Mongolia's Macroeconomic Analysis:
Nominal GDP of USD 17.1 billion in 2022.
Nominal GDP of USD 20.3 billion in 2023.
GDP per capita of USD 5,797 compared to the global average of USD 10,589.
GDP per capita of USD 4,947 compared to the global average of USD 10,589.
Average real GDP growth of 5% over the last decade.
Average real GDP growth of 4.6% over the last decade.
Sector Analysis
In 2021, services accounted for 50% of overall GDP, manufacturing 8%, other industrial activity 29%, and agriculture 13%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 15%, fixed investment 36%, and net exports -3%.International trade
In 2020, manufactured products made up 1% of total merchandise exports, mineral fuels 30%, food 2%, ores and metals 40% and agricultural raw materials 3%, with other categories accounting for 24% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 19%, food 13%, ores and metals 0% and agricultural raw materials 0%, with other goods accounting for 0% of the total. Total exports were worth USD 10 billion in 2022, while total imports were USD 9 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 5.0% in the decade to 2022. To read more about GDP growth in Mongolia, go to our dedicated page.
Fiscal policy
Mongolia's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 8.2% in the decade to 2022. For more information on Mongolia's unemployment click here.
Inflation
Inflation averaged 8.0% in the decade to 2022. Go to our Mongolia inflation page for extra insight.
Monetary Policy
Mongolia's monetary policy rate ended 2022 at 13.00%, down from 13.25% a decade earlier. See our Mongolia monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the tugrik weakened by 59.6% vs the U.S. dollar. For more info on the tugrik, click here.
Economic situation in Mongolia
GDP growth remained stable at 3.9% year-on-year in the third quarter, though the composition of growth changed. Household and public spending lost some steam after unsustainably large expansions in Q2, while remaining robust thanks to the government’s loose fiscal stance. Moreover, exports slipped into contraction, as exports of coal, copper and iron lost steam. In contrast, fixed investment bounced back from Q2’s double-digit decline, likely aided by mining investment. Looking at a breakdown by production, industrial output weakened, the services sector stayed strong, and agriculture declined at a less severe pace in Q3 versus Q2. Turning to Q4, economic activity is likely being supported by expansive fiscal policy, past interest rate cuts and a gradual agricultural recovery after extreme cold weather caused millions of livestock losses early this year.Mongolia Economic Forecasts
Projections out to 2034.41 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 10 expert analysts.
Want to get insight on the economic outlook for Mongolia in the coming years? FocusEconomics collects projections out to 2034 on 41 economic indicators for Mongolia from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Mongolia economy. To download a sample report on the Mongolia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.