The economic architecture of Mongolia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $20.33B
2023
. This places it as the 121st largest economy out of 192 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $5.84K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $62.68B, offering a clearer picture of the population's domestic purchasing power. The economy is experiencing a period of vigorous expansion, with a high growth rate of 7.4%
2023
, while managing moderate inflation, with a CPI of 6.8%.
2024
On the global stage, Mongolia's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country maintains a strong export-oriented economy, reflected in a significant trade surplus, with exports representing 76.3% of GDP compared to imports at 66.6%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 11.06% of the economy
2023
. This performance positions the country 16th globally out of 187 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $455.27M annually
2023
. Fiscal capacity is adequate, with tax collections representing 16.9% of GDP, supporting core state functions.
2021
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,870
2023
, ranking the nation 112th out of 191. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market remains stable, with an unemployment rate of 5.4%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 50.5% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 27.1% of the population living below the national poverty line
2022
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 31.4.
2022
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 1,890.631 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 3.0%
2021
. This commitment places it 27th among 191 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 83.7K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

A deeply globalized, export-powerhouse economy that is highly attractive to foreign capital, making it vulnerable but adaptive to global shifts.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.