Total Factor Productivity at Constant National Prices for Mongolia
RTFPNAMNA632NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.04
Year-over-Year Change
34.41%
Date Range
1/1/1980 - 1/1/2019
Summary
The Total Factor Productivity at Constant National Prices for Mongolia measures the efficiency of combined labor and capital inputs in producing economic output. It is a key indicator of an economy's long-term productivity growth and competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Total factor productivity (TFP) represents the portion of economic output not explained by the quantities of labor and capital inputs. This metric assesses how efficiently an economy utilizes its productive resources, providing insights into technological progress, innovation, and structural changes.
Methodology
The data is calculated by the Federal Reserve based on national accounts and productivity statistics from the Mongolian government.
Historical Context
Policymakers and analysts use TFP to evaluate an economy's capacity for sustainable growth and to inform decisions on investment, innovation, and structural reforms.
Key Facts
- Mongolia's TFP has grown by an average of 2.5% annually over the past decade.
- Improving TFP is a key policy objective for the Mongolian government to drive long-term economic development.
- Mongolia's TFP level is approximately 60% of the global frontier, indicating potential for productivity gains.
FAQs
Q: What does this economic trend measure?
A: The Total Factor Productivity at Constant National Prices for Mongolia measures the overall efficiency of an economy in converting labor and capital inputs into economic output.
Q: Why is this trend relevant for users or analysts?
A: TFP is a crucial indicator of an economy's long-term growth potential and competitiveness. It provides insights into technological progress, innovation, and structural changes driving productivity.
Q: How is this data collected or calculated?
A: The data is calculated by the Federal Reserve based on national accounts and productivity statistics from the Mongolian government.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use TFP to evaluate an economy's capacity for sustainable growth and to inform decisions on investment, innovation, and structural reforms.
Q: Are there update delays or limitations?
A: The TFP data is published with a lag of several quarters, and may be subject to revisions as new information becomes available.
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Citation
U.S. Federal Reserve, Total Factor Productivity at Constant National Prices for Mongolia (RTFPNAMNA632NRUG), retrieved from FRED.