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 |
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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 |
Mongolia
Inflation & Debt
Inflation |
2015: 5.9% 2016: 0.5% 2017*: 4.6% 2018*: 7.7% 2019*: 9% *Estimate |
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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 |
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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) |
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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 |
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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