Mongolia country resources. Mongolia

Mongolia is an agrarian-industrial country. Mongolia currently trades with more than 80 countries around the world. Trade turnover is more than 2 billion US dollars. If until the 1990s, 90% of Mongolia’s foreign trade was occupied by trade with the USSR, today more than 40% is trade with the Russian Federation and the People’s Republic of China, and the remainder is occupied by trade with such highly developed countries as Japan, the USA, South Korea, Switzerland.

Although more people live in cities, Mongolia's economy remains centered on industries such as agriculture and mining. Mineral resources such as copper, coal, molybdenum, tin, tungsten and gold make up a significant part of the country's industrial production.

In the period from 1924 to 1991. The MPR received large financial and economic assistance from the USSR. At its peak, this aid accounts for one third of its GDP. In the early 1990s and into the next decade, Mongolia's economy experienced a severe recession followed by stagnation. Extensive droughts in the summer and winter of 2001 and 2002 had a serious impact on agriculture and led to a marked slowdown in the country's GDP growth. Mongolia has a high level of inflation. The global financial crisis caused a decline in many industries dependent on exports and investment from abroad.

Due to Mongolia's harsh continental climate, agriculture remains vulnerable to natural disasters such as severe drought and cold. The country consists of small arable lands, but about 80% of the territory is used as pasture. The majority of the rural population is engaged in herding livestock, consisting of sheep, goats, cattle, horses and camels. Mongolia has more livestock per capita than any other country in the world. Wheat, potatoes and other vegetables are also grown, in addition to tomatoes and watermelons. GDP at PPP: $9.48 billion (2008). GDP per capita PPP (2008): $3,200. Unemployment rate: 2.8% (2008).

Industry of Mongolia

Industrial growth - 4.1% in 2002. Electricity production in 2005 - 3.24 billion kWh. Electricity consumption - 3.37 billion kWh. Electricity export - 18 million kWh. Import of electricity - 130 million kWh.

Statistical indicators of Mongolia
(as of 2012)

Extractive industry. Despite the abundance of mineral deposits, their development is still limited. There are 4 brown coal deposits in Mongolia (Nalaikha, Sharyngol, Darkhan, Baganur). In the south of the country, in the area of ​​the Taban Tolgoi mountain range, coal was discovered, the geological reserves of which amount to billions of tons. Average reserves of tungsten and fluorspar deposits have long been known and are being developed. Copper-molybdenum ore found in Treasure Mountain (Erdenetiin ovoo) led to the creation of a mining and processing plant, around which the city of Erdenet was built. Oil was discovered in Mongolia in 1951, after which an oil refinery was built in Sain Shanda, a city southeast of Ulaanbaatar, near the border with China (oil production ceased in the 1970s). Near Lake Khubsugul, gigantic deposits of phosphorites were discovered and their mining even began, but soon, due to environmental considerations, all work was reduced to a minimum. Even before the start of reforms in Mongolia, with the help of the USSR, the search for zeolites, minerals of the aluminosilicate group, which are used in animal husbandry and agriculture as adsorbents and biostimulants, was carried out unsuccessfully.

Currently, the main branch of the mining industry is coal (mainly lignite). Most of the coal production is concentrated at the Sharyn-Gol coal mine (annual production of over 1 million tons), near the city of Darkhan, as well as at the Nalaya mine (with a capacity of over 600 million tons). There are a number of smaller sections in the Under Khan area and others. Electricity production is at thermal power plants (the largest thermal power plant in Darkhan). Manufacturing industry. The light and food industry accounts for more than one second of gross industrial output and more than one second of employed workers. The largest enterprises are: an industrial plant with 8 factories and factories in Ulaanbaatar, Choibalsanei, etc. In the building materials industry, an important place among the enterprises is occupied by a house-building plant in Ulaanbaatar, a cement and brick factory in Darkhan.

Initially, local industry was based almost exclusively on the processing of livestock raw materials, and the main types of products were woolen fabrics, felt, leather goods, and food products. Many new industrial enterprises appeared in Mongolia after the end of World War II - especially in the 1950s and early 1960s, when the country received significant financial assistance from the Soviet Union and China. In the 1980s, local industry provided approximately 1/3 of Mongolia's national product, while in 1940 it was only 17%. After the end of World War II, the share of heavy industry in total industrial production increased significantly. There are over two dozen cities with enterprises of national importance: in addition to the already mentioned Ulaanbaatar and Darkhan, the largest are Erdenet, Sukhbaatar, Baganur, Choibalsan. Mongolia produces more than a thousand types of industrial and agricultural products, most of which are consumed domestically; furs, wool, leather, leather and fur products, livestock and animal products, phosphorites, fluorites, and molybdenum ore are exported.

Agriculture of Mongolia

Agriculture has always been the basis of Mongolia's economy. In the context of the transition to the market, its importance has increased. It employs 50% of the country's population (in 1950 - about 80%), and produces more than 40% of GDP. In terms of livestock per capita, we rank third in the world, second only to Australia and New Zealand. Until the early 40s, when industry formed into an independent sphere, agriculture was the only branch of material production in the country. As recently as 1950, it produced 60% of national income. Then its share decreased: in 1970 - to 25%, in 1975 - to 22.4%. Currently, it has increased slightly – to almost 30%. At the same time, over 50% of export products are agricultural raw materials, and taking into account products made from them - over 70%.

The level and pace of agricultural development largely determine the most important national economic proportions. Such traditional industries as light and food industries completely depend on its condition, since the costs of agricultural raw materials constitute the bulk of their production costs. Pasture farming continues to be the main economic activity. Today, Mongolia is among the leading countries in the world in terms of livestock per capita (approximately 12 heads per person).

Based on the Foreign Investment Law adopted in 1990, citizens of other countries were given the opportunity to own shares in various types of enterprises - from firms with 100% foreign capital to joint ventures. New laws were passed regarding taxation and banking, credit and debt obligations. In May 1991, a privatization law came into force, according to which state property could pass into the hands of “law-abiding” citizens (that is, those who had not previously committed serious crimes) permanently residing in the country. Each citizen was given a special investment coupon that could be bought, sold or given to any other person. Holders of such coupons became active participants in special auctions through which state property was privatized. Later, in 1991, “state farms” and cooperative livestock associations were liquidated, and the transfer of land and livestock to private ownership began.

