GDP in Mongolia
Mongolia - GDPMongolia’s economy continues to struggle with a double-digit fiscal deficit, depleted international reserves and a severely weakened currency. Annual GDP plunged 6.3% in the third quarter of 2016, largely driven by drops in both household spending and fixed investment. The country is facing debt repayments of up to USD 2.0 billion in the next two years. With a weak currency increasing the costs of borrowing and foreign reserves down to a seven-year low of USD 1.0 billion in October, the dire outlook is weighing on investors’ appetite for Mongolia and prompted credit rating agencies Moody’s and Fitch to downgrade the country’s sovereign credit rating in mid-November. To make matters worse, a diplomatic rift with neighboring China in late November has resulted in the latter recently increasing commodity export fees, which has prevented Mongolia from benefiting from the fresh rally in coal prices.
Mongolia - GDP Data
|Economic Growth (GDP, annual variation in %)||17.5||12.5||11.6||8.1||2.4|
5 years of economic forecasts for more than 30 economic indicators.
Note: Annual variation of gross domestic product (GDP) in %.
Mongolia GDP Chart
Source: National Statistical Office of Mongolia.
|Exchange Rate||2,489||-0.14 %||Jan 20|
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