Mongolia Quarterly Economic Update, August 2011
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Washington, DC
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The Mongolian economy is experiencing
rapid growth in 2011 the second quarter saw the economy
growing at a whopping 17.3 percent year on year, compared to
9.9 percent in the first quarter. Transportation and
construction grew at 39.9 percent and 38.4 percent,
respectively, while retail and wholesale trade grew at 24.7
percent, with Mongolians spending more on consumption as a
result of higher incomes. The mining and manufacturing
sectors recorded respectable growth rates of 8.3 and 12.9
percent yoy in the second quarter, respectively. Reflecting
the higher growth, unemployment declined from 13 percent in
December 2010 to 8.7 percent in June. Informal labor markets
for unskilled workers are also booming, with real wages
nearly doubling between December 2010 and June 2011.
Mongolia's economic outlook depends heavily on global
macroeconomic factors: the current uncertainty and poor
growth prospects for the global economy are cause for
concern. If there is another global recession,
Mongolia's small, open economy will be affected. In
that case, China's policy reaction will be crucial for Mongolia.
Palabras clave
ACCOUNTING, AGRICULTURE, ANNUAL GROWTH, ARREARS, BALANCE OF PAYMENTS, BALANCE SHEET, BANK ACTIVITIES, BANK LENDING, BANK LOAN, BANK RATE, BANKING SECTOR, BANKING SYSTEM, BASE PRICES, BENCHMARK, BID, BOND, BONDS, BUFFER, BUFFERS, CAPITAL ACCOUNT, CAPITAL EXPENDITURES, CASH PAYMENTS, CASH TRANSFERS, CENTRAL BANK, CENTRAL BANK BILL, CENTRAL BANK BILLS, COMMERCIAL BANK, COMMERCIAL BANKS, COMMODITY, COMMODITY PRICES, CONSUMER PRICE INDEX, CONSUMER PRICE INFLATION, CONSUMERS, CORE INFLATION, COST OF LIVING, CREDIT LINES, CURRENCY APPRECIATION, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, CURRENT EXPENDITURES, CUSTOMS DUTIES, DEBT, DEBT DEFAULTS, DEBT RATING, DEPOSITS, DEPRECIATION, DISTORTIONS, DIVIDEND, DIVIDENDS, DOLLAR VALUE, DOMESTIC BONDS, DOMESTIC CREDIT, DOMESTIC MARKETS, DOMESTIC PRICES, DUTCH DISEASE, ECONOMIC BOOM, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC RESEARCH, EQUIPMENT, EURO ZONE, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORT COMMODITIES, EXPORT GROWTH, EXPORT SECTOR, EXPORTERS, EXPORTS, EXTERNAL DEBT, EXTERNAL TRADE, FINANCIAL MARKETS, FISCAL BALANCE, FISCAL BALANCES, FISCAL LEGISLATION, FISCAL POLICIES, FOOD PRICES, FOREIGN BONDS, FOREIGN CURRENCY, FOREIGN CURRENCY DEPOSITS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN TRADE, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GLOBAL STANDARDS, GOLD, GOOD GOVERNANCE, GOVERNMENT EXPENDITURES, GOVERNMENT INTERVENTION, GOVERNMENT POLICIES, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH RATES, HOLDING, HUMAN DEVELOPMENT, IMPORT, IMPORTS, INCOME, INCOME DISTRIBUTION, INCOME TAX, INCOMES, INFLATION, INFRASTRUCTURE DEVELOPMENTS, INSTRUMENT, INTEREST RATE, INTEREST RATES, INTERNATIONAL COMPETITION, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, ISSUANCE, LABOR FORCE, LABOR MARKETS, LIQUIDITY, LIQUIDITY PROBLEMS, LOAN CLASSIFICATION, LOAN STOCK, LOCAL CURRENCY, LOOSE MONETARY POLICY, MARKET FORCES, MINERAL PRICE, MINERAL PRICES, MONETARY POLICY, NATURAL RESOURCE, NOMINAL INTEREST RATES, NON-PERFORMING LOAN, NON-PERFORMING LOANS, NPL, OIL EXPORTERS, OIL EXPORTS, OIL PRICES, OIL REVENUES, OPEN ECONOMY, OUTPUT, OUTSTANDING LOANS, OUTTURN, OUTTURNS, PARALLEL MARKET, PARALLEL MARKET RATE, PER CAPITA INCOME, PORTFOLIO, PORTFOLIO INFLOWS, POVERTY REDUCTION, PREPAYMENTS, PRICE CEILINGS, PRICE INCREASE, PRODUCTS EXPORTS, PROFITABILITY, PUBLIC EXPENDITURES, PUBLIC GOOD, PUBLIC SECTOR DEBT, PUBLIC SERVICES, PUBLIC TRANSPORT, PURCHASING POWER, RAPID ECONOMIC GROWTH, RAPID GROWTH, RATE OF GROWTH, REAL CONSUMPTION, REAL EFFECTIVE EXCHANGE RATE, REAL GDP, REAL INTEREST, REAL INTEREST RATE, REAL INTEREST RATES, REAL SECTOR, RECESSION, REMITTANCES, RESERVE, RESERVES, SAVINGS, SHORT-TERM INTEREST RATE, SOCIAL DEVELOPMENTS, SOVEREIGN DEBT, STOCK MARKET, STOCK MARKET INDEX, SURPLUS, TAX, TAX INCREASES, TELECOMMUNICATIONS, TIME DEPOSITS, TOTAL EXPORT, TOTAL EXPORTS, TOTAL REVENUE, TRADE BALANCE, TRADE DATA, TRADE DEFICIT, TRANSPORT, TRUST FUND, UNCERTAINTY, UNEMPLOYMENT, UNEMPLOYMENT RATE, WAGES, WEALTH