Mongolia Economic Statistics and Indicators

12, Apr 2021, EDT. Welcome to the Mongolia economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Mongolia › Change country
National or Regional Currency: Tugrik, MNT
Year of data: 2015 › Change year
Number of Indicators Listed: 34
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 2,953,190 (July 2014 est.)
Area: total: 1,564,116 sq km ; land: 1,553,556 sq km ; water: 10,560 sq km
Natural Resources: oil, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, fluorspar, gold, silver, iron
Capital: name: Ulaanbaatar ; geographic coordinates: 47 55 N, 106 55 E ; time difference: UTC+8 (13 hours ahead of Washington, DC, during Standard Time)

Mongolia's extensive mineral deposits and attendant growth in mining-sector activities have transformed Mongolia's economy, which traditionally has been dependent on herding and agriculture. Mongolia's copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, have attracted foreign direct investment. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction and natural disasters, as well as economic growth, because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit hard by the global financial crisis. Slower global economic growth hurt the country's exports, notably copper, and slashed government revenues. As a result, Mongolia's real economy contracted 1.3% in 2009. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis with better regulations and closer supervision. The banking sector strengthened but weaknesses remain. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world's largest untapped copper-gold deposits. Mongolia's ongoing dispute with a foreign investor over Oyu Tolgoi, however, has called into question the attractiveness of Mongolia as a destination for foreign direct investment. Negotiations to develop the massive Tavan Tolgoi coal field also have stalled. The economy has grown more than 10% per year since 2010, largely on the strength of commodity exports to nearby countries and high government spending domestically. Mongolia's economy, however, faces near-term economic risks from the government's loose fiscal and monetary policies, which are contributing to high inflation, and from uncertainties in foreign demand for Mongolian exports. Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports and is Mongolia's largest supplier. Mongolia has relied on Russia for energy supplies, leaving it vulnerable to price increases; in the first 11 months of 2013, Mongolia purchased 76% of its gasoline and diesel fuel and a substantial amount of electric power from Russia. A drop in foreign direct investment and a decrease in Chinese demand for Mongolia's mineral exports are putting pressure on Mongolia's balance of payments. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
More on the Mongolia Economy
More on the Mongolia Export, Import and Trade

GDP (Constant Prices, National Currency) for Mongolia in year 2015 is MNT 15,837.66 Billion.

GDP Growth (Constant Prices, National Currency) for Mongolia in year 2015 is 2.295 %.

GDP (Current Prices, National Currency) for Mongolia in year 2015 is MNT 23,166.78 Billion.

GDP (Current Prices, US Dollars) for Mongolia in year 2015 is US$ 11.735 Billion.

GDP Deflator for Mongolia in year 2015 is 146.277 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Mongolia in year 2015 is MNT 5,333,693.82 .

GDP Per Capita (Current Prices, National Currency) for Mongolia in year 2015 is MNT 7,801,942.00 .

GDP Per Capita (Current Prices, US Dollars) for Mongolia in year 2015 is US$ 3,951.91 .

GDP (PPP), US Dollars for Mongolia in year 2015 is US$ 36.068 Billion.

GDP Per Capita (PPP), US Dollars for Mongolia in year 2015 is US$ 12,146.64 .

GDP Share of World Total (PPP) for Mongolia in year 2015 is 0.032 %.

Implied PPP Conversion Rate for Mongolia in year 2015 is 642.313 .

Investment (% of GDP) for Mongolia in year 2015 is 26.211 %.

Gross National Savings (% of GDP) for Mongolia in year 2015 is 21.654 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Mongolia in year 2015 is 156.43 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Mongolia in year 2015 is 5.889 %.

Inflation, End of Year (Indexed to Year 2000) for Mongolia in year 2015 is 155.508 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Mongolia in year 2015 is 1.133 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Mongolia in year 2015 is -29.027 %.

Import Volumes of Goods Only (Percent Change) for Mongolia in year 2015 is -29.266 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Mongolia in year 2015 is -18.717 %.

Export Volumes of Goods Only (Percent Change) for Mongolia in year 2015 is -21.582 %.

Unemployment Rate (% of Labour Force) for Mongolia in year 2015 is 8.011 %.

Population for Mongolia in year 2015 is 2.969 Million .

General government revenue (National Currency) for Mongolia in year 2015 is MNT 5,921.98 Billions.

General government revenue (% of GDP) for Mongolia in year 2015 is 25.562 %.

General government total expenditure (National Currency) for Mongolia in year 2015 is MNT 7,838.95 Billions.

General government total expenditure (% of GDP) for Mongolia in year 2015 is 33.837 %.

Total Government Net Lending/ Borrowing (National Currency) for Mongolia in year 2015 is MNT -1,916.97 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Mongolia in year 2015 is -8.275 %.

Fiscal Year Gross Domestic Product, Current Prices for Mongolia in year 2015 is MNT 23,166.78 Billions.

Current Account Balance (US Dollars) for Mongolia in year 2015 is US$ -0.567 Billion.

Current Account Balance (% GDP) for Mongolia in year 2015 is -4.833 %.