with the number of goats, sheep and cattle increasing by 18, 15 and 14 percent respectively. While most of the foreign direct investment (FDI) coming into Mongolia continues to go to mining, its value-added only grew by only 1.7 percent this year (mainly came from coal extraction).
The services sector continues to show a strong growth, driven in particular by transports and trade (2.1 and 1.3 points of economic growth respectively.)
/Source: World Bank- “Mongolia Quarterly” 28 Jan, 2008/
Figure # 1.
Source: World Bank- “Mongolia Quarterly” 28 Jan, 2008
Economic Indicator |
2003 |
2004 |
2005 |
2006 |
2007 |
Per capita GNI ($) |
490 |
660 |
720 |
880 |
…. |
GDP growth
(% change per year) |
5.4 |
13.3 |
7.6 |
8.6 |
9.9 |
Unemployment rate (%) |
3.5 |
3.6 |
3.3 |
3.2 |
3.0 |
Fiscal balance (% of GDP) |
-3.7 |
-1.8 |
2.6 |
3.3 |
2.2 |
Export growth
(% change per year) |
16.2 |
39.0 |
22.5 |
44.6 |
22.5 |
Import growth
(% change per year) |
9.8 |
8.9 |
21.8 |
23.6 |
41.3 |
External debt (% of GNI) |
115.1 |
93.1 |
64.8 |
55.5 |
… |
Figure # 2. Mongolia: Economic Indicators, 2003–2007
CPI = consumer price index, GDP = gross domestic product,
GNI = gross national income.
Sources: ADB. 2008. Asian Development Outlook 2008. Manila.
World Bank. 2008. Global Development Finance Online.
World Bank. 2008. World Development Indicators Online. |