Foreign trade of Mongolia

Mongolia, as a member of the World Trade Organization, in March 2005 presented its trade policy, which is quite liberal, for discussion by members of this organization. In 2002, the Government of Mongolia established uniform five percent customs rates on most imported goods. For the further development of Mongolia's foreign trade, the decision of the European Union to include Mongolia, as a developing country with a vulnerable economy and as a landlocked country, in the GSP+ program is important. Thus, from July 1, 2005, Mongolian goods began to be imported into the European market without customs duties.

The total turnover in foreign trade for the first half of 2008 amounted to 2,971.3 million US dollars, including exports of 1,276.3 million dollars, imports of 1,695.0 million dollars. The deficit amounted to 418.7 million US dollars, which is 386.5 million US dollars more compared to the same period last year. The total trade turnover compared to the same period in 2007 increased by 74.3%, exports - by 52.6%, imports - by 95.2%. The negative balance of foreign trade was significantly affected by the growth of imports, which is 42.6 points more than the volume of exports.

Imports mainly consist of petroleum products, equipment and spare parts, vehicles, metals, chemicals, construction materials, food and consumer goods. In 2004, imports amounted to $1 billion.

In 2005, imported goods came from: Russia - 34.5%, China - 27.4%, Japan - 7.1%, South Korea - 5.3%. In the total volume of imports, mineral products increased by $196.4 million, pulp, paper, cardboard and products made from them - by $189.2 million, vehicles - by $133.7 million, cars, electrical equipment, televisions, spare parts - by 92.3 million. dollars, metallurgical products - by 68.1 million dollars, food products - by 37.2 million dollars.

Mongolian exports include: minerals (copper, molybdenum, tin, spar concentrate), raw materials of animal origin (wool, cashmere, leather, fur), consumer goods (leather, sheepskin, leather products, carpets, cashmere, camel knitwear, wool blankets and cashmere). The country's interior is rich in mineral resources, including vast deposits of coal, iron ore, tin, copper, uranium, petroleum, zinc, molybdenum, phosphorus, tungsten, gold, fluorite and semi-precious stones.

Exports: ($2.5 billion in 2008) - copper, molybdenum concentrate, meat, live cattle, animal products, goat fluff, wool, hides, coal. The main buyers in 2008 are China (76%), Canada (9%), Russia (3%). Imports: ($3.6 billion in 2008) - fuel, machinery, cars, food, industrial consumer goods, chemicals, building materials, sugar, tea. The main suppliers in 2008 are Russia (35%), China (29%), Japan (8%). External debt - $1.6 billion (in 2008).

Mongolia is a member of the World Trade Organization (since 1997). The country's main trading partners are China and Russia, and Mongolia's economy largely depends on these countries. In 2006, 68.4% of Mongolia's exports went to China, while imports accounted for only 29.8%. Mongolia imports about 95% of its petroleum products and a significant share of its electricity from Russia, making the country extremely economically dependent.

Transport of Mongolia

The main modes of transport in Mongolia are: railway, road, air, water. The Mongolian Railway is a railway on the territory of Mongolia. The official name is the Russian-Mongolian joint-stock company “Ulaanbaatar Railway”. Rail transport accounts for 80% of all freight and 30% of all passenger traffic in Mongolia. Following the democratic revolution in the 1990s, Mongolia experienced a decline in freight and passenger traffic. But already in 2001, passenger traffic indicators recovered to their previous level and amounted to 4.1 million passengers per year. By 2005, the volume of freight traffic had also recovered.

Train of the Trans-Mongolian Railway in the Gobi DesertToday, the Mongolian Railway is one of the leading sectors of the economy of Mongolia, on the work of which the economic development of the entire country largely depends. At the beginning of 2005, the operational technology of the Mongolian Railway was radically changed, as a result of which the qualitative and quantitative indicators of the road were improved: the turnover of cars was doubled and the average weight of trains was increased. The total length of railways in 2004 is 1810 km.

Automobile transport. There are 75 thousand km of highways in Mongolia, according to state records, but they are almost entirely unpaved, that is, in any direction there are half a dozen well-trodden paths, some of them lead to a yayla, a watering hole, a somon or a settlement that has not yet migrated from these places And as a result, you cannot travel without a guide! Herders only know directions. Nobody cares where any of these roads lead. The driver of a truck, UAZ jeep, and a guide in an SUV minibus know their roads by signs. There are no signs. Road culture in the pre-conception period. The map is often a source of misinformation. Mountain rivers have demolished bridges, now there is no one to restore them, new roads have been built on the plain in the desert, where rivers can be forded.

The asphalt road surface starts from Erdene, which is 72 km east of Ulaanbaatar, the road to the first capital of Genghis Khan, Kharkhorin, is paved and continues 300 km to the aimak center of Arvaikheer. The soil in Mongolia is rocky, in the mountains the road is made of coarse crushed stone and small cobblestones, and in the desert it is made of coarse sand and small gravel. Transitional form from one road condition to another “washboard” wave wheel modulation of the soil by heavy machines.

Air Transport. As of 2006, there were 44 airports in Mongolia. Of these, 12 had runways with artificial turf. Ten of these stripes had lengths in the region from 2438 to 3047 meters, and the other two were between 1524-2437 meters.

Chinggis Khan International Airport, located in the suburbs of Ulaanbaatar, is the only international airport in Mongolia. Direct flights are available to Berlin, Moscow, Beijing, Hohhot, Seoul, Yekaterinburg, Irkutsk, Ulan-Ude and Tokyo.

The remaining 32 airports have unpaved runways. On two of them the runway is over 3047 meters, on three - between 2438-3047 meters, on twenty-four - between 1524-2437 meters, on two more - between 914-1523 meters, and one airport whose runway is as long as less than 914 meters. Mongolia also has one heliport.

According to information as of June 2007, airlines operating in Mongolia are: MIAT (Mongolian Irgeniy Agaaryn Teever), Aero Mongolia, and Isinis Airways. They operate both domestic and international flights. Water transport. In Mongolia, 580 km of rivers and lakes are accessible for navigation, but water transport is more or less developed only on Lake Khovsgul. Selenga and Orkhon are also navigable (the length of the navigable sections is 270 and 175 km, respectively), but water transport on them is insignificantly developed, although a border boat on the Selenga River patrols the Russian-Mongolian border. Lakes and rivers freeze in winter; navigation usually opens in May and ends in September.

Marine fleet. Mongolia is the second largest landlocked country in the world (after Kazakhstan). However, this did not stop her from registering her ship registry (The Mongolia Ship Registry Pte Ltd) in February 2003. Since registration, Mongolia has been systematically increasing the number of ships flying its flag. And in 2003, revenues to the treasury amounted to about $20,000,000.

