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Economy of Guatemala vs Mongolia compared: GDP & Debt

Updated on by Georank team

Guatemala has a GDP of $113B compared to $23.8B for Mongolia, ranking 68/197 and 121/197 by economy size, respectively.

Guatemala has $29.8B in government debt (26.3% of GDP), compared to $10.5B (44.1% of GDP) in Mongolia.

Guatemala vs Mongolia GDP by year

Guatemala
Mongolia
1x
Year GDP, current $
Guatemala Mongolia
2024 $113,199,581,158 $23,794,540,025
2023 $104,368,755,055 $20,325,121,394
2022 $95,641,446,501 $17,146,471,714
2021 $86,455,522,273 $15,286,441,738
2020 $77,719,468,248 $13,312,981,429
2019 $77,172,331,693 $14,206,359,018
2018 $73,328,356,008 $13,178,094,720
2017 $71,653,780,740 $11,480,847,741
2016 $66,053,408,206 $11,181,350,649
2015 $62,186,066,548 $11,619,892,591
2014 $57,852,159,008 $12,226,514,668
2013 $52,996,420,177 $12,582,122,604
2012 $49,593,929,487 $12,292,770,632
2011 $46,876,006,272 $10,409,797,378
2010 $40,676,578,423 $7,189,481,999
2009 $37,126,148,265 $4,583,850,368
2008 $38,503,720,224 $5,623,216,608
2007 $33,567,850,824 $4,234,999,704
2006 $29,744,246,827 $3,414,055,662
2005 $26,783,389,294 $2,523,471,601
2004 $23,577,298,095 $1,992,066,808
2003 $21,576,351,799 $1,595,297,356
2002 $20,444,205,991 $1,396,555,720
2001 $18,405,220,247 $1,267,997,934
2000 $19,288,929,030 $1,136,896,124
1999 $18,318,412,251 $1,057,408,589
1998 $19,395,491,993 $1,124,440,205
1997 $17,790,026,222 $1,180,934,203
1996 $15,674,835,615 $1,345,719,472
1995 $14,655,404,433 $1,452,165,005
1994 $12,983,233,311 $925,817,092
1993 $11,400,017,301 $768,401,634
1992 $10,440,781,588 $1,317,611,864
1991 $9,406,135,143 $2,379,018,326
1990 $7,650,196,845 $2,560,785,660
1989 $8,410,724,361 $3,576,966,800
1988 $7,841,602,824 $3,204,461,567
1987 $7,084,399,840 $3,020,611,600
1986 $7,231,963,516 $2,896,178,867
1985 $9,721,652,087 $2,186,505,475
1984 $9,470,000,100 $2,098,734,600
1983 $9,050,000,400 $2,725,736,633
1982 $8,716,999,700 $2,552,401,933
1981 $8,607,500,300 $2,310,099,100
1980 $7,878,700,000 $2,101,394,100
1979 $6,902,600,200 -
1978 $6,070,600,200 -
1977 $5,480,500,200 -
1976 $4,365,300,200 -
1975 $3,645,900,000 -
1974 $3,161,499,900 -
1973 $2,569,200,100 -
1972 $2,101,300,000 -
1971 $1,984,800,000 -
1970 $1,904,000,000 -
1969 $1,715,399,900 -
1968 $1,610,500,000 -
1967 $1,453,500,000 -
1966 $1,390,700,000 -
1965 $1,331,399,900 -
1964 $1,299,099,900 -
1963 $1,262,800,000 -
1962 $1,143,600,000 -
1961 $1,076,699,900 -
1960 $1,043,599,900 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/mongolia | CC BY

