Overview: Economic activity traditionally has been based on agriculture and the breeding of livestock--Mongolia has the highest number of livestock per person in the world. In recent years extensive mineral resources have been developed with Soviet support. The mining and processing of coal, copper, molybdenum, tin, tungsten, and gold account for a large part of industrial production.

GDP: $1.7 billion, per capita $880 (1985 est.); average real growth rate 3.6% (1976-85 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: NA%

Budget: revenues $2.2 billion; expenditures $2.19 billion, including capital expenditures of $0.9 billion (1987 est.)

Exports: $388 million (f.o.b., 1985); commodities--livestock, animal products, wool, hides, fluorspar, nonferrous metals, minerals; partners--nearly all trade with Communist countries (about 80% with USSR)

Imports: $1.0 billion (c.i.f., 1985); commodities--machinery and equipment, fuels, food products, industrial consumer goods, chemicals, building materials, sugar, tea; partners--nearly all trade with Communist countries (about 80% with USSR)

External debt: $NA

Industrial production: growth rate 10.9% (1985)

Electricity: 657,000 kW capacity; 29,500 million kWh produced, 1,340 kWh per capita (1989)

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

Agriculture: accounts for 90% of exports and provides livelihood for about 50% of the population; livestock raising predominates (sheep, goats, horses); crops--wheat, barley, potatoes, forage

Aid: about $500-$700 million annually from USSR

Currency: tughrik (plural--tughriks); 1 tughrik (Tug) = 100 mongos

Exchange rates: tughriks (Tug) per US$1--3.355 (1986-1988), 3.600 (1985)

Fiscal year: calendar year

NOTE: The information regarding Mongolia on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mongolia Economy 1990 information contained here. All suggestions for corrections of any errors about Mongolia Economy 1990 should be addressed to the CIA.