Author(s)

Bayarjavkhlan Baatartsend^1,2, Battulga Munkhbaatar^1,3, Batzaya Bat-Ochir³, Narangarav Ulzii⁴

¹Institute of Technology in Umnugovi Province, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia.
²Graduate School of Business, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia.
³School of Power Engineering, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia.
⁴School of Engineering and Technology, Mongolian University of Life Science, Ulaanbaatar, Mongolia.

The study analyzed the relationship between electricity consumption and industrial growth in Mongolia. The research uses statistical data from 1989 to 2023 (including variables such as electricity consumption, per capita electricity use, inflation rate, gross domestic product, and the structure of the industrial sector), the analysis applies correlation analysis methods and error correction techniques to examine the data and estimate electricity consumption for 2030. The results indicate that, over the long term, industrial growth and electricity consumption are directly related to changes in gross domestic product, while changes in the inflation rate show no correlation. The study also identifies key factors influencing industrial development in Mongolia and specifies the impact of electricity on these factors.

Energy, Industry, Growth, Gross Domestic Product, Inflation

Baatartsend, B. , Munkhbaatar, B. , Bat-Ochir, B. and Ulzii, N. (2024) The Impact of Electric Power on Industrialization in Mongolia. Technology and Investment, 15, 210-223. doi: 10.4236/ti.2024.154013.