Economy - overview:
Mongolia's extensive mineral deposits and attendant growth in mining-sector activities have transformed Mongolia's economy, which traditionally has been dependent on herding and agriculture. Mongolia's copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, have attracted foreign direct investment. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction and natural disasters, as well as economic growth, because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit hard by the global financial crisis. Slower global economic growth hurt the country's exports, notably copper, and slashed government revenues. As a result, Mongolia's real economy contracted 1.3% in 2009. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis with better regulations and closer supervision. The banking sector strengthened but weaknesses remain. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world's largest untapped copper-gold deposits. Mongolia's ongoing dispute with a foreign investor over Oyu Tolgoi, however, has called into question the attractiveness of Mongolia as a destination for foreign direct investment. Negotiations to develop the massive Tavan Tolgoi coal field also have stalled. The economy has grown more than 10% per year since 2010, largely on the strength of commodity exports to nearby countries and high government spending domestically. Mongolia's economy, however, faces near-term economic risks from the government's loose fiscal and monetary policies, which are contributing to high inflation, and from uncertainties in foreign demand for Mongolian exports. Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports and is Mongolia's largest supplier. Mongolia has relied on Russia for energy supplies, leaving it vulnerable to price increases; in the first 11 months of 2013, Mongolia purchased 76% of its gasoline and diesel fuel and a substantial amount of electric power from Russia. A drop in foreign direct investment and a decrease in Chinese demand for Mongolia's mineral exports are putting pressure on Mongolia's balance of payments. Remittances from Mongolians working abroad, particularly in South Korea, are significant.

GDP (purchasing power parity):
$17.03 billion (2013 est.)
country comparison to the world: 140
$15.23 billion (2012 est.)
$13.57 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$11.14 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
11.8% (2013 est.)
country comparison to the world: 6
12.3% (2012 est.)
17.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,900 (2013 est.)
country comparison to the world: 152
$5,400 (2012 est.)
$4,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 58.5%
government consumption: 14.9%
investment in fixed capital: 55.8%
investment in inventories: 0%
exports of goods and services: 50%
imports of goods and services: -79.2%
(2013 est.)

GDP - composition, by sector of origin:
agriculture: 16.5%
industry: 32.6%
services: 50.9% (2013 est.)

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

Industries:
construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing

Industrial production growth rate:
11% (2013 est.)
country comparison to the world: 10
[see also: Industrial production growth rate country ranks ]

Labor force:
1.037 million (2011 est.)
country comparison to the world: 141
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 33%
industry: 10.6%
services: 56.4% (2011)

Unemployment rate:
9% (2011 est.)
country comparison to the world: 99
13% (2010)
[see also: Unemployment rate country ranks ]

Population below poverty line:
29.8% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 28.4% (2008)

Distribution of family income - Gini index:
36.5 (2008)
country comparison to the world: 84
32.8 (2002)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.462 billion
expenditures: $4.36 billion (2013 est.)

Taxes and other revenues:
31.1% of GDP (2013 est.)
country comparison to the world: 87
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.1% of GDP (2013 est.)
country comparison to the world: 196
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.2% (2013 est.)
country comparison to the world: 196
15% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
13.25% (31 December 2012)
country comparison to the world: 15
12.25% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.5% (31 December 2013 est.)
country comparison to the world: 23
18.2% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.219 billion (31 December 2013 est.)
country comparison to the world: 143
$1.318 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.329 billion (31 December 2013 est.)
country comparison to the world: 120
$5.472 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.297 billion (31 December 2013 est.)
country comparison to the world: 122
$3.09 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.293 billion (31 December 2012 est.)
country comparison to the world: 92
$1.579 billion (31 December 2011)
$1.093 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.639 billion (2013 est.)
country comparison to the world: 162
-$3.362 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$4.294 billion (2013 est.)
country comparison to the world: 117
$4.382 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil

Exports - partners:
China 89%, Canada 4.1% (2012)

Imports:
$5.696 billion (2013 est.)
country comparison to the world: 121
$5.934 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent

Imports - partners:
China 37.5%, Russia 25.6%, US 9.4%, South Korea 6.1%, Japan 4.9% (2012)

Debt - external:
$4.954 billion (31 December 2013 est.)
country comparison to the world: 120
$4.669 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.69 billion (31 December 2013 est.)
country comparison to the world: 101
$4.452 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2013 est.)
$44 million (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
togrog/tugriks (MNT) per US dollar -
1,444.3 (2013 est.)
1,357.6 (2012 est.)
1,357.1 (2010 est.)
1,442.8 (2009)
1,170 (2007)