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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 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Mongolia reached 4.061 US dollars per inhabitant, or 13.31 bn US Dollar in the whole country. Mongolia is one of the smaller economies and is currently ranked 132. 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 102.

Inflation in Mongolia was in 2021 at around 7.10%. Within the EU, the average in the same year was 2.62%. 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 in 2020

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 2020

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
GDP13.31 bn USD4,060.95 USD15,291.93 tn USD29,692.11 USD
Gross national product12.27 bn USD3,743.19 USD15,330.84 tn USD29,767.66 USD


Development of the Gross domestic product in billion US Dollar 1981 - 2020



Im- and Exports 2020

 Mongolia
Total
Mongolia
per capita
EU
Total
EU
per capita
Imports7.34 bn USD2,239.05 USD7,340.01 bn USD14,251.98 USD
Exports7.65 bn USD2,332.18 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in million US dollars 1981 - 2020

Exports
Imports



Mongolia: AirportsLargest airports and airlines in MongoliaThe 7 biggest airports and 3 airlines in Mongolia with further information and data
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Norway: EnergyEnergy consumption in NorwayEnergy balance and production capacities in Norway including comparison with the USA