Banking system of Mongolia

Back in the early 90s, they began to rebuild the banking system, as a result it became two-tiered - the Central Bank ceased to engage in ordinary banking activities, while banks with private and public capital were able to operate. The prerequisites for such a transition were created only with the adoption in mid-1991 of the Law on Banks and the Law on the Mongol Bank (on the central bank). The main direction of the reforms was the abandonment of the state monopoly, the formation of a banking system that meets the requirements of market relations and complies with generally accepted standards and norms.

Currently, the main factors determining the place of the Central Bank in the economy of Mongolia are the system of existing laws, the relationship of the measures it takes with economic policy, and the principles of interaction with the banking system. The Law on the Central Bank stipulates its complete independence in the sphere of direct activities.

So, in a short period of time, a new monetary system was created in the country, which is one of the key elements of the economic mechanism and the driving force of the market economy. Commercial banks became the main lenders and investors. Today there are 16 commercial banks operating in Mongolia, their total declared authorized capital as of January 1, 1999 amounted to 24.4 billion tugriks, i.e. 40% more than in 1994. Naturally, the Central Bank (Mongolbank) occupies a leading position in the country's banking system. It develops the main directions of monetary policy and determines the specific tasks that must be solved in the coming year.

Throughout the entire period of transition to a market economy, financial stabilization is a priority of monetary policy. If before 1996 the achievement of this goal was associated primarily with anti-inflationary measures, then at the present stage the problems of maintaining economic growth and creating conditions for investment activity are coming to the fore. At the same time, thanks to the implementation of relatively tight monetary and budget policies, it was possible to reverse the negative trends in the economy and keep inflation and the exchange rate under control. As a result, after a sharp decline in production that lasted four years, growth resumed in 1994. In particular, GDP began to increase, which amounted to 6.3% in 1995, 2.6% in 1996, 3.3% in 1997, and 3.5% in 1998. At the same time, there was a tendency to reduce the rate of price growth. If in 1992, at the very peak of inflation, its index reached 325%, then in the following years this area was brought under control, and in 1998 it was only 6%.

Despite the generally positive nature of economic development, in Mongolia, in my opinion, there is still a threat of inflationary surges due to a decline in production in some industries, dependence on imports, a large budget deficit, as well as the growth of unresolved social problems in society. Because of this, Mongolbank continues to face the challenges of ensuring the stability of the national currency, restructuring the banking system and maintaining macroeconomic stability.

The most difficult elements of the reforms were the reorganization of the currency system and the liberalization of foreign trade. Its small size and over-reliance on imports made the Mongolian economy particularly sensitive to changes in the value of the tugrik. In this area, the Central Bank and the government were faced with a dilemma: to accept a flexible or fixed exchange rate.

Source - http://www.legendtour.ru/
http://ru.wikipedia.org/

UDC 338(571.3) BAZAR BOLDBAATAR

BBK 65(5Mo) Candidate of Economic Sciences,

senior assistant at the Administration of the President of Mongolia, Ulaanbaatar e-mail: [email protected]

FEATURES OF SOCIO-ECONOMIC DEVELOPMENT OF MONGOLIA IN THE TRANSITION PERIOD

The features of the socio-economic development of Mongolia in the post-socialist period, as well as trends in the development of the country's economy in the new millennium are considered. The socio-demographic problems facing Mongolian society are characterized.

Key words: socio-economic development, economic growth, economic structure, standard of living, mortality rate, birth rate.

A characteristic feature of Mongolia, which must always be taken into account, is its geographical location between Russia and China - two great powers that have historically had a decisive influence on the development of economic and political processes in our country.

The country's territory is almost 1.560 million km2, and in terms of its size, Mongolia ranks 17th in the world. The country's population is more than

2.6 million people.

Insufficient development of infrastructure; relatively large territory combined with low population density; harsh, sharply continental climate, adversely affecting the development of agricultural production; dependence of the state of one of the key sectors of the economy - livestock farming - on natural disasters; technological backwardness of processing industries - all these factors had a negative impact on the overall course of market reforms, increasing tension in the national economy. The specifics of carrying out market reforms are associated with the narrow specialization of the economy and exports, the rather high energy and material intensity of production, and the relatively low competitiveness of finished products on the world market.

During the implementation of market reforms, the government of the country for stabilization

economic lization applied such macroeconomic regulation measures as privatization, liberalization of foreign trade, devaluation of the national currency - the tugrik - and the encouragement of foreign investment.

The level of economic development is determined by the volume of GDP per capita. In order to be able to make a comparative analysis of the level of development of different countries, this indicator is calculated in US dollars. The conversion of national currency into US dollars is carried out taking into account both the prevailing exchange rate and the purchasing power parity of the monetary unit of a given country. Using the purchasing power parity indicator allows one to obtain comparable characteristics of the achieved economic level, while a comparison obtained taking into account the exchange rate also reflects the influence of market factors on the exchange rate. However, as a rule, the currencies of less developed countries are weaker against the US dollar.

Although over the past five years the average growth in real GDP production has been 7.3%, Mongolia ranks 150th according to the World Bank1, which compared the level of economic development of 209 countries. In 2006, the volume of GDP per capita production in Mongolia, when calculated

© Boldbaatar Bazaar, 2008

BAZAR BOLDBAATAR

at the exchange rate amounted to about 1 thousand dollars. USA, and the HDI is 0.6912, and our country is in 117th place among 175 countries according to the latest indicator. According to the competitiveness index, Mongolia scores

3.6 points 3 out of 7 possible and ranks 92nd among 125 countries.

In the early 1990s. Gross domestic product decreased significantly. The dynamics of GDP in the new millennium are described in the table.

During the period of transformation, the transition from a centrally planned economy to a market economy, the economy of Mongolia, like other post-socialist countries, experienced a serious decline. But, unlike the CIS countries, this decline lasted only four years - from 1990 to 1993. Mongolia's gross domestic product decreased by about 25%, while in the CIS countries it decreased by 40-60%. In Russia, for example, the period during which there was a decrease in GDP production lasted nine years - from 1990 to 1998.

