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    Mongolia Economy 1997

      Economy - overview The new government has embraced free-market economics, freezing spending,easing price controls, liberalizing domestic and international trade. Mongolia'ssevere climate, scattered population, and wide expanses of unproductive land,however, have constrained economic development. Economic activity traditionallyhas been based on agriculture and the breeding of livestock. In past yearsextensive mineral resources had been developed with Soviet support; totalSoviet assistance at its height amounted to 30% of GDP. The mining and processingof coal, copper, molybdenum, tin, tungsten, and gold account for a large partof industrial production. The dramatic drop in the price of copper which accountsfor half of the country's export earnings, has held back economic growth.The Mongolian leadership also has been soliciting support from internationalfinancial agencies and foreign investors. The economy, however, has stillnot recovered from the loss of Soviet aid. The country continues to suffersubstantial economic hardships, with one-fourth of the population below thepoverty line.

      GDP purchasing power parity - $5.1 billion (1996 est.)

      GDP - real growth rate 3% (1996 est.)

      GDP - per capita purchasing power parity - $2,060 (1996 est.)

      GDP - composition by sector
      agriculture: 28%
      industry: 35%
      services: 37% (1993 est.)

      Inflation rate - consumer price index 53% (1996 est.)

      Labor force
      total: 1.115 million (mid-1993 est.)
      by occupation : primarily herding/agricultural

      Unemployment rate 6% (1995 est.)

      revenues: $1.5 billion
      expenditures : $1.3 billion, including capital expenditures of $NA (1995 est.)

      Industries copper, construction materials, mining (particularly coal); food andbeverage, processing of animal products

      Industrial production growth rate 6% (1995 est.)

      Electricity - capacity 900,000 kW (1995)

      Electricity - production 3.07 billion kWh (1994)

      Electricity - consumption per capita 1,215 kWh (1995 est.)

      Agriculture - products wheat, barley, potatoes, forage crops; sheep, goats, cattle, camels,horses

      total value: $400 million (f.o.b., 1995 est.)
      commodities : copper, livestock, animal products, cashmere, wool, hides, fluorspar,other nonferrous metals
      partners: former CMEA countries 30%, China 15%, EU 9% (1995)

      total value: $473 million (f.o.b., 1995 est.)
      commodities : machinery and equipment, fuels, food products, industrial consumer goods,chemicals, building materials, sugar, tea
      partners: former CMEA countries 56%, China 9%, EU 8% (1995)

      Debt - external $500 million (1996 est.)

      Economic aid
      recipient: ODA; US, $9.5 million (1995 est.)

      Currency 1 tughrik (Tug) = 100 mongos

      Exchange rates tughriks (Tug) per US$1 - 709.54 (January 1997), 548.40 (1996), 448.61(1995), 412.72 (1994), 42.56 (1992)

      Fiscal year calendar year

      NOTE: The information regarding Mongolia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mongolia Economy 1997 information contained here. All suggestions for corrections of any errors about Mongolia Economy 1997 should be addressed to the CIA.

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    Revised 06-Mar-02
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