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Mongolia Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Mongolia Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

Economy - overview:
Mongolia's extensive mineral deposits and attendant growth in mining-sector activities have transformed Mongolia's economy, which traditionally has been dependent on herding and agriculture. Mongolia's copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, have attracted 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. 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. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit hard by the global financial crisis. Slower global economic growth hurt the country's exports, notably copper, and slashed government revenues. As a result, Mongolia's real economy contracted 1.3% in 2009. 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 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 under review by the National Security Council for an investment agreement for the massive coal mine at Tavan Tolgoi. The economy grew by 6.4% in 2010, 17.5% in 2011, and by more than 12% in 2012, largely on the strength of commodity exports to nearby countries and high government spending domestically. Mongolia's economy, however, faces near-term economic risks from the government's loose fiscal policies, which are contributing to high inflation, and uncertainties in foreign demand for Mongolian exports. Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports. Mongolia purchases 95% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. Due to severe winter weather in 2009-10, Mongolia lost 22% of its total livestock, and meat prices doubled. Inflation remained higher than 10% for much of 2010-12, due in part to higher food prices. Remittances from Mongolians working abroad, particularly in South Korea, are significant.

GDP (purchasing power parity):
$15.22 billion (2012 est.)
country comparison to the world: 140

$13.51 billion (2011 est.)
$11.5 billion (2010 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.923 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
12.7% (2012 est.)
country comparison to the world: 5

17.5% (2011 est.)
6.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,400 (2012 est.)
country comparison to the world: 149

$4,800 (2011 est.)
$4,200 (2010 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 15.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 33.8%
services: 51.2% (2012 est.)

Labor force:
1.147 million (2010 est.)
country comparison to the world: 140
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 33.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11.5%
services: 55% (2010)

Unemployment rate:
9% (2011 est.)
country comparison to the world: 104

13% (2010)
[see also: Unemployment rate country ranks ]

Population below poverty line:
39.2% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (2008)

Distribution of family income - Gini index:
36.5 (2008)
country comparison to the world: 80

32.8 (2002)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.409 billion
[see also: Budget revenues country ranks ]
expenditures: $4.925 billion (2012 est.)

Taxes and other revenues:
44.4% of GDP (2012 est.)
country comparison to the world: 36
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.2% of GDP (2012 est.)
country comparison to the world: 160
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
12.9% (2012 est.)
country comparison to the world: 208

9.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10.99% (31 December 2010)
country comparison to the world: 22

10.82% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.3% (31 December 2012 est.)
country comparison to the world: 39

15.5% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.702 billion (31 December 2012 est.)
country comparison to the world: 133

$1.247 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.592 billion (31 December 2011 est.)
country comparison to the world: 130

$3.725 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.71 billion (31 December 2012 est.)
country comparison to the world: 116

$3.077 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.579 billion (31 December 2011)
country comparison to the world: 107

$1.093 billion (31 December 2010)
$430.2 million (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses

Industries:
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:
23% (2011 est.)
country comparison to the world: 2
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$2.76 billion (2011 est.)
country comparison to the world: 147

-$885.9 million (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$4.78 billion (2011 est.)
country comparison to the world: 116

$2.909 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil

Exports - partners:
China 85.7%, Canada 6.3% (2011)

Imports:
$5.79 billion (2011 est.)
country comparison to the world: 121

$3.089 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent

Imports - partners:
China 43.4%, Russia 23.3%, South Korea 5.6%, Japan 5.1%, US 5% (2011)

Debt - external:
$2.07 billion (31 December 2011 est.)
country comparison to the world: 141

$1.94 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$4.715 billion (31 December 2011 est.)
country comparison to the world: 87

$1.691 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$95 million (31 December 2011 est.)
country comparison to the world: 82

$62 million (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
togrog/tugriks (MNT) per US dollar -

1,299.5 (2012 est.)
1,265.5 (2011 est.)
1,357.1 (2010 est.)
1,442.8 (2009)
1,170 (2007)

Fiscal year:
calendar year


NOTE: 1) The information regarding Mongolia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mongolia Economy 2013 information contained here. All suggestions for corrections of any errors about Mongolia Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
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