Economy of Mongolia

The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990–91, in the time of the collapse of the Soviet Union. Mongolia was driven into deep recession.

Economy of Mongolia
Ulaanbaatar
CurrencyMongolian tögrög (MNT, ₮)
Calendar year
Trade organizations
WTO, IMF, World Bank, ADB, SCO (Observer)
Country group
Statistics
Population 3.46 million (2023 est.)
GDP
  • $19.552 billion (nominal, 2024 est.)
  • $56.628 billion (PPP, 2024)
GDP rank
  • 129nd (nominal, 2023)
  • 123nd (PPP, 2023)
GDP growth
  • 6.9% (2018) 4.8% (2019e)
  • −0.5% (2020f) 4.9% (2021f)
GDP per capita
  • $5,323 (nominal, 2023 est.)
  • $15,020 (PPP, 2022 est.)
GDP per capita rank
  • 106th (nominal, 2022)
  • 100th (PPP, 2022)
GDP by sector
  • agriculture: 12.1%
  • industry: 38.2%
  • services: 49.7%
  • (2017 est.)
10% (202e est.)
Population below poverty line
  • 28.4% (2018)
  • 5.6% on less than $3.20 (2018)
32.7 medium (2018)
  • 0.737 high (2023) (96nd)
  • 0.635 medium IHDI (2018)
Labor force by occupation
  • agriculture: 31.1%
  • industry: 18.5%
  • services: 50.5%
  • (2016)
Unemployment
  • 6.3% (2020 est.)
  • 9.9% (Q3, 2019)
  • 16.8% youth unemployment (2018)
Main industries
construction and construction materials, mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold), oil, food and beverages, processing of animal products, cashmere wool and natural fiber manufacturing
External
Exports $12.65 billion (2023 est.)
Export goods
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
Main export partners
  •  China(-) 36.39%
  •   Switzerland(+) 9.41%
  •  Russia(+) 28.56%
  •  Japan(+) 6.62%
  •  South Korea(+) 4.51%
  •  Germany (+) 3.25%
  • (2023)
Imports $4.345 billion (2017 est.)
Import goods
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
Main import partners
  •  China(+) 82.6%
  •  Russia(+) 26.42%
  •  Japan(+) 7.68%
  •  United States(+) 4.64%
  •  South Korea(+) 4.45%
  • (2023)
FDI stock
  • $18.02 billion (2017 est.)
  • Abroad: $495 million (31 December 2017 est.)
−$1.155 billion (2017 est.)
$33.8% billion (2023 est.)
Public finances
Government debt
 180.3% of GDP (2023 est.)
−6.4% (of GDP) (2017 est.)
Revenues2.967 billion (2017 est.)
Expenses3.681 billion (2017 est.)
Economic aid$185.94 million (2008)
Credit rating
Standard & Poor's:
BB- (Domestic)
BB- (Foreign)
BB (T&C Assessment)
Outlook: Stable
Moody's:
B1
Outlook: Stable
Fitch:
B+
Outlook: Stable
$3.016 billion (31 December 2017 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Economic growth picked up in 1997–99 after stalling in 1996 due to a series of natural disasters and increases in world prices of copper and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization (WTO) in 1997. The international donor community pledged over $300 million per year in the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining and Mongolia attained a GDP growth rate of 11.7% in 2013. However, because much of this growth is export-based, Mongolia is suffering from the global slowdown in mining caused by decreased growth in China.

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