| Economy | Mongolia |
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Economy - overview:
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Economic activity in Mongolia was traditionally based on herding and agriculture - Mongolia's extensive mineral deposits, however, have attracted foreign investors, and the country is undergoing an economic transformation through its mining boom. Mongolia holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, which account for a large part of foreign direct investment and government revenues. 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. In 2008 Mongolia experienced a soaring inflation rate with year-to-year inflation reaching nearly 30% - the highest inflation rate in over a decade. By late 2008, the country was faced with external shocks from the global financial crisis, and a sharp drop in commodity prices slashed government revenues. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis. The banking sector is recovering from instability during the 2008 crisis and the government has started to enact greater supervision regulations. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world's largest untapped copper deposits. Another similarly lengthy process is underway for an investment agreement for the massive coal mine at Tavan Tolgoi; it is under review by the National Security Council and a final decision is expected in 2012. The economy grew 6.1% in 2010 and 9.8% in 2011, largely on the strength of commodity exports to nearby countries. 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 more than three-fourths of Mongolia's exports. In the face of anticipated growth in mining revenues, the country is grappling with the challenge of avoiding an overheated economy. Renewed concerns are surfacing over controlling inflation, which was more than 10% for much of 2010-11, due in part to soaring food prices. Government spending -- on line to increase as much as 75% over 2011 -- has added to concers over inflation. Remittances from Mongolians working abroad, particularly in South Korea, are significant. Money laundering is a growing concern. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. |
GDP (purchasing power parity):
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$12.55 billion (2011 est.)
$11.32 billion (2010 est.)
$10.61 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$4,500 (2011 est.)
$4,100 (2010 est.)
$3,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$8.8 billion (2011 est.) |
GDP - real growth rate:
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11.5% (2011 est.)
6.4% (2010 est.)
-1.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 18.1%
industry: 36.2%
services: 45.7% (2011 est.) |
Investment (gross fixed):
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47.9% of GDP (2011 est.) |
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%: 28.4% (2008) |
Distribution of family income - Gini index:
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36.5 (2008)
32.8 (2002) |
Inflation rate (consumer prices):
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10.6% (2011 est.)
10.2% (2010 est.) |
Central bank discount rate:
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10.99% (31 December 2010)
10.82% (31 December 2009 est.) |
Commercial bank prime lending rate:
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18.7% (31 December 2011 est.)
17.9% (31 December 2010 est.) |
Stock of money:
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$451.4 million (31 December 2009)
$510.7 million (31 December 2008) |
Stock of money - per capita:
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145 USD per capita |
Stock of quasi money:
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$1.545 billion (31 December 2009)
$1.288 billion (31 December 2008) |
Stock of quasi money - per capita:
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494 USD per capita |
Stock of domestic credit:
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$3.096 billion (31 December 2011 est.)
$1.973 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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989 USD per capita |
Stock of narrow money:
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$1.296 billion (31 December 2011 est.)
$921.3 million (31 December 2010 est.) |
Stock of broad money:
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$5.996 billion (31 December 2011 est.)
$3.821 billion (31 December 2010 est.) |
Labor force:
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1.068 million (2008) |
Labor force participation rate:
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34.09 % of population |
Labor force - by occupation:
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agriculture: 34%
industry: 5%
services: 61% (2008) |
Unemployment rate:
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11.5% (2009)
2.8% (2008) |
Unemployment, youth ages 15-24:
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total: 20%
male: 19.5%
female: 20.7% (2003) |
Budget:
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revenues: $3.777 billion
expenditures: $3.301 billion (2011 est.) |
Budget revenues per capita:
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1,206 USD per capita |
Taxes and other revenues:
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42.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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5.4% of GDP (2011 est.) |
Public debt:
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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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3.896 billion kWh (2008 est.) |
Electricity - production per capita:
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1,244 kWh per capita |
Electricity - consumption:
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3.023 billion kWh (2010) |
Electricity - consumption - per capita:
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965 kWh per capita |
Electricity - exports:
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20.7 million kWh (2010) |
Electricity - imports:
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214.1 million kWh (2010) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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17,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.98 bbl/year per capita |
Oil - exports:
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5,834 bbl/day (2010 est.) |
Oil - imports:
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15,730 bbl/day (2010) |
Oil - proved reserves:
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0 bbl (1 January 2010 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2010 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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11,790 cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses |
Current account balance:
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-$378.8 million (2010 est.)
-$341.8 million (2009 est.) |
Current account balance - per capita:
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-120 USD per capita |
Exports:
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$2.899 billion (2010)
$1.885 billion (2009 est.) |
Exports per capita:
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926 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 84.8%, Canada 3.6%, Russia 2.7% (2010 est.) |
Imports:
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$3.3 billion (2010)
$2.074 billion (2009 est.) |
Imports per capita:
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1,054 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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Russia 33.2%, China 30.5%, Japan 6%, South Korea 5.5% (2010 est.) |
Reserves of foreign exchange and gold:
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$2.288 billion (31 December 2010 est.)
$NA (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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731 USD per capita |
Debt - external:
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$1.86 billion (2009)
$1.6 billion (2008) |
Debt - external - per capita:
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594 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$1.093 billion (31 December 2010)
$430.2 million (31 December 2009)
$407 million (31 December 2008) |
Market value of publicly traded shares - per capita:
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349 USD per capita |
Currency (code):
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togrog/tugrik (MNT) |
Exchange rates:
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togrog/tugriks (MNT) per US dollar -
1,228 (2011 est.)
1,357.06 (2010 est.)
1,442.8 (2009)
1,170 (2007) |
Fiscal year:
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calendar year |
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