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    Mongolia Economy - 1991

      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. In early 1991 the Mongolian leadership was struggling with severe economic dislocations, mainly attributable to chaotic economic conditions in the USSR, by far Mongolia's leading trade and development partner. For example, the government doubled most prices in January 1991, and industrial production dropped 10% in the first quarter of 1991. Moscow almost certainly will be cutting aid in 1991.

      GDP: $2.2 billion, per capita $1,000 (1990 est.); real growth rate NA%

      Inflation rate (consumer prices): NA%

      Unemployment rate: 10% (February 1991)

      Budget: deficit of $240 million (1991 est.)

      Exports: $784 million (f.o.b., 1988); commodities--livestock, animal products, wool, hides, fluorspar, nonferrous metals, minerals; partners--nearly all trade with Communist countries (about 80% with USSR)

      Imports: $1.14 billion (f.o.b., 1988); 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: $16.8 billion (yearend 1990); 98.6% with USSR

      Industrial production: growth rate NA%

      Electricity: 657,000 kW capacity; 2,950 million kWh produced, 1,380 kWh per capita (1990)

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

      Agriculture: accounts for about 20% of GDP and provides livelihood for about 50% of the population; livestock raising predominates (sheep, goats, horses); crops--wheat, barley, potatoes, forage

      Economic aid: about $300 million in trade credits and $34 million in grant aid from USSR and other CEMA countries, plus $7.4 million from UNDP (1990)

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

      Exchange rates: tughriks (Tug) per US$1--7.1 (1991), 5.63 (1990), 3.00 (1989)

      Fiscal year: calendar year

      NOTE: The information regarding Mongolia on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mongolia Economy 1991 information contained here. All suggestions for corrections of any errors about Mongolia Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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