Economic growth to be 3.8 percent in 2018

2018-01-08 15:59 GMT+8
New Ulaanbaatar International Airport in Khushig Valley

Last year's expected economic growth for Mongolia in 2018 was 3.8 percent. Agriculture is set to grow by 4.4 percent, while the service sector is expected to grow by 8.5 percent.

Production of coal, iron ore, gold and zinc is seeing an increase overall, but mining sector growth decreased by 7.8 percent in 2017. Mining sector exports reached over 6 billion USD, and the foreign trade balance saw a 1.9 billion MNT surplus last year. Foreign direct investment totaled 1.2 billion USD, and the balance of trade saw a one billion USD surplus with the support of international organizations and donor countries.

Foreign currency reserves reached three billion USD at the end of 2017. The Government of Mongolia signed an agreement with the Bank of Mongolia to only purchase foreign currency from the BoM, and the BoM will issue an interest earning account for the state fund.

Interest on debt in 2018 will decrease by 119 billion MNT with the arrangement of debt management and disabling expensive domestic securities trading.

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