GDP per capita in Guatemala vs Mongolia by year

Guatemala
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Guatemala Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,150 $14,369 $6,751 $19,145
2023 $5,758 $13,745 $5,839 $18,005
2022 $5,359 $13,014 $4,994 $16,402
2021 $4,913 $11,825 $4,518 $14,792
2020 $4,478 $10,947 $4,001 $13,693
2019 $4,512 $10,756 $4,348 $13,605
2018 $4,353 $9,947 $4,108 $12,317
2017 $4,325 $9,560 $3,646 $11,096
2016 $4,060 $9,201 $3,620 $10,511
2015 $3,894 $8,934 $3,839 $10,458
2014 $3,689 $8,237 $4,126 $10,900
2013 $3,444 $7,700 $4,340 $10,442
2012 $3,287 $7,258 $4,329 $10,152
2011 $3,169 $6,784 $3,736 $8,862
2010 $2,805 $6,510 $2,625 $7,532
2009 $2,612 $6,377 $1,703 $7,119
2008 $2,763 $6,435 $2,127 $7,297
2007 $2,459 $6,238 $1,628 $6,678
2006 $2,225 $5,833 $1,330 $5,977
2005 $2,046 $5,486 $995 $5,406
2004 $1,841 $5,263 $794 $4,942
2003 $1,723 $5,081 $643 $4,399
2002 $1,669 $4,969 $570 $4,083
2001 $1,538 $4,822 $524 $3,889
2000 $1,649 $4,715 $476 $3,740
1999 $1,604 $4,557 $449 $3,664
1998 $1,741 $4,437 $484 $3,555
1997 $1,638 $4,287 $515 $3,449
1996 $1,481 $4,143 $596 $3,310
1995 $1,421 $4,055 $653 $3,229
1994 $1,293 $3,886 $423 $3,021
1993 $1,166 $3,756 $355 $2,929
1992 $1,096 $3,626 $608 $2,951
1991 $1,014 $3,473 $1,099 $3,183
1990 $848 $3,330 $1,220 $3,479
1989 $958 - $1,684 -
1988 $919 - $1,543 -
1987 $854 - $1,493 -
1986 $896 - $1,469 -
1985 $1,238 - $1,138 -
1984 $1,241 - $1,120 -
1983 $1,220 - $1,490 -
1982 $1,204 - $1,430 -
1981 $1,216 - $1,325 -
1980 $1,142 - $1,235 -
1979 $1,026 - - -
1978 $925 - - -
1977 $856 - - -
1976 $697 - - -
1975 $595 - - -
1974 $529 - - -
1973 $441 - - -
1972 $370 - - -
1971 $358 - - -
1970 $353 - - -
1969 $326 - - -
1968 $315 - - -
1967 $291.9 - - -
1966 $287.3 - - -
1965 $283 - - -
1964 $284.2 - - -
1963 $284.4 - - -
1962 $265.2 - - -
1961 $257.2 - - -
1960 $256.8 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/mongolia | CC BY

Guatemala's GDP per capita is $6,150, ranking 112/197, compared to $6,751 in Mongolia, ranking 105/197. Adjusted for purchasing power (GDP per capita PPP), Guatemala ranks 116th at $14,369, while Mongolia ranks 98th at $19,145.

Economic indicators

Guatemala Mongolia
Gross domestic product
$113B
2024
$23.8B
2024
GDP rank
68/197
2024
121/197
2024
GDP growth
3.65%
2023-2024
5.12%
2023-2024
GDP per capita
$6,150
2024
$6,751
2024
GDP per capita rank
112/197
2024
105/197
2024
GDP per capita, PPP
$14,369
2024
$19,145
2024
GDP per capita PPP rank
116/197
2024
98/197
2024
Government debt
$29.8B
2024
$10.5B
2024
Debt-to-GDP ratio
26.3%
2024
44.1%
2024
Government debt per person
$1,619
2024
$2,974
2024
Government debt per person rank
124/185
2024
101/185
2024
Average annual personal income after taxes
$4,917
2026
$5,311
2026
Income share by richest 10%
34.1%
2023
24.6%
2022
Income share by poorest 10%
1.6%
2023
3.4%
2022
Government expenditure, % of GDP
13.4%
2024
37.5%
2024
Consumer prices inflation
2.87%
2023-2024
6.2%
2023-2024
Central bank interest rate
4%
2025
12%
2025
Unemployment rate
1.9%
2024
5.81%
2024
Population
19049936
3620317

