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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Definition: Economy > Aid as % of GDP |
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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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Definition: Economy > Debt > External |
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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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Definition: Economy > Distribution of family income > Gini index |
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Economic freedom
|
2 |
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[76th of 156]
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Definition: Economy > Economic freedom |
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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Definition: Economy > Economy > Overview |
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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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Definition: Economy > Exports |
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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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Definition: Economy > GDP |
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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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Definition: Economy > GDP > PPP |
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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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Definition: Economy > GDP > Real growth rate |
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GINI index
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32.8
|
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[18th of 40]
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Definition: Economy > GINI index |
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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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Definition: Economy > Gross National Income |
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Human Development Index
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0.679 |
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[115th of 178]
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Definition: Economy > Human Development Index |
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Income category
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Low income |
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|
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Definition: Economy > Income category |
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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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Definition: Economy > Income distribution > Poorest 10% |
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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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Definition: Economy > Income distribution > Richest 10% |
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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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Definition: Economy > Population below poverty line |
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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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Definition: Economy > Population under $1 a day |
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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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Definition: Economy > Poverty > Share of all poor people |
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Tourist arrivals
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82,000 |
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[121st of 152]
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Definition: Economy > Tourist arrivals |
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