Since 1994, economic growth began in Mongolia, and by 2002 the pre-crisis level of GDP production was restored. To date, it has been exceeded by more than 30%. From this point of view, economic

Mongolia's development in the last decade can be considered quite satisfactory. The average annual rate of economic growth, which has been going on for 14 years, is more than 4%, and in 2003-2007. this figure reached 7%. If this trend continues, Mongolia will slightly improve its economic and social position compared to other poor and developing countries, whose average economic growth rates are 3.5-4.5% per year.

In industry, for the first time in 2001, real production growth was achieved by 15.5%. The reasons for this were an increase in the production of non-ferrous metals due to the successful activities of the Mongolian-Russian joint venture Erdenet and favorable weather conditions that did not cause a massive loss of livestock, as happened in 2000-2002.

The structure of the economy leaves much to be desired. For example, agriculture produces about 20% of GDP, although agriculture employs more than 40% of people employed. In the gross domestic product, the share of industrial and agricultural products is approximately the same, and the share of trade and services is constantly increasing and averages 49-54%.

Dynamics of Mongolia's GDP in 2000-2005.

Indicator Year

2000 2001 2002 2003 2004 2005

GDP (in prices of a given year), billion MNT. 1,018.9 1,115.6 1,240.8 1,461.2 1,910.9 2,266.5

Growth, % 10.1 9.5 11.2 17.8 30.8 18.6

GDP (in 2000 prices), billion tugr. 1,018.9 1,029.5 1,070.7 1,130.3 1,251.4 1,329.5

Real economic growth, % 1.1 1.0 4.0 5.6 10.7 6.2

Agriculture -15.9 -18.3 -12.4 +4.9 +17.7 +7.7

Industry +0.3 +15.5 +3.8 +4.8 +15.0 -0.9

Trade and services 15.3 6.1 11.6 6.1 6.3 9.1

GDP (in prices of a given year), million dollars. USA 946.6 1,016.3 1,117.5 1,274.5 1,612.1 1,880.4

GDP deflator 9.0 8.4 6.9 11.6 18.1 11.6

GDP per capita, thousand tugr. 462.2 460.1 504.6 586.9 758.7 888.4

GDP per capita, USD USA 396.0 419.1 454.5 511.9 640.1 737.0

GDP structure, % 100.0 100.0 100.0 100.0 100.0 100.0

Agriculture 37.0 29.1 24.9 20.7 20.1 20.9

Industry 20.7 21.9 22.0 22.5 25.3 29.9

Trade and services 42.3 49.0 53.1 56.8 54.6 49.2

Source: Mongolian economy and society in 2006: statistical office of Mongolia. Ulaanbaatar, 2007.

News of IGEA. 2008. No. 3 (59)

It should be noted that economic growth was largely achieved due to extensive factors. Due to the increase in population by almost a quarter, the number of employed people also increased from 800 to 900 thousand people, although the share of employed people in the total working-age population decreased from 71% in 1989 to 60% currently. So the productivity of social labor has hardly increased in recent years. If we consider changes in the structure of production, we see that economic growth was largely due to an increase in the volume of raw materials produced in industry.

Another source of economic development was the accelerated expansion of the trade and services sector, the contribution of which to GDP increased over the past years from 1.38 billion tugriks to 169. At the same time, the share of the trade and services sector in the country’s GDP increased from 19% in 1989 to approximately 49%. currently.

The economic growth occurring in recent years is accompanied by a low level of real income per capita, which characterizes the population's consumption of goods and services. The main social problem of Mongolia is the poverty of the population. According to many experts, with the recent increase in the average income of the population, the number of poor people has not decreased. The poorest segments of the population include families with low wages (income) of the breadwinner, pensioners and the unemployed. The largest group of poor are large families. To a certain extent, poverty is generated by low employment of the population. Of the 1.5 million people of working age, only 900 thousand are working. Although there are just over 40 thousand officially registered as unemployed, there is a large hidden unemployment rate, and many are employed in the informal sector.

The problem of a decline in the population's living standards is also aggravated by the consequences of the demographic explosion of the 60-80s. XX century Taking into account the continuing rate of population growth in 2006, the real

The new GDP production per capita in Mongolia has doubled compared to 2001.

Another important indicator of living standards is the average life expectancy. This figure is relatively low at 65 years, mainly due to the extremely high infant mortality rate. Out of 1 thousand children born alive in Mongolia, 29 die before the age of one year, i.e. 4-5 times more than in developed countries.

The negative trend in mortality dynamics in Mongolia is noteworthy. The mortality rate is reduced only in the children's age group - up to 14 years. In the youth group - 15 to 24 years old - it has remained largely unchanged over the past decade. At the same time, in the group of people of working age - from 25 to 50 years - this figure increased. The mortality rate of people of retirement age has increased especially.

In Mongolia, the birth rate remains relatively high, and therefore the proportion of the youth group in the population is growing, with a lower mortality rate, which is also declining. Because of this, the overall mortality rate of the population is reduced. The number of deaths per 1 thousand inhabitants of the country has decreased from 8.2 in 1989 to 6.4 people currently. The birth rate decreased more significantly: from 35.5 to 19.1 people per 1 thousand population. But, as you can see, the birth rate is three times higher than the death rate, and thanks to this, the population of Mongolia increases annually by 30 thousand or more people due to its own growth. If in 1989 the country's population was 2.1 million people, now it has exceeded 2.6 million people.

Notes

1 http:/ /worldbank.org/website/external/datastatistics/.

2 United Nations Development Program. Human Development Report 2006

3 Competitiveness Report 2005-2006 US International Development Agency.

News of IGEA 2008. No. 3 (59)

Economy of Mongolia

Economics - a quick overview:

Economic activity in Mongolia has traditionally been based on pastoralism and agriculture.

Mongolia has extensive mineral deposits.

The country produces copper, gold, coal, molybdenum, spar, uranium, tin, tungsten, and the mining and processing industries account for the majority of foreign direct investment and government revenue.

Severe winters and summer droughts in 2000-2002 led to massive livestock losses and zero or negative GDP growth.

From 2004-2008, GDP growth was around 9%, largely due to high copper prices and new gold discoveries.

In 2008, an inflation rate of almost 30% was recorded - the highest inflation rate in a decade.

In early 2009, the International Monetary Fund allocated $236 million under the stand-by program, and the country began to emerge from the crisis, although some instability remains in the banking sector.

In October 2009, the government passed long-awaited legislation to develop Oyu Tolgoi, one of the world's largest copper deposits.

Mongolia's economy remains heavily dependent on its neighbors. Mongolia buys 95% of its oil and a significant amount of electricity from Russia, leaving it dependent on rising prices. Trade with China accounts for more than half of Mongolia's total foreign trade—China receives about two-thirds of Mongolia's exports.

