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Indicators of economy in Mongolia

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Mongolia, on the other hand, reached USD 4,566 per capita, or 15.29 billion USD for the whole country. Mongolia is one of the smaller economies and is currently ranked 128. If this is calculated per inhabitant, taking purchasing power parity into account, then Mongolia ranks 107th in the list of the richest countries.

Inflation in Mongolia in 2021 was around 7.35%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 64.6 percent lower.
The index for perceived corruption in the public sector is 33, which is below average by global standards.


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 dollars to 13.31 billion US dollars. 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 fell from 7.3 percent previously to 3.8 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
GDP15.29 bn USD4,566.14 USD17.177 tn USD33,384.92 USD
Gross national product12.47 bn USD3,726.21 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in billions of USD 1981 - 2021



Imports and Exports 2021

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
Imports7.34 bn USD2,192.57 USD8.916 tn USD17,329.02 USD
Exports7.65 bn USD2,283.77 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1981 - 2021

Exports
Imports



Mongolia: AirportsLargest airports and airlines in MongoliaThe 11 biggest airports and 3 airlines in Mongolia with further information and data with further information on airlines and destinations
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
Alliance: ASEAN - Association of Southeast Asian NationsMembers of the ASEAN - Association of Southeast Asian NationsThe 10 members of the ASEAN trade agreement, listed with area and population (8.5% of world population)