Mongolia Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; export and consumption-led growth; high inflation due to supply bottlenecks and increased food and energy prices; currency depreciation

Real GDP (purchasing power parity)

$39.063 billion (2021 est.)

$38.434 billion (2020 est.)

$40.27 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.64% (2021 est.)

-4.56% (2020 est.)

5.6% (2019 est.)

Real GDP per capita

$11,700 (2021 est.)

$11,700 (2020 est.)

$12,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$11.14 billion (2017 est.)

Inflation rate (consumer prices)

7.35% (2021 est.)

3.8% (2020 est.)

7.3% (2019 est.)

Credit ratings

Fitch rating: B (2018)

Moody's rating: B3 (2018)

Standard & Poors rating: B (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 12.1% (2017 est.)

industry: 38.2% (2017 est.)

services: 49.7% (2017 est.)

GDP - composition, by end use

household consumption: 49.2% (2017 est.)

government consumption: 12.3% (2017 est.)

investment in fixed capital: 23.8% (2017 est.)

investment in inventories: 12.4% (2017 est.)

exports of goods and services: 59.5% (2017 est.)

imports of goods and services: -57.1% (2017 est.)

Agricultural products

milk, wheat, goat milk, potatoes, mutton, sheep milk, beef, goat meat, horse meat, carrots/turnips

Industries

construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing

Industrial production growth rate

-2.22% (2021 est.)

Labor force

1.331 million (2021 est.)

Labor force - by occupation

agriculture: 31.1%

industry: 18.5%

services: 50.5% (2016)

Unemployment rate

7.08% (2021 est.)

7.01% (2020 est.)

5.44% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 21%

male: 20.1%

female: 22.4% (2021 est.)

Population below poverty line

28.4% (2018 est.)

Gini Index coefficient - distribution of family income

32.7 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 13.7%

highest 10%: 5.7% (2017)

Budget

revenues: $3.699 billion (2020 est.)

expenditures: $4.979 billion (2020 est.)

Budget surplus (+) or deficit (-)

-6.4% (of GDP) (2017 est.)

Public debt

73.94% of GDP (2020 est.)

60.84% of GDP (2019 est.)

65.97% of GDP (2018 est.)

Taxes and other revenues

14.15% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.108 billion (2021 est.)

-$674.612 million (2020 est.)

-$2.162 billion (2019 est.)

Exports

$8.95 billion (2021 est.) note: data are in current year dollars

$7.646 billion (2020 est.) note: data are in current year dollars

$8.416 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 81%, Switzerland 9% (2019)

Exports - commodities

copper, coal, gold, iron, animal hair, crude petroleum, zinc (2021)

Imports

$9.256 billion (2021 est.) note: data are in current year dollars

$7.34 billion (2020 est.) note: data are in current year dollars

$9.249 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 31%, Russia 29%, Japan 10%, South Korea 5% (2019)

Imports - commodities

refined petroleum, cars, delivery trucks, construction vehicles, aircraft (2019)

Reserves of foreign exchange and gold

$4.38 billion (31 December 2021 est.)

$4.545 billion (31 December 2020 est.)

$4.364 billion (31 December 2019 est.)

Debt - external

$29.945 billion (2019 est.)

$28.046 billion (2018 est.)

Exchange rates

togrog/tugriks (MNT) per US dollar -

2,849.289 (2021 est.)

2,813.29 (2020 est.)

2,663.541 (2019 est.)

2,472.484 (2018 est.)

2,439.777 (2017 est.)

NOTE: The information regarding Mongolia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Mongolia 2023 information contained here. All suggestions for corrections of any errors about Mongolia 2023 should be addressed to the CIA or the source cited on each page.