Remittances from Mongolians working abroad are significant but have fallen due to the economic crisis; Money laundering is a growing concern.

Mongolia joined the World Trade Organization in 1997 and has sought to expand its participation in regional economic and trade regimes.

US$3,100 (2009)

4030 million kWh (2009)

5,100 barrels/day (2009)

5,300 barrels/day (2009)

— $228,700,000 (2009)

Country's place in the world: 93

- $710 million (2008)

Export:

$1902 million (2009)

Country's place in the world: 130

$2539 million (2008)

Export - goods:

copper, clothing, livestock, animal products, cashmere, wool, hides, spar, non-ferrous metals, coal

Export - partners:

China 78.52%, Canada 9.46%, Russia 3.02% (2009)

Import:

$2,131 million (2009)

Country's place in the world: 150

$3224 million (2008)

Import - goods:

machinery and equipment, fuel, automobiles, food, industrial consumer goods, chemicals, construction materials, sugar, tea

Today, Mongolia's economy is developing very dynamically; the country is one of the most promising markets in the entire Asia-Pacific region. According to experts from the World Bank, the International Monetary Fund and other authoritative organizations, this country is among those in which the pace of economic development in the near future will be one of the highest. In particular, World Bank experts believe that over the next ten years, economic indicators will grow by an average of 15% every year.

Main industries

Mongolia's economy is concentrated in several sectors, such as agriculture and mining. This is even though most people live in cities. A significant part of the country's industrial production consists of: coal, copper, tin, molybdenum, gold and tungsten.

Moreover, just a few years ago there were a huge number of poor people in the country. Back in early 2010, almost 40% of the population lived below the poverty level. In recent years, this figure has been declining rapidly.

In the structure of the GDP of the Mongolia economy, the largest part is occupied by mining, amounting to almost 20%. Forestry, agriculture and fishing account for approximately 17%, with retail wholesale trade and transport accounting for more than 10%. Manufacturing, real estate, communications and information technology also have their share in GDP.

Most of the working-age population is concentrated in agriculture (more than 40%), about a third works in the service sector, and almost 15% in trade. The rest of the people work in manufacturing, the private sector, and the mining industry.

Economy type

To understand the financial structure of this state, it is important to understand what kind of economy Mongolia has. It is in the stage of transition from one socio-economic state to another, while occupying a certain intermediate position between developing and economically developed countries. Currently, Mongolia is a country with a transition economy.

At the same time, during the transformation process, the structure of production, property relations, and management tools are transformed.

The economy of Mongolia is an example of a transition economy. The collapse of the socialist system at the end of the 20th century also affected this state. In all countries that were previously part of the socialist camp, the transition to market relations began. The need for urgent reforms in the country matured back in the 80s. Perestroika, which began in the Soviet Union, only accelerated this process. Large-scale socio-economic transformations began to take place after 1991.

Mongolia is a country with a transition economy that has been actively developing recently. All the main criteria for a state that is at a transitional stage of its socio-economic development are present here. These are privatization and reorganization, macroeconomic stabilization, liberalization. Building a market economy in Mongolia is the ultimate goal, which today can be considered partially achieved.

Natural resources

Natural resources are of great importance for the economic development of Mongolia; there are really a lot of them here.

In particular, the country has three large brown coal deposits; high-quality hard coal has been discovered in the south, the geological reserves of which, according to preliminary estimates, amount to several billion tons. Deposits of tungsten, which are considered average in terms of reserves, have been successfully developed for a long time.

Copper-molybdenum ore is mined in Treasure Mountain. The discovery of this mineral led to the construction of a large mining and processing plant, around which an entire city grew. Today Erdenet is home to almost one hundred thousand people.

An important place in the economic development of Mongolia is occupied by one of the world's largest gold ore deposits, called Oyu Tolgoi. Recently, investor interest in this country has increased, since most of the lands here have not yet been studied by geologists, which means that many minerals have still not been found.

Industry and mechanical engineering

The main industries in Mongolia's economy are textile, cloth, wool, leather, sheepskin and fur coats, meat processing, and construction materials. The country ranks second in the world in cashmere wool production.

Mechanical engineering appeared relatively recently, but has already managed to occupy a certain place in the economy of Mongolia. In 2006, the country's first trolleybus, produced by Mongolian engineers, went on line. Since 2009, the production of duobuses began - this is a vehicle that combines a bus and a trolleybus, which can be used both on routes with and without a contact network.

In 2012, Mongolian engineers assembled the country's first aircraft for the national carrier. In 2013, together with Belarus, we managed to agree on the joint production of tractors, and there are also enterprises producing hang-gliders and gyroplanes. Now there are plans to launch a company to produce trams on rubber wheels. This will be a fundamentally new type of public transport, which will be able to transport from 300 to 450 passengers at a time.

Agriculture

Briefly characterizing the economy of Mongolia, sufficient attention should be paid to agriculture. The country has a harsh continental climate, so the industry remains vulnerable to cold, drought and other natural disasters. The country has catastrophically little arable land, while about 80% of the territory is used for pastures.

The majority of the rural population is engaged in herding livestock. Mostly goats, sheep, camels, horses, and cattle are bred here. It is worth noting that this is the only modern state in the world in which nomadic livestock farming is still among the main sectors of the economy.

In terms of the number of livestock per capita, Mongolia ranks first in the world. Potatoes, wheat, watermelons, tomatoes, and various vegetables are also grown here. In general, there is little arable land, mainly concentrated around large cities in the north of the country.

Recently, most of the livestock has been concentrated in the hands of a few influential families. Since 1990, a foreign investment law has been in force, which allows citizens of other countries to own shares in various Mongolian enterprises. New laws were also passed regarding banking and taxation, debt obligations and loans.

Transport

The country has developed railway, road, air and water transport. The decision to build the railway was made in 1915. There are currently two main train routes in the country.

The Mongolian railway connects the country with China, it is the shortest route between Europe and Asia. The total length of roads is approaching two thousand kilometers.

The total length of waterways in the country is only about 600 kilometers. The Orkhon and Selenga rivers and Lake Khubsugol are considered navigable. Mongolia is the second country in the world by area (after Kazakhstan) that does not have direct access to any ocean.

But this fact did not prevent her from registering her own ship register in 2003. Today, approximately 400 ships sail under the Mongolian flag, and their number is rapidly increasing every month.

