GDP of Mongolia decreased by 5.3 percent in 2020

Ulaanbaatar /MONTSAME/. In 2020, by preliminary estimation of production approach, Gross domestic product (GDP) at current prices was MNT 37.0 trillion, which is decreased by MNT 322.3 billion (0.9%) compared to the previous year. GDP at 2010 constant prices was MNT 18.0 trillion, which is decreased by MNT 1.0 trillion (5.3%) compared to the previous year. In the fourth quarter of 2020, seasonally adjusted GDP at 2010 constant prices increased by 2.9% compared to the previous quarter. The growth rate of GDP at 2010 constant prices in 2018 and 2019 was 7.2% and 5.2%, respectively. However, growth rate of GDP at 2010 constant prices was -10.7% in the first quarter of 2020, -9.7% in the first half of 2020, -9.3% in the first 9 months of 2020, and -5.3% in 2020. In the fourth quarter of 2020, seasonally adjusted GDP at 2010 constant prices increased by 2.9% compared to the previous quarter. In terms of sectors’ contributions to -5.3% growth rate of GDP at 2010 constant prices, mining and quarrying sector accounts for -2.0 percentage points, service sector accounts for -3.0 percentage points, in which, transportation, information and communication sector accounts for -1.5 percentage points, wholesale and retail trade sector accounts for -1.3, and net taxes on products accounts for -1.1 percentage points. In 2020, the value-added of the agriculture sector at 2010 constant prices was MNT 2.7 trillion, increased by 6.2% compared to the previous year. The value-added of the livestock sector increased by 6.3% compared to the previous year. This increase was mainly due to 5.9% increase in livestock products. Source: National Statistics Office