Economy of Mongolia
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| Currency | 1 tögrög (MNT) = 100 möngö |
|---|---|
| Calendar year | |
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Trade organisations
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WTO, IMF, World Bank, ADB, SCO (Observer) |
| Statistics | |
| GDP | $36.07 billion (PPP, 2015 est.) |
| GDP rank | 136th (nominal) / 118th (PPP) |
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GDP growth
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8.0% (2014), 2.3% (2015), 0.1% (2016e), 2.0% (2017f) |
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GDP per capita
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$12,100 (2015 est., PPP) |
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GDP by sector
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agriculture: 16.6%, industry: 33.1%, services: 50.3% (2011 est.) |
| 5.9% (2015 est.) | |
|
Population below poverty line
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21.6% (2014 est.) |
| 36.5 (2008) | |
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Labour force by occupation
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agriculture: 28.6%, industry: 21%, services: 50.4% (2014) |
| Unemployment | 8.3% (2015) |
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Main industries
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construction and construction materials, mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold), oil, food and beverages, processing of animal products, cashmere wool and natural fiber manufacturing |
| 64th (2017) | |
| External | |
| Exports | $5.272 billion (2015 est.) |
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Export goods
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copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil |
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Main export partners
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 China 84% Switzerland 9% (2015) |
| Imports | $3.923 billion (2015 est.) |
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Import goods
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machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes & tobacco, soap & detergent |
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Main import partners
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China 39.9% Russia 28.4% Japan 6.4% South Korea 6.2% (2015) |
| Public finances | |
| $1.9 billion (2011) | |
| Revenues | $2.994 billion (2015 est.) |
| Expenses | $3.354 billion (2015 est.) |
| Economic aid | $185.94 million (2008) |
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Standard & Poor's: BB- (Domestic) BB- (Foreign) BB (T&C Assessment) Outlook: Stable Moody's: B1 Outlook: Stable Fitch: B+ Outlook: Stable |
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Economic activity in Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990–91, at the time of the Collapse of the Soviet Union. Mongolia was driven into deep recession. Reform has been held back by the ex-communist MPRP opposition and by the political instability brought about through four successive governments under the DUC. Economic growth picked up in 1997–99 after stalling in 1996 due to a series of natural disasters and increases in world prices of copper and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization (WTO) in 1997. The international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining and Mongolia attained a GDP growth rate of 11.7% in 2013. However, because much of this growth is export-based, Mongolia is suffering from the global slowdown in mining caused by decreased growth in China.
The rapid political changes of 1990–91 marked the beginning of Mongolia's efforts to develop a market economy, but these efforts have been complicated and disrupted by the dissolution and continuing deterioration of the economy of the former Soviet Union. Prior to 1991, 80% of Mongolia's trade was with the former Soviet Union, and 15% was with other Council for Mutual Economic Assistance (CMEA) countries. Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants.
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