Mongolia: Economy

Economic growth in Mongolia slowed further to 1.4% in the first half of 2016. On the supply side, mining and agriculture lifted the gross domestic product by 2.5 percentage points, while industry and services pulled it down by 1.1 points. On the demand side, a drop in household consumption by 10.9% wiped out positive contributions from government consumption, gross capital formation, and net exports. Household income declined by 10.4% year on year in the second quarter, and unemployment edged up to 10.4% at the end of July from 8.3% at the end of 2015. Read more from Asian Development Outlook 2016 Update

Economic forecasts for East Asian countries

Country 2016 2017
China, People's Republic of 6.6 6.4
Hong Kong, China 1.5 2.0
Korea, Republic of 2.6 2.8
Mongolia 0.3 1.4
Taipei,China 0.9 1.5
Average 5.8 5.6
Country 2016 2017
China, People's Republic of 2.0 2.2
Hong Kong, China 2.4 2.5
Korea, Republic of 1.1 2.0
Mongolia 3.2 5.4
Taipei,China 1.3 1.5
Average 1.9 2.2
Country 2016 2017
China, People's Republic of 2.0 1.7
Hong Kong, China 2.3 2.1
Korea, Republic of 7.0 6.0
Mongolia -8.3 -16.7
Taipei,China 14.8 15.3
Average 3.1 2.7

Source: Asian Development Outlook 2016 Update