Mongolia typical architecture

Mongolia Economy

Mongolia's economy in numbers:

Nominal GDP of USD 17.1 billion in 2022.

GDP per capita of USD 4,947 compared to the global average of USD 10,589.

Average real GDP growth of 5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 50% of overall GDP, manufacturing 8%, other industrial activity 29%, and agriculture 13%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 15%, fixed investment 36%, and net exports -3%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 1% of total merchandise exports, mineral fuels 30%, food 2%, ores and metals 40% and agricultural raw materials 3%, with other categories accounting for 24% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 19%, food 13%, ores and metals 0% and agricultural raw materials 0%, with other goods accounting for 0% of the total. Total exports were worth USD 10 billion in 2022, while total imports were USD 9 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.0% in the decade to 2022. To read more about GDP growth in Mongolia, go to our dedicated page.

Fiscal policy:

Mongolia's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 8.2% in the decade to 2022. For more information on Mongolia's unemployment click here.

Inflation:

Inflation averaged 8.0% in the decade to 2022. Go to our Mongolia inflation page for extra insight.

Monetary Policy:

Mongolia's monetary policy rate ended 2022 at 13.00%, down from 13.25% a decade earlier. See our Mongolia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the tugrik weakened by 59.6% vs the U.S. dollar. For more info on the tugrik, click here.
The economy boomed 7.8% in Q3—by far the fastest growth in East Asia—underpinned by higher tourist arrivals, coal shipments and a surge in private consumption—large hikes in wages, social benefits and pensions introduced in June’s supplementary budget drove this increase in spending. Turning to Q4, economic activity likely remained robust. Coal output was up by around half year on year in the quarter, while copper output and iron exports also saw double-digit growth in the period. In addition, tourist arrivals rose 43% in annual terms in Q4, while private spending will have been buoyed by June’s supplementary budget measures. Strong economic momentum should be continuing heading into 2024, underpinned by a large minimum wage hike from January, the expansionary 2024 budget and mining investment.
Projections out to 2033.

39 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 12 expert analysts.

Want to get insight on the economic outlook for Mongolia in the coming years? FocusEconomics collects projections out to 2033 on 39 economic indicators for Mongolia from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Mongolia economy. To download a sample report on the Mongolia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Mongolia Economic Data

2018 2019 2020 2021 2022
Population (million) 3.2 3.3 3.4 3.4 3.5
GDP (USD bn) 13.2 14.3 13.3 15.3 17.1
GDP per capita (USD) 4,083 4,324 3,961 4,478 4,947
GDP (MNT tn) 32.6 37.8 37.5 43.6 53.9
Economic Growth (Nominal GDP, ann. var. %) 16.3 16.1 -1.0 16.3 23.6
Economic Growth (GDP, ann. var. %) 7.7 5.6 -4.6 1.6 5.0
Private Consumption (ann. var. %) 11.7 5.8 2.1 -5.9 8.1
Government Consumption (ann. var. %) 1.1 12.3 14.6 9.2 6.9
Fixed Investment (ann. var. %) 31.8 14.0 -21.1 17.7 13.2
Exports (G&S, ann. var. %) 6.1 12.0 -5.3 -14.6 32.3
Imports (G&S, ann. var. %) 32.7 8.6 -15.5 13.6 29.1
Unemployment (% of active population, aop) 7.8 10.0 7.0 8.1 7.3
Fiscal Balance (% of GDP) 2.9 1.0 -9.2 -3.0 0.7
Public Debt (% of GDP) 90.7 79.2 97.4 79.9 76.3
Money (ann. var. of M2 %) 22.8 8.2 16.2 13.8 6.5
Inflation (CPI, ann. var. %, aop) 6.8 7.3 3.7 7.0 15.2
Policy Rate (%, eop) 11.00 11.00 6.00 6.00 13.00
Exchange Rate (MNT per USD, eop) 2,644 2,734 2,850 2,849 3,445
Exchange Rate (MNT per USD, aop) 2,474 2,664 2,813 2,849 3,142
Current Account Balance (USD bn) -2.2 -2.2 -0.7 -2.1 -2.3
Current Account Balance (% of GDP) -16.7 -15.2 -5.1 -13.8 -13.5
Merchandise Trade Balance (USD bn) 0.7 1.2 1.8 1.4 1.2
Merchandise Exports (USD bn) 6.6 7.2 7.0 8.1 9.9
Merchandise Imports (USD bn) 5.9 6.0 5.2 6.8 8.6
Merchandise Exports (ann. var. %) 12.4 9.6 -2.7 16.4 21.1
Merchandise Imports (ann. var. %) 35.5 2.4 -13.1 29.2 27.4
Foreign Direct Investment (USD bn) 2.2 2.4 1.7 2.2 2.5
International Reserves (USD bn) 3.5 4.3 4.5 4.4 3.4
International Reserves (months of imports) 7.2 8.7 10.4 7.7 4.7
External Debt (USD bn) 29.8 31.6 32.4 34.3 33.8
External Debt (% of GDP) 225 221 243 225 197

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