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Mongolia Economy: from the All Country Info reference guide to country facts

Mongolia Economy

Mongolia Economy: A summary of information about Mongolia Economy, from government research data as well as independent research and other sources.

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Mongolia: Economy

Economy - overview
Economic activity traditionally has been based on
agriculture and breeding of livestock. Mongolia also has extensive
mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold
account for a large part of industrial production. Soviet assistance,
at its height one-third of GDP, disappeared almost overnight in
1990-91, at the time of the dismantlement of the USSR. Mongolia was
driven into deep recession, which was prolonged by the Mongolian
People's Revolutionary Party's (MPRP) reluctance to undertake serious
economic reform. The Democratic Union Coalition (DUC) government has
embraced free-market economics, easing price controls, liberalizing
domestic and international trade, and attempting to restructure the
banking system and the energy sector. Major domestic privatization
programs have been undertaken, as well as fostering of foreign
investment through international tender of the oil distribution
company, a leading cashmere company, and banks. Reform has been held
back by the ex-communist MPRP opposition and by the political
instability brought about through four successive governments under
the DUC. Economic growth picked up in 1997-99 after stalling in 1996
due to a series of natural disasters and declines in world prices of
copper and cashmere. Public revenues and exports collapsed in 1998 and
1999 due to the repercussions of the Asian financial crisis. In August
and September 1999, the economy suffered from a temporary Russian ban
on exports of oil and oil products. Mongolia joined the World Trade
Organization (WTrO) in 1997. The international donor community pledged
over $300 million per year at the last Consultative Group Meeting,
held in Ulaanbaatar in June 1999.
GDP
purchasing power parity - $6.1 billion (1999 est.)
GDP - real growth rate
3.5% (1999 est.)
GDP - per capita
purchasing power parity - $2,320 (1999 est.)
GDP - composition by sector
agriculture: 33%
industry: 24%
services: 43% (1999 est.)
Population below poverty line
40% (1999 est.)
Household income or consumption by percentage share
lowest 10%: 2.9%
highest 10%: 24.5% (1995)
Inflation rate (consumer prices)
9.5% (1998)
Labor force
1.256 million (1998)
Labor force - by occupation
primarily herding/agricultural
Unemployment rate
4.5% (1998)
Budget
revenues: $260 million
expenditures: $366 million, including capital expenditures of $NA
(1999)
Industries
construction materials, mining (particularly coal and
copper); food and beverages, processing of animal products
Industrial production growth rate
3.2% (1998)
Electricity - production
2.66 billion kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
2.816 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
342 million kWh (1998)
Agriculture - products
wheat, barley, potatoes, forage crops; sheep,
goats, cattle, camels, horses
Exports
$316.8 million (f.o.b., 1998)
Exports - commodities
copper, livestock, animal products, cashmere,
wool, hides, fluorspar, other nonferrous metals
Exports - partners
China 30.1%, Switzerland 21.5%, Russia 12.1%,
South Korea 9.7%, US 8.1% (1998)
Imports
$472.4 million (f.o.b., 1998)
Imports - commodities
machinery and equipment, fuels, food products,
industrial consumer goods, chemicals, building materials, sugar, tea
Imports - partners
Russia 30.6%, China 13.3%, Japan 11.7%, South
Korea 7.5%, US 6.9% (1998)
Debt - external
$715 million (1998 est.)
Economic aid - recipient
$250 million (1998 est.)
Currency
1 tughrik (Tug) = 100 mongos
Exchange rates
tughriks (Tug) per US$1 - 1,070.39 (December 1999),
1,072.37 (1999), 840.83 (1998), 789.99 (1997), 548.40 (1996), 448.61
(1995)
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