Economy
Mongolia
Budget
revenues
$4.721 billion (2021 est.)
expenditures
$5.623 billion (2021 est.)
Exports
Exports 2021
$8.95 billion (2021 est.)
Exports 2022
$10.989 billion (2022 est.)
Exports 2023
$15.501 billion (2023 est.)
Imports
Imports 2021
$9.256 billion (2021 est.)
Imports 2022
$12.112 billion (2022 est.)
Imports 2023
$13.545 billion (2023 est.)
Industries
construction along with construction materials; mining sectors (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); petroleum; food and beverages; processing of animal products, cashmere, and natural fiber production
Labor force
1.449 million (2024 est.)
Public debt
Public debt 2021
67.6% of GDP (2021 est.)
Remittances
Remittances 2021
3.1% of GDP (2021 est.)
Remittances 2022
2.3% of GDP (2022 est.)
Remittances 2023
2.2% of GDP (2023 est.)
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.)
Debt - external
Debt - external 2023
$8.379 billion (2023 est.)
Economic overview
an economy in East Asia classified as lower middle-income; significant advancements in human capital over the past three decades; rich in agriculture and natural resources; driven by exports and consumption; experiencing high inflation resulting from supply chain issues and rising food and energy costs; currency depreciation
Unemployment rate
Unemployment rate 2022
6.3% (2022 est.)
Unemployment rate 2023
5.6% (2023 est.)
Unemployment rate 2024
5.5% (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)
Real GDP per capita
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.)
Real GDP growth rate
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.)
Agricultural products
milk, wheat, lamb/mutton, potatoes, beef, carrots/turnips, goat milk, goat meat, bison milk, horse meat (2023)
Exports - commodities
coal, copper ore, gold, iron ore, crude petroleum (2023)
Imports - commodities
cars, trucks, trailers, tractors, construction vehicles (2023)
Current account balance
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.)
Taxes and other revenues
16.9% (of GDP) (2021 est.)
GDP (official exchange rate)
$23.586 billion (2024 est.)
GDP - composition, by end use
household consumption
49.8% (2024 est.)
government consumption
16.3% (2024 est.)
investment in inventories
7.8% (2024 est.)
investment in fixed capital
26.8% (2024 est.)
exports of goods and services
69.1% (2024 est.)
imports of goods and services
-69.8% (2024 est.)
Population below poverty line
27.1% (2022 est.)
Inflation rate (consumer prices)
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.)
Industrial production growth rate
6.5% (2024 est.)
Real GDP (purchasing power parity)
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.)
Youth unemployment rate (ages 15-24)
male
15.9% (2024 est.)
total
13.8% (2024 est.)
female
10.8% (2024 est.)
Reserves of foreign exchange and gold
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.)
GDP - composition, by sector of origin
industry
38.1% (2024 est.)
services
44.2% (2024 est.)
agriculture
7.4% (2024 est.)
Household income or consumption by percentage share
lowest 10%
3.4% (2022 est.)
highest 10%
24.6% (2022 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2022
31.4 (2022 est.)