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ECONOMY POSTS 6.1 PERCENT GROWTH

ECONOMY POSTS 6.1 PERCENT GROWTH
29
May

ECONOMY POSTS 6.1 PERCENT GROWTH

According to the National Statistical Office preliminary performance report of the first quarter of 2018, MNT 3.2 trillion was in circulation in the economy, which means MNT 188 billion increase compared to same period of last year. 

Mongolian economic growth increased to 6.1 percent. The World Bank’s forecast on economic growth of Mongolia in 2018 is 3.1 percent. However, the economy is expected to accelerate this year and exceed international forecasts, according to domestic analysts. Prices of natural resources with significant influence to the economy including copper, gold and coal are relatively high. Increased coal transport passages at border crossing of Mongolia and China allowed 1000-1400 vehicles cross the border daily, intensifying coal exports in the second quarter. On the other hand, increase in foreign investment and expectations of moving megaprojects’forward are showing positive impact on the economy. Mongolia’s economy is dependent on mining product prices. The experts emphasize that the high prices for coal and copper on global market in 2018 have a major impact on economic growth of Mongolia, particularly on mining sector. Mining accounts for 78.8 percent of exports. Economists agree that if the coal and copper prices stay high on the global market, it will affect positively the country’s economy. One of the reasons of relatively positive economy is China’s large purchase of coal, analysts explain.