PREMIER REPORTS ABOUT PRESENT SITUATION OF MONGOLIAN ECONOMY

Ulaanbaatar /MONTSAME/ The Prime Minister N.Altankhuyag briefed about a present situation of the economy in Mongolia at the weekly “PM’s 30 minutes” meeting on Thursday. A report on the economic situation for the first quarter has been released by the Ministry of Finance, the Ministry of Economic Development, the Bank of Mongolia and the National Statistical Committee (NSC). The cabinet aimed to work last year to reduce prices of consumer goods. “Although the inflation rate has been increasing, it was lower than the 2012 year’s figure. The inflation rate by the first quarter of this year went up by 12.4% against the previous year, and it was due to a soar of currency rates against Mongolia Togrog,” he said, adding that a condition has been created to restrict the inflation and currency rates. The Premier said the cabinet rendered support to the construction sector last year therefore its increase had an effect on a growth of the national GDP, and the GDP growth also has been affected by the increases in agriculture, mining, trade and service fields. The export of mineral products increased in first quarter of 2014 by about 30% against the previous year, whereas the import of foods declined by 2.2%, the Premier said. The import of alcoholic beverages and tobacco decreased by 32%, he added.