Spending and national debt comparison by year

Guatemala
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Guatemala Mongolia
Government spending Government debt Government spending Government debt
2024 13.4% 26.3% 37.5% 44.1%
2023 13.7% 27.2% 31.9% 46.7%
2022 14.3% 29% 33.7% 64.6%
2021 13.5% 30.6% 35.9% 67.4%
2020 15.6% 31.5% 37.1% 83.4%
2019 13.4% 26.4% 30.8% 66.8%
2018 13.2% 26.4% 28.4% 76.5%
2017 12.8% 25.1% 32.2% 86.9%
2016 12.6% 24.9% 39.7% 78.7%
2015 12.6% 24.8% 31.2% 50.5%
2014 13.6% 24.7% 32.1% 44%
2013 14% 25% 32.2% 49.4%
2012 14.2% 24.6% 36.1% 43.7%
2011 14.5% 23.8% 37.9% 32.7%
2010 14.5% 24% 31.6% 31%
2009 14.1% 22.8% 35.5% 48.5%
2008 13.3% 19.6% 37.6% 31%
2007 13.9% 20.8% 35.3% 36.1%
2006 14.2% 20.9% 26.2% 40.9%
2005 13.2% 20% 25.1% 55.9%
2004 12.9% 20.6% 31.8% 75%
2003 14.4% 19.8% 33.7% 90%
2002 13.1% 17.4% 35.5% 72%
2001 13.8% 19.1% 35.2% 69.2%
2000 13.6% 18% 34.5% 79.3%
1999 14.6% 22% 33.2% 103.7%
1998 13.2% 19% 36.2% 77.5%
1997 11.2% 18.5% 30.8% 61%
1996 9.85% 19.2% 28.6% 49.7%
1995 9.77% 21% 26.6% 40.2%
1994 - - 32.2% 57.6%
1993 - - 38.3% 57.8%
1992 - - 29.1% 29.3%
1991 - - 46% -
1990 - - 51.7% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20).

GeoRank.org/economy/guatemala/mongolia | CC BY

In 2024, Guatemala's government spending was $15.1B, accounting for 13.4% of its GDP, while Mongolia spent $8.92B, or 37.5% of GDP.

Debt-to-GDP ratio is 26.3% in Guatemala and 44.1% in Mongolia, ranking 161/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
Guatemala

Mongolia
1x
Year Deficit/surplus, % of GDP
Guatemala Mongolia
2024 -0.96% 1.39%
2023 -1.25% 2.73%
2022 -1.7% 0.67%
2021 -1.16% -3.05%
2020 -4.91% -9.24%
2019 -2.24% 1%
2018 -1.88% 2.85%
2017 -1.38% -3.72%
2016 -1.11% -15.3%
2015 -1.47% -5.04%
2014 -1.92% -3.73%
2013 -2.16% -0.93%
2012 -2.42% -6.24%
2011 -2.8% -4.01%
2010 -3.28% 0.43%
2009 -3.12% -5.2%
2008 -1.57% -4.52%
2007 -1.4% 2.64%
2006 -1.88% 7.58%
2005 -1.67% 2.43%
2004 -1.05% -1.62%
2003 -2.47% -3.38%
2002 -1.03% -4.74%
2001 -2% -4.33%
2000 -1.88% -5.82%
1999 -2.96% -9.91%
1998 -2.29% -12.3%
1997 -0.79% -8.09%
1996 0.04% -6.88%
1995 -0.53% -4.97%
1994 - -9.74%
1993 - -13.3%
1992 - -8.1%
1991 - -6.37%
1990 - -9.37%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/guatemala/mongolia | CC BY

In 2024, Guatemala's government deficit, the difference between spending and revenue, was $1.09B, equivalent to 0.96% of GDP. This compares to Mongolia's surplus of $332M, or 1.39% of GDP.

Over the past 30 years, Guatemala recorded a fiscal deficit in 29 of those years, while Mongolia ran a deficit in 21 years. On average, Guatemala posted an annual deficit equal to 1.84% of GDP, compared to deficit of 3.38% of GDP for Mongolia.

