Mongolia Economy

Economic growth:

The 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.

GDP growth was the slowest in over two years in Q2, but this was largely due to a sharp fall in fixed investment—a volatile subcomponent. More positively, government and private consumption boomed, and exports rebounded. The economy should have seen a robust expansion in Q3. Fixed investment could have recovered after a poor Q2 showing, while household consumption will have been buoyed by higher wages, pensions and social spending. Moreover, tourist arrivals jumped in July–August, boding well for services exports, while agricultural output could have recovered somewhat after extreme cold weather caused huge livestock losses earlier this year. Less positively, government expenditure growth eased in July–August following June’s elections; in the same two-month period, copper output contracted and coal output growth slowed.

Projections out to 2028.

40 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 9 expert analysts.

Want to get insight on the economic outlook for Mongolia in the coming years? FocusEconomics collects projections out to 2028 on 40 economic indicators for Mongolia from a panel of 9 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 This means you avoid the risk of relying on out of date, biased or outlier forecasts.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.