Economic growth, GDP (Gross Domestic Products)

May 14, 2007 at 1:24 am Leave a comment

In 2005, economic growth amounted to 6,2 percent, of which increased by 0,6 percent for agricultural sector, and 4,9 percent for service sector respectively. However manufacturing sector decreased by 0,2 percent.

Economic growth decreased because of some reasons such as crop page of agricultural sector decreased and tariff preference on knitted and sewed products to America and EU market was abolished.

In 2005, knitted product processing decreased by 40 percent, clothing by 66 percent. It decreased economic growth by 2.0 percent, entirely. However, knitted and send product processing will be increased due to Mongolia will be involved in tariff preference through the assistance of negotiation on tariff preference of EU during 2005. For instance: Transportation and agricultural sector effected economic growth.

Foresight turnover in railway transportation is being increased and third operator in cellular telephone sector will be come into view.In addition, favorable winter and spring influenced on increase of livestock number.

However, transportation and agricultural sectors increased economic growth is 2005 instead of only one gold mining sector that increased economic growth by 10,6 percent in 2004. Service price decreased in telephone service sector in 2005, because of the third operator’s establishment in such sector, therefore, income of communication sector increased.

In 2005, there were 9,3 million newly-born young livestock. However, 6,5 million livestock were used for food and there were about 600 thousands of abnormal spoilage. At the end of 2005, livestock number reached at 30 million, increased by 7,1 percent compared with the previous year. This year, production on agricultural sector will be increased by 8,8 percent.

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Entry filed under: Economic growth, GDP (Gross Domestic Products).

Economic external environment Exchanges rate

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Information contained in this web site are partly derived from a CD-ROM "Guide to Investment and Trade-Mongolia", produced by Foreign Investment and Foreign Trade Agency (FIFTA). All trademarks are properties of their own respective owners.

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