TECHNICAL ASSISTANCEREPORT MONGOLIA Report on National Accounts MissionSeptember 30 – October 11, 2024DECEMBER2024 PREPARED BYLevan Gogoberishvili Authoring Department:IMF Statistics Department MEMBERS Armenia, Azerbaijan, Georgia,Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan,Uzbekistan PARTNERS Switzerland, Russia, China, Korea, United States, European Union, Asian Development Bank,Poland DISCLAIMER The contents of this report constitute technical advice provided by the staff ofthe InternationalMonetary Fund (IMF) to the authorities of Mongolia (the “CD recipient”) in response to their requestfor technical assistance. This report (in whole or in part) or summaries thereof may be disclosed bythe IMF to IMF Executive Directors, to other IMF Executive Directors and members of their staff, aswell as to other agencies or instrumentalities of the CD recipient, and upon their request, to WorldBank staff, and other technical assistance providers and donors with legitimate interest, includingmembers of the Steering Committee of CCAMTAC, unless the CD recipient specifically objects tosuch disclosure (seeOperational Guidelines for the Dissemination of Technical AssistanceInformation). Publication or Disclosure of this report (in whole or in part) or summaries thereof toparties outside the IMF other than agencies or instrumentalities of the CD recipient, World Bank staff,other technical assistance providers and donors with legitimate interest, including members of theSteering Committee of CCAMTAC, shall require the explicit consent of the CD recipient and the IMF’sStatistics Department. Table of Contents Acronyms............................................................................................................................................... 2Summary of Mission Outcomes and Priority Recommendations.................................................... 3Detailed Technical Assessment and Recommendations ................................................................. 4A.GDP by Production .................................................................................................................... 4Current Situation ................................................................................................................................. 4Chain-linked Time Series of GDP ....................................................................................................... 5Contributions to Real GDP Growth ..................................................................................................... 5B.GDP by Expenditure .................................................................................................................. 6C.Strategic Issues.......................................................................................................................... 6D.Officials Met During The Mission ............................................................................................... 7 Acronyms CCAMTACCaucasus, Central Asia, and Mongolia Regional Capacity Development CenterNSONational Statistical Office of MongoliaGDP-PGDP by ProductionGDP-EGDP by ExpenditureGFCFGross Fixed Capital FormationISIC Rev.4International Standard Industrial Classification of All Economic Activities, Revision 4TATechnical AssistanceVATValue Added Tax Summary of Mission Outcomes and PriorityRecommendations 1.A technical assistance (TA) mission of the Caucasus, Central Asia, and MongoliaRegional Capacity Development Center (CCAMTAC) visited Ulaanbaatar duringSeptember 30–October 11, 2024. The mission assisted the National Statistical Office of Mongolia (NSO) in improving methods for the compilation of national accounts. The main tasks of the missionwere to: (i) assist the NSO with the development of chain-linked time series of national accounts; and(ii) review the compilation of gross fixed capital formation and provide recommendations for furtherimprovements. 2.The NSO compiles GDP at constant prices with the fixed base year 2015, which isoutdated and should be updated.However, the NSO is also considering the possibility of movingfrom fixed base to chain-linked time series. The mission reviewed existing data sources and compilationmethods and developed recommendations for compiling chain-linked time series of GDP by production(GDP-P) and expenditure (GDP-E). 3.The results were compared with currently published data.Significant differences wererevealed, which can be explained by changes in the structure of the economy in recent years. Currently,quarterly GDP-P is compiled by nine types of economic activity, which is not disaggregated enough toobtain reliable results. The mission noted that the chain-linked time series of GDP-P should becompiled according to the structure of the supply and use tables and should include as many types ofeconomic activity as possible. 4.The NSO has access to the value-added tax (VAT) database from the Mongolian TaxAuthority and co




