Mongolia’s economy is set to expand rapidly as the mineral sector gathers momentum.
The largest contribution came from mining investment and booming exports as Mongolia is developing its vast mineral wealth. The total industrial output climbed by 9.7 percent in 2011, supported by strength in motor vehicles and machinery, following a 10 percent increase in 2010. Mining and quarrying production rose by 9.5 percent. The manufacturing sector remains on solid footing which hiked 11.6 percent. The Ministry of Food, Agriculture and Light Industry has reported that Mongolia enjoyed the biggest harvest in its history in 2011 after low production of 2010 due to natural disasters. Cereal production was up by 25.6 percent, potato output by 20.1 percent and that of vegetables by 20.3 percent.
GDP Contribution
Source: National Statistical Office
Mongolia has only below 3 million people and yet it is building one of the world’s five biggest copper mines in the world. Given the size of natural resources, GDP per capita is liable to explode.
What we expect is that Mongolia will continue its current growth path and the real GDP growth of 2012 could even pass that 17.3 percent if 2012 passes with no huge decrease in commodity prices. Some analysts even expect that it will reach as high as 23 percent this year. The International Monetary Fund estimates that the Mongolian economy will grow 14 percent on average through 2012-2016.
GDP at 2005 constant prices, billion MNT
Source: National Statistical Office
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Please note that this article and / or its accompanying media (picture, video, sound files etc…) has not been written, created or taken by M.A.D. Investment Solutions staff. It is not copyrighted to M.A.D. Investment Solutions nor does the company claim any ownership or rights towards the content and its accompanying media. The above article does not in any case represent the views or opinions of M.A.D. Investment Solutions or any of its affiliate individuals or companies. The article above is purely meant as a source of information to readers and does not constitute a legal or biding agreement in any way, shape or form. Ownership of the content and its accompanying media remains with its legal owner or contributor but was sourced from Public Domain sources. If you are the owner of this content or its media and would like it replaced or taken out of our website, please contact us on: info@mad-mongolia.com. For contact and comments directly relating to the above article and or its accompanying media, please refer to the source as stated above.
