Ulaanbaatar
Economic growth to expect to be 5.0 percent in 2023
Economy
Ulaanbaatar /MONTSAME/. Economic growth is expected to
reach 2.6 percent by the end of this year and 5 percent in 2023.
In the first half of this year, the nominal GDP reached MNT23
trillion, increased by 15.9 percent from the previous year. The real GDP
calculated at the price of 2015 reached MNT12.8 trillion, showing an increase
of 1.9 percent from the same period of the previous year. Consequently, economic
growth is expected to reach 2.6 percent by the end of this year and 5 percent
in 2023. The uncertainty of the external sector remains the same as the
previous year, but the Cabinet is aiming to bring it to the pre-pandemic level
of exports of mining products in 2019. With the implementation of activities by
the government, the mining industry export will increase by 14.6 percent next
year, consisting of mainly the transport, trade, and service sectors and net
taxes.
The annual inflation rate reached 14.4 percent nationwide as
of August this year and is expected to be around 12 percent by the end of the
year. Next year, inflation is expected to reach the medium-term target level of
8 percent after the government and the central bank implement strict fiscal and
monetary policies to ensure macroeconomic stability.
Exports increased by 37.8 percent compared to the same
period of the previous year and reached USD7.8 billion. By the end of this
year, the amount of exports is expected to reach USD10.7 billion. The export
volume is projected reach USD11.4 billion and the import –USD 9 billion, which makes
the projection that the foreign trade will have USD 2.4 billion dollars in
profit in 2023, according to the following year's budget bill.
