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Mongolia Economy 1996

Overview:

Mongolia's severe climate, scattered population, and wide expanses of unproductive land have constrained economic development. Economic activity traditionally has been based on agriculture and the breeding of livestock. In past years extensive mineral resources had been developed with Soviet support; total Soviet assistance at its height amounted to 30% of GDP. The mining and processing of coal, copper, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Timber and fishing are also important sectors. The Mongolian leadership has been gradually making the transition from Soviet-style central planning to a market economy through privatization and price reform, and is soliciting support from international financial agencies and foreign investors. The economy, however, has still not recovered from the loss of Soviet aid, and the country continues to suffer substantial economic hardships, with one-fourth of the population below the poverty line.

National product:

GDP - purchasing power parity - $4.4 billion (1994 est.)

National product real growth rate:

2.5% (1994 est.)

National product per capita:

$1,800 (1994 est.)

Inflation rate (consumer prices):

70% (1994 est.)

Unemployment rate:

15% (1991 est.)

Budget:

revenues:

$NA

expenditures:

$NA, including capital expenditures of $NA (1991 est.)

note:

deficit of $67 million

Exports:

$360 million (f.o.b., 1993 est.)

commodities:

copper, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals

partners:

former CMEA countries 62%, China 17%, EC 8% (1992)

Imports:

$361 million (f.o.b., 1993 est.)

commodities:

machinery and equipment, fuels, food products, industrial consumer goods, chemicals, building materials, sugar, tea

partners:

USSR 75%, Austria 5%, China 5% (1991)

External debt:

$NA

Industrial production:

growth rate -15% (1992 est.); accounts for about 42% of GDP

Electricity:

capacity:

900,000 kW

production:

3.1 billion kWh

consumption per capita:

1,267 kWh (1993)

Industries:

copper, processing of animal products, building materials, food and beverage, mining (particularly coal)

Agriculture:

accounts for about 35% of GDP and provides livelihood for about 50% of the population; livestock raising predominates (primarily sheep and goats, but also cattle, camels, and horses); crops - wheat, barley, potatoes, forage

Economic aid:

Currency:

1 tughrik (Tug) = 100 mongos

Exchange rates:

tughriks (Tug) per US$1 - 415.34 (January 1995), 412.72 (1994), 42.56 (1992), 9.52 (1991), 5.63 (1990)

note:

the exchange rate 40 tughriks = 1US$ was introduced June 1991 and was in force to the end of 1992; beginning 27 May 1993 the exchange rate is the midpoint of the average buying and selling rates that are freely determined on the basis of market transactions between commercial banks and the nonbank public

Fiscal year:

calendar year

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