Back اقتصاد منغوليا Arabic Economía de Mongolia AST Икономика на Монголия Bulgarian Economia de Mongòlia Catalan Ekonomika Mongolska Czech Wirtschaft der Mongolei German Economía de Mongolia Spanish Mongolian talous Finnish Économie de la Mongolie French Economía de Mongolia Galician

Economy of Mongolia

Economy of Mongolia
CurrencyMongolian tögrög (MNT, ₮)
Calendar year
Trade organizations
WTO, IMF, World Bank, ADB, SCO (Observer)
Country group
Statistics
PopulationIncrease 3,49 million (2024 est.)[3]
GDP
  • Increase $23.7 billion (nominal, 2024)[4]
  • Increase $67.7 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 7.4% (2023)
  • 5.5% (2024)
  • 7.0% (2025)[4]
GDP per capita
  • Increase $6,666 (nominal, 2024)[4]
  • Increase $19,063 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • 10.3% (2023)
  • 6.5% (2024)
  • 9.0% (2025)[4]
Population below poverty line
  • 27.1% (2022)[6]
  • 2% on less than $3.20 (2022)[7]
32.7 medium (2018)[8]
Labor force by occupation
Unemployment
  • Positive decrease 5.43% (2024 est.)
  • Positive decrease 9.9% (Q3, 2019)[10]
  • Positive decrease 16.8% youth unemployment (2018)[11]
Main industries
construction and construction materials, mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold), oil, food and beverages, processing of animal products, cashmere wool and natural fiber manufacturing
External
ExportsIncrease $12.65 billion (2023 est.)[5]
Export goods
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
Main export partners
ImportsIncrease $4.345 billion (2017 est.)[5]
Import goods
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
Main import partners
FDI stock
  • Increase $18.02 billion (2017 est.)[5]
  • Increase Abroad: $495 million (31 December 2017 est.)[5]
Decrease −$1.155 billion (2017 est.)[5]
Negative increase $33.8% billion (2023 est.)[5]
Public finances
Negative increase 180.3% of GDP (2023 est.)[5]
−6.4% (of GDP) (2017 est.)[5]
Revenues2.967 billion (2017 est.)[5]
Expenses3.681 billion (2017 est.)[5]
Economic aid$185.94 million (2008)
Standard & Poor's:[14]
BB- (Domestic)
BB- (Foreign)
BB (T&C Assessment)
Outlook: Stable[15]
Moody's:
B1
Outlook: Stable
Fitch:[15]
B+
Outlook: Stable
Increase $3.016 billion (31 December 2017 est.)[5]
All values, unless otherwise stated, are in US dollars.

The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990–91, in the time of the collapse of the Soviet Union. Mongolia was driven into deep recession.

Economic growth picked up in 1997–99 after stalling in 1996 due to a series of natural disasters and increases in world prices of copper and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization (WTO) in 1997.[16] The international donor community pledged over $300 million per year in the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining and Mongolia attained a GDP growth rate of 11.7% in 2013.[17] However, because much of this growth is export-based, Mongolia is suffering from the global slowdown in mining caused by decreased growth in China.[18]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Population, total - Mongolia". data.worldbank.org. World Bank. Archived from the original on 13 October 2019. Retrieved 13 October 2019.
  4. ^ a b c d e f "World Economic Outlook Database, October 2024". IMF.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k l m "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 15 January 2023. Retrieved 5 April 2019.
  6. ^ "Ядуурлын түвшин 2022 онд 27.1 хувьтай гарчээ". data.worldbank.org. Archived from the original on 14 November 2022. Retrieved 9 January 2020.
  7. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Mongolia". data.worldbank.org. World Bank. Archived from the original on 14 November 2022. Retrieved 21 March 2020.
  8. ^ "GINI index (World Bank estimate) - Mongolia". data.worldbank.org. World Bank. Archived from the original on 1 January 2020. Retrieved 21 March 2020.
  9. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme.
  10. ^ "UNEMPLOYMENT RATE, sex, region, aimag and the Capital, by quarter, annual". 1212.mn. National Statistics Office of Mongolia. Archived from the original on 14 November 2022. Retrieved 3 February 2020.
  11. ^ "Unemployment, youth total (% of total labor force ages 15-24) (national estimate) - Mongolia". data.worldbank.org. World Bank. Archived from the original on 14 November 2022. Retrieved 3 February 2020.
  12. ^ "Mongolia trade balance, exports, imports by country 2020 | WITS Data". WITS, World Integrate Trade Solution. Archived from the original on 11 March 2023. Retrieved 22 October 2022.
  13. ^ "Mongolia trade balance, exports, imports by country 2020 | WITS Data". WITS, World Integrate Trade Solution. Archived from the original on 11 March 2023. Retrieved 22 October 2022.
  14. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 26 June 2015. Retrieved 26 May 2011.
  15. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
  16. ^ Montsame News Agency. Mongolia. 2006, Foreign Service Office of Montsame News Agency, ISBN 99929-0-627-8, p. 72
  17. ^ philip (23 March 2014). "Mongolia's economic prospects and challenges". East Asia Forum Quarterly. 6 (1): 3–5. Archived from the original on 6 May 2023. Retrieved 10 August 2016.
  18. ^ Anonymous (2 September 2014). "Mongolia: Economy". Asian Development Bank. Archived from the original on 2 June 2023. Retrieved 10 August 2016.

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