Car roads

Most of the roads here are dirt or gravel. Most paved roads are in the Ulaanbaatar area, leading to the Chinese and Russian borders.

The total length of roads in the country is almost 50 thousand kilometers. Of these, less than 10 thousand kilometers are paved roads. Currently, the country is actively building new highways and modernizing old ones.

Aviation

Air transport plays an important role in Mongolia's economic policy. There are 80 airports in the country, but only 11 have paved runways.

At the same time, the flight schedule is extremely unstable. Due to strong winds, flights are constantly being canceled or rescheduled. There are ten officially registered airlines in Mongolia, which operate 30 helicopters and approximately 60 fixed-wing aircraft.

There is an air taxi - a special means of public transport that transports passengers for a fixed fee. Air taxi differs from charter and other commercial flights in its simplicity. For example, there is no lengthy check-in procedure, and the waiting time for boarding is minimal. As a rule, it is enough to arrive at the airport a quarter of an hour before departure to go through all the shortened customs control and clearance procedures.

There are no flight attendants, kitchens or toilets on such aircraft. In most cases, small-capacity aircraft, as well as medium- and light-capacity helicopters, are used as such taxis.

Tourism

Mongolia is actively seeking to develop tourism. Quite a lot of hotels have been built in the country; more and more travelers want to come to this exotic country. There are two ski resorts, a large number of historical monuments of Buddhist monasteries, and untouched nature.

Of the foreign tourists, the majority of visitors to Mongolia come from Russia, China, South Korea, and the United States of America. You can also meet quite a lot of travelers from Germany, France and Australia.

There are approximately 650 tour operators in the country, ready to accommodate about one million tourists a year.

Export

Export plays an important role in the economic development of the state. The main goods that are sent abroad are molybdenum concentrate and copper, cashmere, fluorite, leather, wool, clothing, and meat. The country's interior is rich in mineral resources. In particular, there are many reserves of tin, iron ore, coal, uranium, copper, zinc, oil, phosphorus, molybdenum, gold, tungsten, and semi-precious stones.

Moreover, more than 80% of Mongolian exports are sent to China. In second place is Canada. From 1 to 4% of the export share falls on the countries of the European Union, Russia, and South Korea.

This situation began to change after 2012, when Mongolia was no longer satisfied with its export dependence on China. The government began to suspend certain cooperation projects with the Middle Kingdom. It is believed that one of the reasons for this was the attempts of a large Chinese aluminum company to obtain a controlling stake in one of the largest Mongolian coal suppliers to the territory of the People's Republic of China.

Import

First of all, industrial and industrial equipment, petroleum products, and consumer goods are imported into the country.

Approximately a third of imports come from the Russian Federation, with China firmly in second place. Also, goods from South Korea and Japan are supplied to Mongolia en masse.

Mongolia strives to constantly get rid of import dependence. In particular, it is planned to open the first oil refinery on the territory of the state in the near future.

Financial sector

The official currency of Mongolia is called the Mongolian tugrik. Currently, one Russian ruble can buy 38 tugriks. The country's own currency appeared only in 1925. Moreover, banknotes were originally made in the Soviet Union.

You can use credit cards in most banks, and there are exchange offices in all hotels in the country. Traveler's checks are also accepted as payment without any problems.

In 1991, the Mongolian Stock Exchange was opened.

Income of the population

As of 2017, the average salary in the country was 240 thousand tugriks per month, that is, less than six and a half thousand rubles.

At the same time, the country has introduced a minimum wage. The lowest hourly or monthly wage is set by law by the government. In 2017, the minimum wage was exactly 240 thousand tugriks per month. However, in Mongolia, only 7% of the population receives the minimum wage. Compared to 2013, the minimum wage increased by a quarter.

INFORMATION FOR TOURISTS

ECONOMY OF MONGOLIA

Mongolia is an agrarian-industrial country. Mongolia currently trades with more than 80 countries around the world. Trade turnover is more than 2 billion US dollars. If until the 90s, 90% of Mongolia’s foreign trade was occupied by trade with the USSR, today more than 40% is trade with the Russian Federation and the People’s Republic of China, and the remainder is occupied by trade with such highly developed countries as Japan, the USA, South Korea, Switzerland.

Based on the results of the third quarter of 2005, the total foreign trade turnover of Mongolia is 1.27 billion US dollars, which is 11.6% more than in the same period in 2004. Imports increased by 150.6 million US dollars.
Mongolia exports goods and raw materials to 60 countries, of which 50.8% to China, 13.8% to Canada, 10.1% to the USA. 45.2% of total exports are minerals and mining products, 21.5% are sewing and knitwear, 25.6% are precious and semi-precious metals, 3.7% are raw leather and products made from it.
Mongolia imports more than 90% of its petroleum products from Russia, and the rest from China and Kazakhstan.

Mongolia, as a member of the World Trade Organization, in March 2005 presented its trade policy, which is quite liberal, for discussion by members of this organization. In 2002, the Government of Mongolia established uniform five percent customs rates on most imported goods. For the further development of Mongolia's foreign trade, the decision of the European Union to include Mongolia, as a developing country with a vulnerable economy and as a landlocked country, in the GSP+ program is important. Thus, from July 1, 2005, Mongolian goods began to be imported into the European market without customs duties.

GENERAL CHARACTERISTICS OF THE ECONOMY OF MONGOLIA

Mongolia's economic activities have traditionally been based on agriculture and livestock raising. Mongolia also has extensive mineral deposits - the mining of copper, coal, molybdenum, tin, tungsten and gold accounts for a significant part of industrial production. Soviet aid, which previously amounted to up to a third of GDP, ceased after the collapse of the USSR. The Mongolian economy suffered a long decline, exacerbated by the reluctance of the Mongolian People's Revolutionary Party (MPRP) to carry out fundamental economic reforms. The Democratic Coalition government took the path of a market economy, weakened price controls, liberalized domestic and foreign trade, and attempted to rebuild the banking system in the energy sector. Large privatization programs were undertaken, measures to stimulate foreign investment were implemented (international tenders for the sale of a petroleum products trading company, the largest cashmere production company and banks). The progress of reforms was slowed by resistance from the former communist MPRP and political instability generated by the frequent change of governments of the Democratic Coalition (four governments changed). Following the crisis in 1996, caused by a number of natural disasters and a decrease in world prices for copper and cashmere, in 1997-99. economic growth followed. In August and September 1999, Mongolia's economy suffered from Russia's temporary ban on the export of oil and petroleum products. In 1997, Mongolia joined the World Trade Organization (WTO). At the last meeting of the Consultative Group in Ulaanbaatar in June 1999, foreign donors decided to allocate $300 million per year to Mongolia.

