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, potatoes, lamb/mutton, goat milk, beef, goat meat, bison milk, sheep milk, horse meat (2022).
More about the economy of Mongolia
| Labor force | 1.403 million (2023 est.) |
|---|---|
| Industrial production growth rate | 12.57% (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 | 27.8% (2020 est.) |
| Taxes and other revenues | 16.91% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | togrog/tugriks (MNT) per US dollar - |
| 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.) |
| Exchange rates 2019 | 2,663.541 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $9.085 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $4.782 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $3.398 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $4.38 billion (2021 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 | 67.57% of GDP (2021 est.) |
| Budget | |
| Revenues | $4.721 billion (2021 est.) |
| Expenditures | $4.845 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.21% 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 36%, Russia 29%, Japan 7%, South Korea 5%, US 3% (2022) |
| Comodities Imports force | refined petroleum, cars, trucks, trailers, raw iron bars (2022) |
| 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 78%, Switzerland 15%, Singapore 3%, South Korea 2%, Russia 1% (2022) |
| Comodities Exports force | coal, copper ore, gold, animal hair, iron ore (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $56.264 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) | $19.872 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $16,300 (2023 est.) |
| Real GDP per capita 2022 | $15,500 (2022 est.) |
| Real GDP per capita 2021 | $15,000 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 10.2% (2023 est.) |
| Industry | 40% (2023 est.) |
| Services | 40.1% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 47.8% (2023 est.) |
| Government consumption | 13.3% (2023 est.) |
| Investment in fixed capital | 27.4% (2023 est.) |
| Investment in inventories | 5% (2023 est.) |
| Exports of goods and services | 78% (2023 est.) |
| Imports of goods and services | -69.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.13% (2023 est.) |
| Unemployment rate 2022 | 6.21% (2022 est.) |
| Unemployment rate 2021 | 7.75% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 11.4% (2023 est.) |
| Male | 10.3% (2023 est.) |
| Female | 12.9% (2023 est.) |
All Important Facts about Mongolia
Want to know more about Mongolia? Check all different factbooks for Mongolia below.
