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- BREAKING NEWS -
Thursday, February 15, 2017
Mogi: GDP fell 1.6% in Q3
UPDATE 1-Mongolia 2016 GDP grows 1 pct y/y, slowest in 7 years - stats office
ULAANBAATAR, Feb 15 (Reuters) - Mongolia's gross domestic product grew 1 percent in 2016 year-on-year, its slowest rate in seven years, the National Statistics Office said on Wednesday.
The growth rate was higher than some forecasts, with the International Monetary Fund predicting zero growth for the year.
After achieving double-digit annual growth over 2011-2013 as a result of a mining investment boom, Mongolia has been hit by an economic crisis caused by government overspending, falling commodity prices and a rapid decline in foreign investment.
Its currency, the tugrik , lost nearly a quarter of its value against the dollar last year, prompting interest rate hikes and austerity measures.
The cash-strapped country is in talks with the IMF and China to help refinance billions of dollars of debt as it scrambles to meet a $580 million sovereign-guaranteed debt payment due in March.
A deal with the IMF is expected to be announced soon after lawmakers voted last week to meet one of the key conditions of the bailout.
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