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Mongolia Economy 1996
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.
GDP - purchasing power parity - $4.4 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$NA, including capital expenditures of $NA (1991 est.)
$360 million (f.o.b., 1993 est.)
copper, livestock, animal products, cashmere, wool, hides, fluorspar, other
nonferrous metals
former CMEA countries 62%, China 17%, EC 8% (1992)
$361 million (f.o.b., 1993 est.)
machinery and equipment, fuels, food products, industrial consumer goods,
chemicals, building materials, sugar, tea
USSR 75%, Austria 5%, China 5% (1991)
growth rate -15% (1992 est.); accounts for about 42% of GDP
copper, processing of animal products, building materials, food and
beverage, mining (particularly coal)
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
1 tughrik (Tug) = 100 mongos
tughriks (Tug) per US$1 - 415.34 (January 1995), 412.72 (1994), 42.56
(1992), 9.52 (1991), 5.63 (1990)
the exchange rate 40 tughriks = 1US$ 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
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