Meanwhile, Renaissance Capital experts called Mongolia's economy the fastest growing in the world. Thanks to huge reserves of mineral raw materials, the development of which is just beginning, and the development of the banking system. Mongolia's GDP in dollar terms will double by 2014, analysts believe. They noted that Mongolia is preparing to become a new Asian tiger, and not just another source of raw materials in Central Asia,” writes the CA NEWS News Agency. (12/22/2009)

Natural resources of Mongolia. Despite the abundance of mineral deposits, their development is still limited. There are 4 brown coal deposits in Mongolia (Nalaikha, Sharyngol, Darkhan, Baganur). In the south of the country, in the area of ​​the Taban Tolgoi mountain range, coal was discovered, the geological reserves of which amount to billions of tons. Average reserves of tungsten and fluorspar deposits have long been known and are being developed. Copper-molybdenum ore found in Treasure Mountain (Erdenetiin ovoo) led to the creation of a mining and processing plant, around which the city of Erdenet was built. Oil was discovered in Mongolia in 1951, after which an oil refinery was built in Sain Shanda, a city southeast of Ulaanbaatar, near the border with China (oil production ceased in the 1970s). Near Lake Khubsugul, gigantic deposits of phosphorites were discovered and their mining even began, but soon, due to environmental considerations, all work was reduced to a minimum. Even before the start of reforms in Mongolia, with the help of the USSR, the search for zeolites, minerals of the aluminosilicate group, which are used in animal husbandry and agriculture as adsorbents and biostimulants, was carried out unsuccessfully.

Labor resources of Mongolia. The working population in 2003 was 1.488 million people. Employment structure: agriculture/livestock - 42%, mining - 4%, manufacturing - 6%, trade - 14%, services - 29%, private sector - 5%, other -3.7%.

As of November 2009, about 40 thousand unemployed were registered in Mongolia. This is 10 thousand more than last year. And a record figure for the last 5 years. These data were announced by employees of the Employment and Social Services Department of Mongolia. According to the Office, employers offered more than 50 thousand jobs to the labor exchange, of which 57 percent were vacancies that did not require specialization, mostly auxiliary ones.

Market transformations in the economy in the 1990–2000s

The economic system of Mongolia on the eve of the start of market reforms. Choosing a “shock” reform model. Main directions of economic transformations. Liberalization of economic activity, freeing prices. Institutional changes; privatization of state and cooperative property. Financial stabilization. The role of the state in the economy of modern Mongolia. The first results of reforms, their impact on the economy and social sphere. Prospects for deepening market reforms.

AGRICULTURE OF MONGOLIA

Agriculture has always been the basis of Mongolia's economy. In the context of the transition to the market, its importance has increased. It employs 50% of the country's population (in 1950 - about 80%), and produces more than 40% of GDP. In terms of livestock per capita, we rank third in the world, second only to Australia and New Zealand.

Until the early 40s, when industry formed into an independent sphere, agriculture was the only branch of material production in the country. As recently as 1950, it produced 60% of national income. Then its share decreased: in 1970 - to 25%, in 1975 - to 22.4%. Currently, it has increased slightly – to almost 30%. At the same time, over 50% of export products are agricultural raw materials, and taking into account products made from them - over 70%.

The level and pace of agricultural development largely determine the most important national economic proportions. Such traditional industries as light and food industries completely depend on its condition, since the costs of agricultural raw materials constitute the bulk of their production costs.

Pasture farming continues to be the main economic activity. Today, Mongolia is among the leading countries in the world in terms of livestock per capita (approximately 12 heads per person).

Agriculture plays a secondary role in the economic life of Mongolia. To correct this situation, the government developed and began implementing the “Revival of Agricultural Production” (Virgin Land-3) and “Green Revolution” programs.

INDUSTRY OF MONGOLIA

General characteristics of the industry. Specific features of industrialization of Mongolia. Stages of industrial development. Industry personnel. The ratio of mining and manufacturing industries. Dynamics of the main indicators of industrial development. Efficiency of industrial production.
Sectoral structure of industry. The current state and development trends of the main industries.
The impact of market reforms on industry in Mongolia. The role of external assistance in industrial development. Prospects for industrial development.

Industrial growth - 4.1% in 2002.

Electricity production in 2005 - 3.24 billion kWh.
Electricity consumption - 3.37 billion kWh.
Electricity export - 18 million kWh.
Import of electricity - 130 million kWh.

A significant number of manufacturing enterprises are concentrated in Ulaanbaatar, and in the city of Darkhan to the north of the capital there is a coal mining, iron foundry and steel smelting complex. Initially, local industry was based almost exclusively on the processing of livestock raw materials, and the main types of products were woolen fabrics, felt, leather goods, and food products. Many new industrial enterprises appeared in Mongolia after the end of World War II - especially in the 1950s and early 1960s, when the country received significant financial assistance from the Soviet Union and China. In the 1980s, local industry provided approximately 1/3 of Mongolia's national product, while in 1940 it was only 17%. After the end of World War II, the share of heavy industry in total industrial production increased significantly. There are over two dozen cities with enterprises of national importance: in addition to the already mentioned Ulaanbaatar and Darkhan, the largest are Erdenet, Sukhbaatar, Baganur, Choibalsan. Mongolia produces more than a thousand types of industrial and agricultural products, most of which are consumed domestically; furs, wool, leather, leather and fur products, livestock and animal products, phosphorites, fluorites, and molybdenum ore are exported.

CAPITAL CONSTRUCTION

Dynamics of capital investments in the economy of Mongolia. Structure of capital investments by economic sectors. Material base and construction personnel. The role of external assistance in the development of capital construction. Basic forms of assistance.

TRANSPORT AND COMMUNICATION

In 1915, the Mongol Emperor Bogd VIII Zhavzandamba for the first time issued a decree addressed to the minister of the Great Khural and members of the Khural on the development of the mining industry and the construction of the railway.

Creation of modern modes of transport after the revolution of 1921. Dynamics of freight turnover and passenger turnover of transport. The state and development trends of the main types of transport (railway, road, air, water). Prospects for transport development. "Millennium Road". The main types of communications in modern Mongolia (postal, telephone, telegraph, radio and television communications). Development of mobile communications and the Internet.

