Current Account in Mongolia
Mongolia - Current AccountThe economy registered a strong first quarter, thanks to skyrocketing investment and a surge in exports, both related to the ramp-up of the Oyu Tolgoi copper mine. Moreover, this robust momentum appears to have largely carried over into the second quarter. Indeed, industrial production continued to show healthy growth in April and May, while exports remained solid despite a slight dip in May. On 28 June, the IMF completed its Article IV mission in Mongolia. The Fund reported good progress on improving economic resilience, notably by greatly strengthening foreign reserves, improving the fiscal balance and reducing public debt. Nevertheless, the Fund also stated that buffers remained insufficient to face major external shocks, particularly a downturn in mineral prices.
Mongolia - Current Account Data
|Current Account (% of GDP)||-37.4||-15.8||-8.1||-6.3||-10.1|
5 years of economic forecasts for more than 30 economic indicators.
Mongolia Current Account Chart
Source: Bank of Mongolia and FocusEconomics calculations.
|Exchange Rate||2,660||-0.04 %||Jul 11|
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