Economy of Mongolia
Population: 3.17 M (2018)
GDP per Capita: 4,122 USD (2018)
13,070 M.

GDP USD

(2018)

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7,670 M.

EXPORTS USD

(2018)

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8,390 M.

IMPORTS USD

(2018)

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2018 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 7.23 % (2018)
GDP of 2010 USD USD 13.30 B. (2018)
GDP Current USD USD 13.07 B. (2018)
GDP per Capita Current USD USD 4,122 (2018)
GDP per capita, PPP USD 12,245 (2018)
GDP per Capita, 2010 USD USD 4,210 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 11.71 % (2018)
Government Spending USD 1.53 B. (2018)
Government Debt % GDP % ()

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 190.62 (2018)
Trade Openness 122.89 % (2018)
Exports of Goods and Services % GDP 58.66 % (2018)
Exports Goods & Services USD 7.67 B. (2018)
Exports Annual Growth 13.41 % (2018)
Imports as % GDP 64.23 % (2018)
Total Imports USD 8.39 B. (2018)
Foreign Direct Investment % GDP 14.94 % (2018)
Foreign Direct Investment USD 1.95 B. (2018)
Current Account Balance % GDP USD -14.56 % (2018)
Current Account Balance USD -1.90 B. (2018)
Trade Balance % GDP -5.57 % (2018)
Trade Balance USD -0.76 B. (2018)
Foreign Exchange Reserves incl Gold USD 3.55 B. (2018)
Remittances % GDP 3.37 % (2018)
Remittances USD 259 M. (2018)
Balance of Payments USD 188 M. (2012)

Labor Market

Indicator Value
Labor Force 1.33 M. (2019)
Unemployment Rate 6.35 % (2019)
Unemployment Rate Females 5.63 % (2019)
Unemployment Rate Males 6.33 % (2019)
Youth Unemployment (ages 15-24) 16.53 % (2019)
Labor Force Participation Rate 59.73 % (2019)
Labor Force (Percent Female) 45.78 % (2019)
Female Labor Force Participation Rate 53.16 % (2019)
Male Labor Force Participation Rate 66.59 % (2019)
Dependent People 52.66 % (2018)

Agriculture Sector

Indicator Value
Forest Area 8.00 % (2016)
Forest Area km² 124,555 km² (2016)
Agricultural Land 71.49 % (2016)
Agricultural Land km² 1,110,622 km² (2016)
Employment 28.60 % (2019)
Value added % GDP 10.82 % (2018)
Agriculture Value added USD 1.41 B. (2018)
Crop Production Index 258.40 (2016)
Precipitation 241 mm (2014)
Arable Land 0 % (2016)
Cereal Yield 609 kg/hectare (2017)
Food production index 160 (2016)
Rural Population 32 % (2018)
Fertilizer use of Arable Land 40 kg/hectare (2016)
Livestock Production Index 150 (2016)
Economy of Mongolia

According to the World Bank and its latest published data, the economy of the Mongolia presents a growth rate of 7.23 % (2018) to the previous year.

With a population that reaches 3.17 M (2018) and a gross domestic product of USD 13.07 B. (2018), it translates a Gross Domestic Product per Capita of USD 4,122 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Mongolia also has a workforce of 1.33 M. (2019) with an unemployment rate of 6.35 % (2019), where women represent 5.63 % (2019) and men 6.33 % (2019), the unemployment rate for young people between 15-24 years old stood at 16.53 % (2019). The total number of dependent people stands at 52.66 % (2018).

The central government spent 11.71 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.53 B. (2018). Its consolidated public debt reached of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Mongolia exported USD 7.67 B. (2018), which represents 58.66 % (2018) of its gross domestic product, in that same sense its imports reached USD 8.39 B. (2018) with a direct foreign investment of USD 1.95 B. (2018).

Mongolia has a forest area of 124,555 km² (2016), which represents 8.00 % (2016) of its total area, an average rainfall of 241 mm (2014) per year and a population of 32 % (2018) living in rural areas. With a total area of 1,110,622 km² (2016) available for agriculture and 28.60 % (2019) of its employments, the agricultural sector contributes to the economy of the Mongolia about USD 1.41 B. (2018) (10.82 % (2018) of its GDP).