| Economy | Mongolia |
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Economy - overview:
|
Economic activity in Mongolia has traditionally been based on herding and agriculture. Mongolia has extensive mineral deposits. Copper, coal, gold, molybdenum, fluorspar, uranium, tin, and tungsten account for a large part of industrial production and foreign direct investment. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession because of political inaction and natural disasters, as well as economic growth because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. Severe winters and summer droughts in 2000-02 resulted in massive livestock die-off and zero or negative GDP growth. This was compounded by falling prices for Mongolia's primary sector exports and widespread opposition to privatization. Growth averaged nearly 9% per year in 2004-08, largely because of high copper prices and new gold production. Until late 2008 Mongolia experienced a soaring inflation rate, with year-to-year inflation reaching nearly 40% - the highest inflation rate in over a decade. In late 2008 falling commodity prices in this import-reliant country helped lower inflation, but by that time, the country had begun to feel the effects of the global financial crisis. Falling prices for copper and other mineral exports reduced government revenues and is forcing cuts in spending. The global credit crisis has stalled growth in key sectors, especially those that had been fueled by foreign investment. Mongolia's economy continues to be heavily influenced by its neighbors. Mongolia purchases 95% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. Trade with China represents more than half of Mongolia's total external trade - China receives about 70% of Mongolia's exports. Remittances from Mongolians working abroad both legally and illegally are sizable, but have fallen due to the economic crisis; money laundering is a growing concern. Mongolia settled its $11 billion debt with Russia at the end of 2003 on favorable terms. Mongolia, which joined the World Trade Organization in 1997, seeks to expand its participation and integration into Asian regional economic and trade regimes. |
GDP (purchasing power parity):
|
$9.557 billion (2008 est.)
$8.696 billion (2007)
$7.913 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$3,200 (2008 est.)
$2,900 (2007 est.)
$2,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$4.991 billion (2008 est.) |
GDP - real growth rate:
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8.9% (2008 est.)
9.9% (2007 est.)
8.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 18.8%
industry: 38.5%
services: 42.7% (2008) |
Investment (gross fixed):
|
void |
Population below poverty line:
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36.1% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 3%
highest 10%: 24.6% (2002) |
Distribution of family income - Gini index:
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32.8 (2002) |
Inflation rate (consumer prices):
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28% (2008 est.) |
Central bank discount rate:
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9.75% (31 December 2008) |
Commercial bank prime lending rate:
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17.54% (31 December 2007) |
Stock of money:
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$521.2 million (31 December 2008) |
Stock of money - per capita:
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172 USD per capita |
Stock of quasi money:
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$1.326 billion (31 December 2008) |
Stock of quasi money - per capita:
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437 USD per capita |
Stock of domestic credit:
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$2.07 billion (31 December 2008) |
Stock of domestic credit - per capita:
|
681 USD per capita |
Labor force:
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1.068 million (2008) |
Labor force participation rate:
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35.12 % of population |
Labor force - by occupation:
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agriculture: 34%
industry: 5%
services: 61% (2008) |
Unemployment rate:
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2.8% (2008) |
Budget:
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revenues: $1.71 billion
expenditures: $1.95 billion (2008) |
Budget revenues per capita:
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563 USD per capita |
Public debt:
|
void |
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 and natural fiber manufacturing |
Industrial production growth rate:
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3% (2006 est.) |
Electricity - production:
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3.979 billion kWh (2008) |
Electricity - production per capita:
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1,309 kWh per capita |
Electricity - consumption:
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3.491 billion kWh (2008) |
Electricity - consumption - per capita:
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1,148 kWh per capita |
Electricity - exports:
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15.8 million kWh (2008) |
Electricity - imports:
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197.5 million kWh (2008) |
Oil - production:
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3,216 bbl/day (2008) |
Oil - production per capita:
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1,058 bbl/day per capita |
Oil - consumption:
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12,780 bbl/day (2008) |
Oil - consumption - per capita:
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1.53 bbl/year per capita |
Oil - exports:
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2,902 bbl/day (2008) |
Oil - imports:
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17,680 bbl/day (2008) |
Oil - proved reserves:
|
NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses |
Current account balance:
|
-$1 billion (2008 est.) |
Current account balance - per capita:
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0 USD per capita |
Exports:
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$2.539 billion f.o.b. (2008) |
Exports per capita:
|
835 USD per capita |
Exports - commodities:
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copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal |
Exports - partners:
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China 71.9%, Canada 10.7%, US 4.8% (2007) |
Imports:
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$3.615 billion c.i.f. (2008) |
Imports per capita:
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1,189 USD per capita |
Imports - commodities:
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machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar, tea |
Imports - partners:
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China 32%, Russia 29.4%, South Korea 7.9%, Japan 7.2% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$1.6 billion (2008) |
Debt - external - per capita:
|
527 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$412 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
136 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$159.5 million (2006) |
Economic aid - recipient per capita:
|
53 USD per capita |
Currency (code):
|
togrog/tugrik (MNT) |
Exchange rates:
|
togrog/tugriks (MNT) per US dollar - 1,267.51 (2008), 1,170 (2007), 1,165 (2006), 1,205 (2005), 1,185.3 (2004) |
Fiscal year:
|
calendar year |
|
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