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World Factbook

Mongolia

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$4.721 billion (2021 est.)

expenditures

$5.623 billion (2021 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2021

$8.95 billion (2021 est.)

Exports 2022

$10.989 billion (2022 est.)

Exports 2023

$15.501 billion (2023 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2021

$9.256 billion (2021 est.)

Imports 2022

$12.112 billion (2022 est.)

Imports 2023

$13.545 billion (2023 est.)

Industries

construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing

Labor force

1.449 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2021

67.6% of GDP (2021 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2021

3.1% of GDP (2021 est.)

Remittances 2022

2.3% of GDP (2022 est.)

Remittances 2023

2.2% of GDP (2023 est.)

Exchange rates

Currency

togrog/tugriks (MNT) per US dollar -

Exchange rates 2020

2,813.29 (2020 est.)

Exchange rates 2021

2,849.289 (2021 est.)

Exchange rates 2022

3,140.678 (2022 est.)

Exchange rates 2023

3,465.737 (2023 est.)

Exchange rates 2024

3,389.982 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$8.379 billion (2023 est.)

Economic overview

lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; export and consumption-led growth; high inflation due to supply bottlenecks and increased food and energy prices; currency depreciation

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

6.3% (2022 est.)

Unemployment rate 2023

5.6% (2023 est.)

Unemployment rate 2024

5.5% (2024 est.)

Exports - partners

China 92%, Switzerland 6%, Italy 1%, Thailand 0%, Japan 0% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 57%, Japan 13%, Germany 3%, Singapore 3%, USA 3% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$15,300 (2022 est.)

Real GDP per capita 2023

$16,200 (2023 est.)

Real GDP per capita 2024

$16,800 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

5% (2022 est.)

Real GDP growth rate 2023

7.4% (2023 est.)

Real GDP growth rate 2024

4.9% (2024 est.)

Agricultural products

milk, wheat, lamb/mutton, potatoes, beef, carrots/turnips, goat milk, goat meat, bison milk, horse meat (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

coal, copper ore, gold, iron ore, crude petroleum (2023)

note: top five export commodities based on value in dollars

Imports - commodities

cars, trucks, trailers, tractors, construction vehicles (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2021

-$2.108 billion (2021 est.)

Current account balance 2022

-$2.303 billion (2022 est.)

Current account balance 2023

$121.266 million (2023 est.)

Taxes and other revenues

16.9% (of GDP) (2021 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$23.586 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

49.8% (2024 est.)

government consumption

16.3% (2024 est.)

investment in inventories

7.8% (2024 est.)

investment in fixed capital

26.8% (2024 est.)

exports of goods and services

69.1% (2024 est.)

imports of goods and services

-69.8% (2024 est.)

Population below poverty line

27.1% (2022 est.)

note: % of population with income below national poverty line

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

15.1% (2022 est.)

Inflation rate (consumer prices) 2023

10.3% (2023 est.)

Inflation rate (consumer prices) 2024

6.8% (2024 est.)

Industrial production growth rate

6.5% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$52.572 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$56.474 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$59.221 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

15.9% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

13.8% (2024 est.)

female

10.8% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$3.398 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$4.916 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$5.508 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

38.1% (2024 est.)

services

44.2% (2024 est.)

agriculture

7.4% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

3.4% (2022 est.)

highest 10%

24.6% (2022 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2022

31.4 (2022 est.)