Mongolia: Economy | Asian Development Bank

Mongolia: Economy

The economy grew by 5.3% in the first half of 2017, recovering strongly from only 1.2% growth in 2016. Services lifted GDP by 4.3 percentage points, and agriculture by 1.0 point. Coal production soared, with coal exports increasing by more than fourfold. However, mining as a whole slumped as copper concentrate production languished, causing the larger industry sector to subtract marginally from growth. On the demand side, investment, mainly into mining, contributed 13.2 percentage points to growth, and consumption added 1.6 points. Net exports subtracted almost 9.6 points as imports rose by 37.4% in tandem with mining investment. Read more from Asian Development Outlook 2017 Update


Economic forecasts for East Asian countries

Country 2017f 2018f
China, People's Republic of 6.7 6.4
Hong Kong, China 3.6 3.2
Korea, Republic of 2.8 2.8
Mongolia 4.0 3.0
Taipei,China 2.0 2.2
Average 6.0 5.8
Country 2017f 2018f
China, People's Republic of 1.7 2.4
Hong Kong, China 1.7 1.8
Korea, Republic of 1.8 1.9
Mongolia 3.0 3.4
Taipei,China 1.1 1.2
Average 1.7 2.3
Country 2017f 2018f
China, People's Republic of 1.4 1.2
Hong Kong, China 2.9 2.9
Korea, Republic of 5.0 5.0
Mongolia –6.4 –8.5
Taipei,China 6.8 6.5
Average 2.0 1.8

f = forecast number.

Source: Asian Development Outlook 2017 Update