Browse a full set of economic indicators


Includes historical data for Mongolia’ Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Economic Boom Based On Mineral Exports

Over the past few decades, Mongolia has undergone a remarkable economic transformation. Once heavily reliant on herding and agriculture, the country has shifted gears, capitalizing on its vast deposits of gold, copper, coal and other minerals. As a result, the country’s GDP per capita has tripled since the early 1990s, foreign direct investment has boomed, and significant progress has been made in poverty reduction. Mongolia’s strategic location between China, Europe, and Russia has further bolstered its export potential.

Today, the government is actively pursuing efforts to liberalize markets and foster a competitive financial sector, as well as to diversify the economy through investments in agri-food, digital services and tourism. Yet, Mongolia still faces challenges in creating a consistent and transparent business environment. As a small landlocked economy, it also remains vulnerable to external economic shocks, commodity price fluctuations, and Chinese and Russian demand. Furthermore, despite the progress made, about a fourth of the population still lives below the national poverty line.

Macroeconomy & Sovereign Data

Type of Government Semi-presidential republic
Capital Ulaanbaatar
Sovereign Ratings S&P: B
Moody’s: B3
Fitch: B
Total Population 3.6 million
Median Age 27
Adult Per Capita Income (PPP) 18,107.48
Total GDP (2023) USD 19.6 billion

Mongolia GDP & Economic Overview

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 7.2 billion (2022)
Leading Exports Refined Petroleum
Delivery Trucks
Construction Vehicles
Total Imports USD 10.6 billion (2022)
Leading Imports Copper
Animal Hair
Crude Petroleum
Source: World Integrated Trade Solution

Mongolia Leading Companies

Khan Bank Financials
Trade and Development Bank of Mongolia Financials
Erdenet Mining Corporation (EMC) Materials, Copper Producers
Oyu Tolgoi LLC Materials, Copper & Gold Producers
Mongolian National Oil Company (MNOC) Energy, Exploration & Production
Energy Resource Materials, Coal Mining
MacTel Telecommunication Services

Major Trade Partners — Import

China 36.4%
Russia 28.6%
Japan 6.6%
South Korea 4.5%
Germany 3.3%

Major Trade Partners — Export

China 82.6%
Switzerland 9.4%
Singapore 2.8%
South Korea 2.4%
Russia 1.2%

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000