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Agriculture > products
wheat, barley, vegetables, forage crops, sheep, goats, cattle, camels, horses |
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Aid as % of GDP
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22.4% |
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[11th of 129]
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Debt > External
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$1,438,000,000.00 |
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[121st of 136]
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Distribution of family income > Gini index
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32.8 |
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[16th of 43]
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Economic freedom
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2 |
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[76th of 156]
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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 was 10.6% in 2004, 5.5% in 2005, 7.5% in 2006, and 9.9% in 2007 largely because of high copper prices and new gold production. Mongolia is experiencing its highest inflation rate in over a decade as consumer prices in 2007 rose 15%, largely because of increased fuel and food costs. Mongolia's economy continues to be heavily influenced by its neighbors. For example, 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, and 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. |
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Exports
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$1,889,000,000.00 |
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[123rd of 189]
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GDP
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$2,689,425,000.00 |
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[132nd of 203]
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GDP > PPP
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$5,127,000,000.00 |
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[138th of 163]
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GDP > Real growth rate
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9.9% |
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[17th of 198]
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GINI index
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32.8
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[18th of 40]
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Gross National Income
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$962,555,000.00 |
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[140th of 172]
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Human Development Index
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0.679 |
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[115th of 178]
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Income category
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Low income |
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Income distribution > Poorest 10%
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2.9% |
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[41st of 114]
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Income distribution > Richest 10%
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24.5% |
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[94th of 114]
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Population below poverty line
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36.1% |
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[23rd of 46]
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Population under $1 a day
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13.9 |
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[40th of 59]
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Poverty > Share of all poor people
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0.03 % of world's poor |
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[59th of 80]
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Tourist arrivals
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82,000 |
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[121st of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; All CIA World Factbooks 18 December 2003 to 18 December 2008; The Heritage Foundation; World Development Indicators database and CIA World Factbook; World Bank. 2005. World Development Indicators 2005.; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; ; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; World Bank 2002b via backone.pdf; Country Responsibilities in Achieving the Millenium Development Goals", April 8 2003, by Janice Poling; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Mongolia, Mongol Uls
Related links:
More facts and figures on Mongolia
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