IMF Staff Country Reports

This 2002 Article IV Consultation highlights that Mongolia’s domestic economic performance was mixed during 2000–01 and in the first half of 2002. The severe winters of 2000–01 took a heavy toll on output and rural incomes. Real GDP growth is officially estimated to have declined to about 1 percent a year in 2000–01. Inflation rose to 11½ percent in 2000, as the effects of weather-related decreases in food supplies and higher public utility tariffs were compounded by a 25 percent general increase in civil service wages.