Mongolia Economy - 2024

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.)

Unemployment rate

7.08% (2021 est.)
7.01% (2020 est.)
5.44% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 21% (2021 est.)

male: 20.1%

female: 22.4%

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)

Remittances

4.12% of GDP (2020 est.)
3.95% of GDP (2019 est.)
3.34% of GDP (2018 est.)

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 73%, Switzerland 19%, Singapore 2%, South Korea 2%, Russia 1% (2021)

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 -

Exchange rates:
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.)