Service sector spurs economic growth www.zgm.mn
Mongolia’s GDP growth is showing good performance in 2019, as the service sector improves. Competition in the trade and services sector has been rising rapidly, and demand for human resources in the field is increasing. As the players grow, new management, quality of service and standard is approaching the world standard step by step. Public service, hotel, and domestic trade that are included in the service sector have increased, according to the National Statistics Office (NSO).
Trade revenue totaled MNT 10.8 trillion in the first half of 2019
In particular, trade revenue totaled MNT 10.8 trillion in the first half of this year, up 23.1 percent over the same period of last year. The retail sector, particularly, online retailing is expanding its scale in the market.
Following the downturn in mining commodity prices, the hospitality industry, especially the foodservice revenue drops. However, it increases as coal prices improve. For example, in the first half of this year, the catering industry’s income reached MNT 217.3 billion, up by 15.6 percent compared to the same period of the previous year. Also, the restaurant revenue grew by MNT 22.6 billion in the reporting period, triggering the GDP to increase.
The industry revenue for hotels rose 40.7 percent, to MNT 66.4 billion in the second quarter of 2019. The number of visitors reached 372,000, up by 70,000 over the previous year. There has been a growth in the hospitality industry in 2018, and this has also shown an increase, supporting the economy.
Published Date:2019-08-22