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 | |
---|---|---|---|---|
GDP | 15.29 bn USD | 4,566.14 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 12.47 bn USD | 3,726.21 USD | 16.895 tn USD | 32,835.37 USD |
Development of gross domestic product in billions of USD 1981 - 2021
› Debt budget development
› Development of inflation
› Corruption in Mongolia
› Cost of living in a global comparison
› Development of inflation
› Corruption in Mongolia
› Cost of living in a global comparison
Imports and Exports 2021
Mongolia Total | Mongolia per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 7.34 bn USD | 2,192.57 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 7.65 bn USD | 2,283.77 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in millions of USD 1981 - 2021
Exports
Imports