Browse a full set of economic indicators

Mongolia

Includes Mongolia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Mongolia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Mongolia best banks and safest banks are also available.

Basic Information

Government Type: Semi-presidential republic

Capital City: Ulaanbaatar

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Mongolia
Currency Togrog/tugriks (MNT)

International Reserves USD 3.5 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 13.0 billion (2018, estimate)

GDP (Purchasing Power Parity) Intl$ 43.5 billion (2018, estimate)

GDP Data

Real GDP growth 2007: 8.8%
2008: 7.8%
2009: -2.1%
2010: 7.3%
2011: 17.3%
2012: 12.3%
2013: 11.6%
2014: 7.9%
2015: 2.4%
2016: 1.2%
2017: 5.3%
2018: 6.9%
*Estimate
GDP per capita – current prices USD 4,026.3 (2018, estimate)
GDP per capita – PPP Intl$ 13,446.5 (2018, estimate)
GDP (PPP) – share of world total 1980: 0.02%
1990: 0.02%
2000: 0.02%
2010: 0.02%
2019: 0.03%
*Estimate
GDP – composition by sector agriculture: 10.9%
industry: 38.2%
services: 40%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation
2015: 5.9%
2016: 0.5%
2017*: 4.6%
2018*: 7.7%
2019*: 9%
*Estimate

Inflation & Debt

Inflation 2015: 5.9%
2016: 0.5%
2017*: 4.6%
2018*: 7.7%
2019*: 9%
*Estimate
Government Bond Ratings Standard & Poor’s: B

Moody’s: B3

Standard & Poor’s / Moody’s
Unemployment rate
2015*: 7.5%
2016*: 10%
2017*: 10%
2018*: 10%
2019*: 9%
*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) N/A
Public deficit (General government net lending/borrowing as a % of GDP) 2015: -5%
2016: -15.3%
2017: -3.8%
2018*: 2.6%
2019*: 0.6%
*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 60.3% (2018)
Shares in world total merchandising export 0.04% (2018)
Shares in world total commercial services export 0.02% (2018)
Total exports USD 7.5 billion (2018)
Export commodities Copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
Total imports USD 9.0 billion (2018 estimate)
Import commodities Machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
Exports – major partners China 85%, UK 10.7% (2017)
Imports – major partners China 32.6%, Russia 28.1%, Japan 8.4%, US 4.8%, South Korea 4.6% (2017)

Competitiveness & Trade

Current account balance USD -2.2 billion (2018 estimate)
Current account balance by percentage of GDP -17.0 % (2018 estimate)
FDI inflows 2016: USD -4,156 million
2017: USD 1,494 million
2018: USD 2,174 million
FDI Outflows 2016: USD 14 million
2017: USD 49 million
2018: USD 37 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

81 out of 190 countries

Subcategories:
Starting a Business: 100 out of 190 countries
Dealing with Construction Permits: 29 out of 190 countries
Getting Electricity: 152 out of 190 countries
Registering Property: 50 out of 190 countries
Getting Credit: 25 out of 190 countries
Protecting Minority Investors: 25 out of 190 countries
Paying Taxes: 71 out of 190 countries
Trading across Borders: 143 out of 190 countries
Enforcing Contracts: 75 out of 190 countries
Resolving Insolvency: 150 out of 190 countries
Global competitiveness ranking 102 out of 141 countries

(2019)
Index of Economic Freedom
Ranking: 126 / Score: 55.4 (Mostly unfree)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC+8

Total Area 1,564,116 sq km
Total Population 1990: 2.08 million
2000: 2.4 million
2010: 2.76 million
2015*: 3.06 million
2020*: 3.36 million
*Estimate
Urban population as % of total population 1960: 35.7%
1980: 52.1%
2000: 57.1%
2018: 68.4%
Population median age 28.8 years
Population growth rate 1.11% (2018 estimate)
Life expectancy 70.2 years (2018 estimate)
% of population living on less than $3.10 a day 6.9% (last available estimate, 2016)
Inequality of wealth distribution (Gini index) 32.3 (last available estimate, 2016)

(0=perfect equality, 100=absolute inequality)
Freedom House rating
Free
Political Rights: 1
Civil Liberties: 2 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 11.7% Mobile: 133.2% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 23.71 % (2017)

Language & Religon

Languages Mongolian 90% (official) (Khalkha dialect is predominant), Turkic, Russian (1999)

Literacy Total population: 98.4%
Male: 98.2%
Female: 98.6%
Definition: age 15 and over can read and write (2015 est.)
Religions Buddhist 53%, Muslim 3%, Shamanist 2.9%, Christian 2.2%, other 0.4%, none 38.6% (2010 est.)

World Rankings

Population 3.36 M
Mercer Cost of living index N/A
C02 Emissions per capita 7.09 metric tons per capita (2014)

Global Finance Rankings & Awards: Mongolia

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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