Current Account in Mongolia
Mongolia - Current AccountThe economy shrank at the fastest pace in nearly two years in Q1. The contraction was mainly due to an over 25% fall in exports amid Chinese border closures and lockdowns under Beijing’s zero-tolerance Covid-19 policy; China is by far Mongolia’s largest trading partner. Investment also declined, while private consumption recovered amid the removal of pandemic-related restrictions. Turning to Q2, the crucial mining sector continued to contract in April–May, although at a much softer rate than in Q1. Other signs are more positive: Retail and wholesale trade surged in April despite spiking inflation, while the reopening of borders in February is buoying tourist arrivals, which reportedly quadrupled in the first five months of the year. To further support tourism, the government recently waived visa requirements for South Koreans, who comprise a significant proportion of visitors.
Mongolia - Current Account Data
|Current Account (% of GDP)||-8.1||-6.3||-10.1||-16.8||-15.6|
5 years of economic forecasts for more than 30 economic indicators.
Mongolia Current Account Chart
Source: Bank of Mongolia and FocusEconomics calculations.
|Exchange Rate||2,735||-0.04 %||Jan 01|
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