FINANCIAL SYSTEM OF MONGOLIA

The main links of the financial system of modern Mongolia and its role in the development of the economy. State budget, ratio of central and local budgets. Structure of budget income and expenses.
Monetary system. The national currency is the tugrik and its exchange rate in relation to other currencies. Currency regulation.
Credit system. Formation and development of a two-tier banking system. The role and functions of the Central Bank. Development of a network of commercial banks. Credit and deposit operations of banks. Formation of the insurance system. Problems and difficulties in the development of the credit system during the period of market reforms.

DOMESTIC TRADE

Basic forms of internal trade. State, cooperative and private trade, their relationship. Wholesale and retail trade. Domestic trade prices, the problem of inflation. Dynamics and structure of domestic trade turnover.

TERRITORIAL STRUCTURE OF THE ECONOMY

Diversity of approaches to economic zoning in Mongolia. Mongolia Zonal Development Concept (2002). Main economic zones and their production specialization. The relationship between the sectoral and territorial structure of the economy.

LIVING STANDARD OF POPULATION

Living standards and social security in socialist Mongolia. A sharp drop in living standards during the initial period of market reforms. Dynamics of real income of the population in recent years. Social differentiation of the population. The problem of poverty and attempts to solve it. Employment problem; dynamics and structure of unemployment. The role of the state in solving social problems.

FOREIGN ECONOMIC RELATIONS

The total turnover in foreign trade for the first half of 2008 amounted to 2,971.3 million US dollars, including exports of 1,276.3 million dollars, imports of 1,695.0 million dollars. The deficit amounted to 418.7 million US dollars, which is 386.5 million US dollars more compared to the same period last year. The total trade turnover compared to the same period in 2007 increased by 74.3%, exports - by 52.6%, imports - by 95.2%. The negative balance of foreign trade was significantly affected by the growth of imports, which is 42.6 points more than the volume of exports.

Main import. Imports mainly consist of petroleum products, equipment and spare parts, vehicles, metals, chemicals, construction materials, food and consumer goods.

In 2004, imports amounted to $1 billion.
In 2005, imported goods came from: Russia - 34.5%, China - 27.4%, Japan - 7.1%, South Korea - 5.3%.

In the total volume of imports, mineral products increased by $196.4 million, pulp, paper, cardboard and products made from them - by $189.2 million, vehicles - by $133.7 million, cars, electrical equipment, televisions, spare parts - by 92.3 million. dollars, metallurgical products - by 68.1 million dollars, food products - by 37.2 million dollars.

Main export. The main Mongolian exports are: minerals (copper, molybdenum, tin, spar concentrate), raw materials of animal origin (wool, cashmere, leather, fur), consumer goods (leather, sheepskin, leather products, carpets, cashmere, camel knitwear, blankets from wool and cashmere). The country's interior is rich in mineral resources, including vast deposits of coal, iron ore, tin, copper, uranium, petroleum, zinc, molybdenum, phosphorus, tungsten, gold, fluorite and semi-precious stones.

In 2004, exports amounted to $853 million.
In 2005, exports went to: China - 48.1%, USA - 14.2%, Canada - 11.6%, UK - 8.3%, South Korea - 6.2%.

Exports of mineral raw materials, which constitute the main export item, increased by $245.9 million compared to the same period in 2007, precious and semi-precious stones, metals and jewelry - by $175.4 million, products of chemical enterprises - by $22.1 million, raw materials, processed leather, furs and products made from them - by 1.9 million dollars. However, export supplies of knitted products decreased by $7.8 million, metallurgical products - by $3.4 million.

The actual volume of exports of copper concentrate compared to 2007 decreased by 0.6 percent or 8.2 thousand tons, and in prices increased by 27.1%.

The main forms of foreign economic relations in modern Mongolia. Dynamics, structure and geography of foreign trade. Export and import of selected goods. Organization of foreign trade.

Credit and gratuitous assistance from the outside world of Mongolia. Distribution of foreign assistance by economic sectors. Organization of donor countries of Mongolia and its activities. The role of external assistance in the development of the economy and social sphere.

Cooperation of Mongolia with major foreign economic partners. The most important areas of Mongolian-Russian economic cooperation and its role in the development of the Mongolian economy. Participation of Mongolia in international economic organizations (IMF, World Bank, ADB, etc.).

• Ulaanbaatar, Mongolia, /MONTSAME/ Over the 11 months since the beginning of 2010, Mongolia has carried out foreign trade operations with 130 countries. The total trade turnover amounted to 5,421.8 million US. dollars, of which the volume of exports is 2,550.6 million dollars, imports - 2,871.1 million dollars.
  Compared to the same period last year, the volume of foreign trade turnover increased by 1,831.4 million dollars, or 51.0%, of which the volume of exports increased by 872.3 million dollars, or 52.0%, and the volume of imports - by 959.0 million dollars, that is, by 50.2%.
  The negative balance of foreign trade for January-November 2010 reached 320.5 million dollars, which is an increase of 86.8 million dollars, or 37.1%, compared to the same period last year.
  94.8 percent of all types of export products are mineral resources, knitwear and knitwear, precious and semi-precious metals and jewelry.
  G. Battsetseg

GDP

At purchasing power parity, $5.781 billion in 2006. GDP growth 7.5%.

Agriculture - 20.6%.
Industry - 21.4%.
Services - 58%.
Inflation - 9.5% (2005).

BUDGET 2010

Mongolia's budget for 2010 has been adopted. Budget revenues will amount to 2 trillion 426.8 billion tugriks. Expenses - 2 trillion 785.4 billion tugriks. The deficit of the country's main financial document is more than 385 billion tugriks. Losses could not be avoided, despite the reduction in social costs. (27.11.2009)

Last year, Mongolia's gross national product shrank by 1.6%

As reported by MONTSAME, according to preliminary data for 2009, the country's gross national product amounted to 6055.8 billion tugriks (47-50 tugriks = 1 ruble) in annual terms or 3564.3 billion tugriks in 2005 prices. Compared to last year, this figure decreased in comparable prices by 1.6%.

The official index of consumer goods and services at the end of 2009 increased compared to the end of 2008 - by 4.2%.

In 2009, during 255 trading sessions on the Mongolia Stock Exchange, the turnover of securities trading amounted to 23.2 billion tugriks. Compared to the previous year 2008, trade volume decreased by 62.8% or 39.2 billion tugriks, the report notes.