Mongolia: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Upper Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Data Unavailable |
| Economic Trivia | Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2021): China, Russia, and Switzerland |
| Top Industries Source: CIA World Factbook | Construction and Construction Materials; Mining (Coal, Copper, Molybdenum, Fluorspar, Tin, Tungsten, Gold); Oil; Food and Beverages |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $42,914,813,893 (2021) |
| GDP Growth Rate (annual %) | 1.637% (2021) |
| GDP Per Capita, PPP (current international) | $12,819 (2021) |
GDP Country Rank 121/197 (2021)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 7.353% (2021) |
| External debt stocks, total (DOD, current US$) | $33,940,299,645 (2021) |
| Total tax rate (% of commercial profits) | 25.7% (2019) |
| Real Interest Rate (5 year average %) | 1.387% (2021) |
| Manufacturing, value added (% of GDP) | 7.109% (2021) |
| Current Account Balance (BoP, current US$) | ($2,108,439,815) (2021) |
Labor and Employment [1]
| Labor Force, Total | 1,330,610 (2021) |
| Employment in Agriculture (% of total employment) | 26.894% (2020) |
| Employment in Industry (% of total employment) | 19.485% (2020) |
| Employment in Services (% of total employment) | 53.621% (2020) |
| Unemployment Rate | 7.082% (2021) |
Trade [1]
| Imports of goods and services (current US$) | $9,255,820,443 (2021) |
| Exports of goods and services (current US$) | $8,950,038,024 (2021) |
| Total Merchandise Trade (% of GDP) | 105.296% (2021) |
| FDI, net inflows (BoP, current US$) | $2,139,670,045 (2021) |
| Commercial Service Exports (current US$) | $811,243,027 (2021) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Mongolia’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.