Mongolia - Economy
How is the economy of Mongolia? Based on the information we have, Mongolia has a 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. Key agricultural products in this country include: milk, wheat, lamb/mutton, potatoes, beef, carrots/turnips, goat milk, goat meat, bison milk, horse meat (2023).
More about the economy of Mongolia
| Labor force | 1.449 million (2024 est.) |
|---|---|
| Industrial production growth rate | 12.89% (2023 est.) |
| 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 |
| Population below poverty line | 27.1% (2022 est.) |
| Taxes and other revenues | 16.9% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | togrog/tugriks (MNT) per US dollar - |
| Exchange rates 2024 | 3,389.982 (2024 est.) |
| Exchange rates 2023 | 3,465.737 (2023 est.) |
| Exchange rates 2022 | 3,140.678 (2022 est.) |
| Exchange rates 2021 | 2,849.289 (2021 est.) |
| Exchange rates 2020 | 2,813.29 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $8.379 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $4.891 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $4.916 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $3.398 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | $121.266 million (2023 est.) |
| Current account balance 2022 | -$2.303 billion (2022 est.) |
| Current account balance 2021 | -$2.108 billion (2021 est.) |
| Public debt | |
| Public debt 2021 | 67.6% of GDP (2021 est.) |
| Budget | |
| Revenues | $4.721 billion (2021 est.) |
| Expenditures | $4.845 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.24% of GDP (2023 est.) |
| Remittances 2022 | 2.33% of GDP (2022 est.) |
| Remittances 2021 | 3.08% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.4% (2022 est.) |
| Highest 10% | 24.6% (2022 est.) |
| Imports | |
| Imports 2023 | $13.545 billion (2023 est.) |
| Imports 2022 | $12.112 billion (2022 est.) |
| Imports 2021 | $9.256 billion (2021 est.) |
| Imports (partners) | China 57%, Japan 13%, Germany 3%, Singapore 3%, USA 3% (2023) |
| Comodities Imports force | cars, trucks, trailers, tractors, construction vehicles (2023) |
| Exports | |
| Imports 2023 | $13.545 billion (2023 est.) |
| Imports 2022 | $12.112 billion (2022 est.) |
| Imports 2021 | $9.256 billion (2021 est.) |
| Exports (partners) | China 92%, Switzerland 6%, Italy 1%, Thailand 0%, Japan 0% (2023) |
| Comodities Exports force | coal, copper ore, gold, iron ore, crude petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $56.474 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $52.572 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $50.053 billion (2021 est.) |
| GDP (official exchange rate) | $20.325 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $16,200 (2023 est.) |
| Real GDP per capita 2022 | $15,300 (2022 est.) |
| Real GDP per capita 2021 | $14,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.9% (2023 est.) |
| Industry | 39.5% (2023 est.) |
| Services | 41% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 44.5% (2023 est.) |
| Government consumption | 13% (2023 est.) |
| Investment in fixed capital | 25.3% (2023 est.) |
| Investment in inventories | 8.6% (2023 est.) |
| Exports of goods and services | 76.3% (2023 est.) |
| Imports of goods and services | -66.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.4% (2024 est.) |
| Unemployment rate 2023 | 5.5% (2023 est.) |
| Unemployment rate 2022 | 6.2% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.8% (2024 est.) |
| Male | 15.9% (2024 est.) |
| Female | 10.8% (2024 est.) |
All Important Facts about Mongolia
Want to know more about Mongolia? Check all different factbooks for Mongolia below.
