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Indicators of economy in Mongolia

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12.259 USD per capita. GDP in Mongolia, on the other hand, reached USD 4.535 per capita, or 15.10 billion USD in the whole country. Mongolia is one of the smaller economies and is currently ranked 130. If this is calculated per inhabitant taking into account the purchasing power parity, then Mongolia is in the list of the world's richest countries in place 99.

Inflation in Mongolia was in 2021 at around 7.10%. Within the EU, the average in the same year was 2.55%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 64.7% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Mongolia

Impact of the Covid-19 pandemic

The consequences of the Covid pandemic were not insignificant in Mongolia 2020. Overall, gross domestic product in 2020 fell from 14.21 billion US Dollar auf 13.31 billion US Dollar. With a drop of 6.3 percent, the economy in Mongolia suffered more significant losses than other countries.. The tourism sector alone slumped by around 92 percent. The unemployment rate rose from 5.4 to 7.0 percent. The inflation rate has fallen from 7.3 percent previously to 3.7 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2021

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
GDP15.10 bn USD4,534.92 USD17.09 tn USD33,228.68 USD
Gross national product12.53 bn USD3,763.52 USD16.78 tn USD32,621.03 USD


Development of the Gross domestic product in billion US Dollar 1981 - 2021



Im- and Exports 2020

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
Imports7.34 bn USD2,204.76 USD8,916.24 bn USD17,337.55 USD
Exports7.65 bn USD2,296.47 USD9,554.34 bn USD18,578.33 USD


Development of imports and exports in millions of USD 1981 - 2020

Exports
Imports



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