Countries
Mongolia
Key Economic Indicators
$67.48 billion
$19,145
5.12%
6.21%
5.23%
$23.586 billion (2024 est.)
43 % of GDP
$-2,485,434,521
Economic Overview
lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; export and consumption-led growth; high inflation due to supply bottlenecks and increased food and energy prices; currency depreciation
All Economic Data
Agricultural products
milk, wheat, lamb/mutton, potatoes, beef, carrots/turnips, goat milk, goat meat, bison milk, horse meat (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$5.623 billion (2021 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$4.721 billion (2021 est.)
Currency
code:
MNT
name:
Mongolian tögrög (MNT) [₮]
Current account balance
$-2,485,434,521
Current account balance 2021:
-$2.108 billion (2021 est.)
Current account balance 2022:
-$2.303 billion (2022 est.)
Current account balance 2023:
$121.266 million (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$38.02 billion
Debt - external 2023:
$8.379 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
togrog/tugriks (MNT) per US dollar -
Exchange rates 2020:
2,813.29 (2020 est.)
Exchange rates 2021:
2,849.289 (2021 est.)
Exchange rates 2022:
3,140.678 (2022 est.)
Exchange rates 2023:
3,465.737 (2023 est.)
Exchange rates 2024:
3,389.982 (2024 est.)
Exports
$16.35 billion
Exports 2021:
$8.95 billion (2021 est.)
Exports 2022:
$10.989 billion (2022 est.)
Exports 2023:
$15.501 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
coal, copper ore, gold, iron ore, crude petroleum (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 92%, Switzerland 6%, Italy 1%, Thailand 0%, Japan 0% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$2.78 billion
GDP - composition, by end use
Exports of goods and services:
69.1% (2024 est.)
Government consumption:
16.3% (2024 est.)
Household consumption:
49.8% (2024 est.)
Imports of goods and services:
-69.8% (2024 est.)
Investment in fixed capital:
26.8% (2024 est.)
Investment in inventories:
7.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
7.4% (2024 est.)
Industry:
38.1% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
44.2% (2024 est.)
GDP (official exchange rate)
$23.586 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,751
Gini Index coefficient - distribution of family income
32.7 (2018)
Gini Index coefficient - distribution of family income 2022:
31.4 (2022 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$21.13 billion
GNI per capita
$5,380
Gross domestic investment
36 % of GDP
Household income or consumption by percentage share
Highest 10%:
24.6% (2022 est.)
Lowest 10%:
3.4% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$16.59 billion
Imports 2021:
$9.256 billion (2021 est.)
Imports 2022:
$12.112 billion (2022 est.)
Imports 2023:
$13.545 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, trucks, trailers, tractors, construction vehicles (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 57%, Japan 13%, Germany 3%, Singapore 3%, USA 3% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
6.5% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Inflation rate (consumer prices)
6.21%
Inflation rate (consumer prices) 2022:
15.1% (2022 est.)
Inflation rate (consumer prices) 2023:
10.3% (2023 est.)
Inflation rate (consumer prices) 2024:
6.8% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.449 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.46 million persons
Labor force - by occupation
agriculture:
27%
industry:
23.09%
services:
49.91%
Population below poverty line
27.1% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
43 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2021:
67.6% of GDP (2021 est.)
Real GDP (purchasing power parity)
$67.48 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$52.572 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$56.474 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$59.221 billion (2024 est.)
Real GDP growth rate
5.12%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5% (2022 est.)
Real GDP growth rate 2023:
7.4% (2023 est.)
Real GDP growth rate 2024:
4.9% (2024 est.)
Real GDP per capita
$19,145
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$15,300 (2022 est.)
Real GDP per capita 2023:
$16,200 (2023 est.)
Real GDP per capita 2024:
$16,800 (2024 est.)
Remittances
$527.69 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
3.1% of GDP (2021 est.)
Remittances 2022:
2.3% of GDP (2022 est.)
Remittances 2023:
2.2% of GDP (2023 est.)
Reserves of foreign exchange and gold
$5.51 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$3.398 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$4.916 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$5.508 billion (2024 est.)
Revenue (excl grants)
32 % of GDP
Tax revenue
17 % of GDP
Taxes and other revenues
16.9% (of GDP) (2021 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
5.23%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
6.3% (2022 est.)
Unemployment rate 2023:
5.6% (2023 est.)
Unemployment rate 2024:
5.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
10.8% (2024 est.)
Male:
15.9% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
13.8% (2024 est.)
World Bank Indicators
Currency
Malagasy ariary (MGA) Ar (2025)
Gini Index
42.60 (2012)
Languages
French, Malagasy (2025)
Economic Rankings
External Debt
#36
Inflation Rate
#39
GDP Growth Rate
#41
Unemployment Rate
#77
GDP per Capita
#94
Reserves
#95
Exports
#96
Imports
#102
GDP (PPP)
#115
GDP (Nominal)
#119
Gini Index
#136
Quick Facts
Industries
construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufactu
Agricultural products
milk, wheat, lamb/mutton, potatoes, beef, carrots/turnips, goat milk, goat meat, bison milk, horse meat (2023)
Labor force
1.449 million (2024 est.)
Exports - partners
China 92%, Switzerland 6%, Italy 1%, Thailand 0%, Japan 0% (2023)
Imports - partners
China 57%, Japan 13%, Germany 3%, Singapore 3%, USA 3% (2023)
Exchange rates
togrog/tugriks (MNT) per US dollar -
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