Mongolia

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Introduction - Mongolia:
Location - Mongolia:
People - Mongolia:
Government - Mongolia:
Economy - Mongolia:

Economy overview

Economic activity in Mongolia has traditionally been based on herding and agriculture. Mongolia 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 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession due to 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. Severe winters and summer droughts in 2000-02 resulted in massive livestock die-off and zero or negative GDP growth. This was compounded by falling prices for Mongolias primary sector exports and widespread opposition to privatization. Growth was 10.6% in 2004, 5.5% in 2005, and 7.5% in 2006, largely because of high copper prices and new gold production. Mongolias economy continues to be heavily influenced by its neighbors. For example, Mongolia purchases 80% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. China is Mongolias chief export partner and a main source of the shadow or grey economy. The World Bank and other international financial institutions estimate the grey economy to be at least equal to that of the official economy, but the formers actual size is difficult to calculate since the money does not pass through the hands of tax authorities or the banking sector. Remittances from Mongolians working abroad both legally and illegally are sizable, and money laundering is a growing concern. Mongolia settled its $11 billion debt with Russia at the end of 2003 on favorable terms. Mongolia, which joined the World Trade Organization in 1997, seeks to expand its participation and integration into Asian regional economic and trade regimes.

Gdp purchasing power parity

$5.852 billion (2006 est.)

Gdp official exchange rate

$1.54 billion (2006 est.)

Gdp real growth rate

7.5% according to official estimate (2006 est.)

Gdp per capita ppp

$2,100 (2006 est.)

Gdp composition by sector

agriculture: 21.7%
industry: 27.9%
services: 50.4% (2005)

Labor force

1.577 million (2005)

Labor force by occupation

agriculture: 39.9%
industry: 31.4%
services: 28.7% (2005)

Unemployment rate

3.3% (2005)

Population below poverty line

36.1% (2004)

Household income or consumption by percentage share

lowest 10%: 2.1%
highest 10%: 37% (1995)

Distribution of family income gini index

44 (1998)

Inflation rate consumer prices

9.5% (2005 est.)

Budget

revenues: $695.3 million
expenditures: $634.5 million (2005 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, and gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing

Industrial production growth rate

3% (2006 est.)

Electricity production

3.43 billion kWh (2006)

Electricity consumption

2.94 billion kWh (2006)

Electricity exports

15.95 million kWh (2006)

Electricity imports

125 million kWh (2006)

Oil production

821.9 bbl/day (2005 est.)

Oil consumption

11,220 bbl/day (2005 est.)

Oil exports

821.9 bbl/day (2005 est.)

Oil imports

12,280 bbl/day (2004 est.)

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2006 est.)

Natural gas consumption

NA cu m

Natural gas exports

0 cu m (2006 est.)

Natural gas imports

NA

Exports

$1.064 billion f.o.b. (2005)

Exports commodities

copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals

Exports partners

China 68.4%, Canada 11.2%, US 7%, South Korea 5.1% (2006)

Imports

$1.184 billion c.i.f. (2005)

Imports commodities

machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar, tea

Imports partners

Russia 30.1%, China 29.8%, Japan 12% (2006)

Debt external

$1.38 billion (2005)

Economic aid recipient

$203.35 million (2005)

Currency code

togrog/tugrik (MNT)

Exchange rates

togrogs/tugriks per US dollar - 1,179.6 (2006), 1,205 (2005), 1,185.3 (2004), 1,146.5 (2003), 1,110.3 (2002)

Communications - Mongolia:
Transportation - Mongolia:
Military - Mongolia:
This page was last updated on 16 September, 2007
Source: CIA >>>


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