Inflation comparison by year

Inflation
Guatemala

Mongolia
1x
Year Consumer prices inflation
Guatemala Mongolia
2024 2.87% 6.2%
2023 6.21% 10.4%
2022 6.89% 15.1%
2021 4.26% 7.4%
2020 3.21% 3.7%
2019 3.7% 7.3%
2018 3.75% 6.8%
2017 4.42% 4.3%
2016 4.45% 0.8%
2015 2.39% 6.8%
2014 3.42% 12.9%
2013 4.34% 10.6%
2012 3.78% 13.8%
2011 6.21% 8.8%
2010 3.86% 8.3%
2009 1.86% 7.6%
2008 11.4% 28%
2007 6.82% 9.6%
2006 6.56% 4.4%
2005 9.11% 12.6%
2004 7.58% 8.3%
2003 5.6% 5.2%
2002 8.13% 0.9%
2001 7.29% 6.4%
2000 5.98% 11.3%
1999 5.21% 7.6%
1998 6.61% 9.5%
1997 9.23% 30%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/mongolia | CC BY

Over the past 28 years, Guatemala has recorded an average annual inflation rate of 5.54%, compared with 9.45% in Mongolia. In 2024, inflation was 2.87% in Guatemala and 6.2% in Mongolia.

Top exports between countries

Guatemala
Export category Export value
Textiles & consumer goods $47K
Mongolia
Export category Export value

Balance of trade

Guatemala Mongolia
Current account balance
$3.27B
2024
-$2.49B
2024
Current account balance ranking
38/190
2024
149/190
2024
Current account balance, % of GDP
+2.89%
2024
-10.4%
2024
Goods imports
$29.1B
2024
$11.7B
2024
Goods exports
$13.3B
2024
$14.7B
2024
Service imports
$6.45B
2024
$4.92B
2024
Service exports
$4.65B
2024
$1.6B
2024
Imports of goods and services, % of GDP
31.5%
2024
69.7%
2024
Exports of goods and services, % of GDP
15.9%
2024
68.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Guatemala Mongolia
Economic freedom 63.5 63.9
Economic freedom ranking 79/197 76/197
Property rights 39.1 49.2
Government integrity 25.2 35.8
Judicial effectiveness 26.1 54.9
Tax burden 91.3 83.7
Government spending 94.3 64.6
Fiscal health 95.9 96.1
Business freedom 65.7 68.4
Labor freedom 52.5 68.2
Monetary freedom 77.3 72.1
Trade freedom 74.6 74.4
Investment freedom 70 50
Financial freedom 50 50

Economic freedom comparison by year

Guatemala
Mongolia
1x
Year Economic freedom index
Guatemala Mongolia
2026 63.5 63.9
2025 63.4 62.6
2024 62.4 60.6
2023 62.7 61.7
2022 63.2 63.9
2021 64 62.4
2020 64 55.9
2019 62.6 55.4
2018 63.4 55.7
2017 63 54.8
2016 61.8 59.4
2015 60.4 59.2
2014 61.2 58.9
2013 60 61.7
2012 60.9 61.5
2011 61.9 59.5
2010 61 60
2009 59.4 62.8
2008 59.8 63.6
2007 60.5 60.3
2006 59.1 62.4
2005 59.5 59.7
2004 59.6 56.5
2003 62.3 57.7
2002 62.3 56.7
2001 65.1 56
2000 64.3 58.5
1999 66.2 58.6
1998 65.8 57.3
1997 65.7 52.9
1996 63.7 47.4
1995 62 47.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/guatemala/mongolia | CC BY

The Economic Freedom Index for Guatemala is 63.5, ranking 79/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Guatemala Mongolia
Services, % of GDP
61.8%
2024
44.3%
2024
Industry, % of GDP
21.7%
2024
38.1%
2024
Agriculture, forestry, and fishing, % of GDP
9.78%
2024
7.29%
2024
GNI, Atlas method
$106B
2024
$19B
2024
GNI per capita, PPP
$14,170
2024
$17,000
2024
Total reserves including gold
$24.4B
2024
$5.51B
2024
Total reserves ranking
57/177
2024
95/177
2024
Net foreign direct investment
-$983M
2024
-$2.73B
2024
Net inflows of foreign direct investment
$1.85B
2024
$2.78B
2024
Net outflows of foreign direct investment
$865M
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI
1.75%
2024
25.7%
2024
Poverty at national poverty lines
56%
2023
27.1%
2022
Gross capital formation, % of GDP
16.7%
2024
35.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/guatemala/mongolia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2024, retrieved 2026-02-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.