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Economy of Luxembourg vs Mongolia compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $23.8B for Mongolia, ranking 74/197 and 121/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $10.5B (44.1% of GDP) in Mongolia.

Luxembourg vs Mongolia GDP by year

Luxembourg
Mongolia
1x
Year GDP, current $
Luxembourg Mongolia
2024 $93,279,851,863 $23,794,540,025
2023 $88,788,881,539 $20,325,121,394
2022 $80,801,680,397 $17,146,471,714
2021 $86,386,759,695 $15,286,441,738
2020 $73,670,782,100 $13,312,981,429
2019 $69,872,035,114 $14,206,359,018
2018 $71,085,623,495 $13,178,094,720
2017 $65,712,180,343 $11,480,847,741
2016 $62,216,885,436 $11,181,350,649
2015 $60,071,584,216 $11,619,892,591
2014 $68,804,811,898 $12,226,514,668
2013 $65,203,276,467 $12,582,122,604
2012 $59,776,383,527 $12,292,770,632
2011 $61,696,281,326 $10,409,797,378
2010 $56,213,985,987 $7,189,481,999
2009 $54,467,289,898 $4,583,850,368
2008 $58,844,277,702 $5,623,216,608
2007 $51,587,401,416 $4,234,999,704
2006 $42,910,146,296 $3,414,055,662
2005 $37,672,280,120 $2,523,471,601
2004 $35,064,843,793 $1,992,066,808
2003 $29,667,268,248 $1,595,297,356
2002 $23,649,833,332 $1,396,555,720
2001 $21,387,533,703 $1,267,997,934
2000 $21,230,182,989 $1,136,896,124
1999 $21,899,317,599 $1,057,408,589
1998 $20,150,053,345 $1,124,440,205
1997 $19,563,836,265 $1,180,934,203
1996 $20,895,314,658 $1,345,719,472
1995 $20,853,093,870 $1,452,165,005
1994 $17,701,798,891 $925,817,092
1993 $15,925,521,222 $768,401,634
1992 $15,518,702,635 $1,317,611,864
1991 $13,834,219,728 $2,379,018,326
1990 $12,778,792,854 $2,560,785,660
1989 $10,037,674,038 $3,576,966,800
1988 $9,418,167,855 $3,204,461,567
1987 $8,320,902,215 $3,020,611,600
1986 $6,685,595,088 $2,896,178,867
1985 $4,577,211,767 $2,186,505,475
1984 $4,438,435,493 $2,098,734,600
1983 $4,524,217,751 $2,725,736,633
1982 $4,602,316,793 $2,552,401,933
1981 $5,053,665,797 $2,310,099,100
1980 $6,019,805,490 $2,101,394,100
1979 $5,516,982,664 -
1978 $4,718,539,772 -
1977 $3,789,321,328 -
1976 $3,423,586,207 -
1975 $3,123,333,333 -
1974 $3,183,637,117 -
1973 $2,609,875,802 -
1972 $1,901,697,370 -
1971 $1,518,773,421 -
1970 $1,457,768,455 -
1969 $1,245,432,991 -
1968 $1,075,561,623 -
1967 $983,052,315 -
1966 $976,717,015 -
1965 $929,477,285 -
1964 $910,877,686 -
1963 $797,902,154 -
1962 $747,846,862 -
1961 $710,163,719 -
1960 $709,941,874 -

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

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

GDP per capita in Luxembourg vs Mongolia by year

Luxembourg
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $6,751 $19,145
2023 $133,231 $150,508 $5,839 $18,005
2022 $123,720 $146,919 $4,994 $16,402
2021 $134,966 $136,772 $4,518 $14,792
2020 $116,860 $122,067 $4,001 $13,693
2019 $112,697 $121,372 $4,348 $13,605
2018 $116,927 $116,638 $4,108 $12,317
2017 $110,193 $114,986 $3,646 $11,096
2016 $106,899 $113,365 $3,620 $10,511
2015 $105,462 $107,860 $3,839 $10,458
2014 $123,679 $105,296 $4,126 $10,900
2013 $120,000 $100,925 $4,340 $10,442
2012 $112,585 $96,636 $4,329 $10,152
2011 $119,025 $94,475 $3,736 $8,862
2010 $110,886 $90,336 $2,625 $7,532
2009 $109,420 $86,919 $1,703 $7,119
2008 $120,422 $90,971 $2,127 $7,297
2007 $107,475 $85,126 $1,628 $6,678
2006 $90,789 $78,861 $1,330 $5,977
2005 $80,988 $68,788 $995 $5,406
2004 $76,545 $64,686 $794 $4,942
2003 $65,689 $60,192 $643 $4,399
2002 $53,006 $58,576 $570 $4,083
2001 $48,440 $56,136 $524 $3,889
2000 $48,660 $55,136 $476 $3,740
1999 $50,872 $49,845 $449 $3,664
1998 $47,445 $44,270 $484 $3,555
1997 $46,642 $42,488 $515 $3,449
1996 $50,444 $39,722 $596 $3,310
1995 $51,032 $38,345 $653 $3,229
1994 $43,933 $37,551 $423 $3,021
1993 $40,067 $35,899 $355 $2,929
1992 $39,571 $34,108 $608 $2,951
1991 $35,747 $33,191 $1,099 $3,183
1990 $33,465 $29,949 $1,220 $3,479
1989 $26,618 - $1,684 -
1988 $25,219 - $1,543 -
1987 $22,443 - $1,493 -
1986 $18,150 - $1,469 -
1985 $12,482 - $1,138 -
1984 $12,127 - $1,120 -
1983 $12,374 - $1,490 -
1982 $12,591 - $1,430 -
1981 $13,837 - $1,325 -
1980 $16,531 - $1,235 -
1979 $15,204 - - -
1978 $13,034 - - -
1977 $10,486 - - -
1976 $9,491 - - -
1975 $8,701 - - -
1974 $8,967 - - -
1973 $7,447 - - -
1972 $5,487 - - -
1971 $4,435 - - -
1970 $4,298 - - -
1969 $3,690 - - -
1968 $3,203 - - -
1967 $2,935 - - -
1966 $2,925 - - -
1965 $2,804 - - -
1964 $2,779 - - -
1963 $2,462 - - -
1962 $2,332 - - -
1961 $2,241 - - -
1960 $2,261 - - -

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

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

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $6,751 in Mongolia, ranking 105/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Mongolia ranks 98th at $19,145.

Economic indicators

Luxembourg Mongolia
Gross domestic product
$93.3B
2024
$23.8B
2024
GDP rank
74/197
2024
121/197
2024
GDP growth
0.36%
2023-2024
5.12%
2023-2024
GDP per capita
$137,782
2024
$6,751
2024
GDP per capita rank
3/197
2024
105/197
2024
GDP per capita, PPP
$155,941
2024
$19,145
2024
GDP per capita PPP rank
1/197
2024
98/197
2024
Government debt
$24.5B
2024
$10.5B
2024
Debt-to-GDP ratio
26.3%
2024
44.1%
2024
Government debt per person
$36,221
2024
$2,974
2024
Government debt per person rank
19/185
2024
101/185
2024
Average annual personal income after taxes
$69,593
2026
$5,311
2026
Market capitalization of domestic companies
$41.9B
2024
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
25%
2023
24.6%
2022
Income share by poorest 10%
2.8%
2023
3.4%
2022
Government expenditure, % of GDP
46.9%
2024
37.5%
2024
Consumer prices inflation
2.05%
2023-2024
6.2%
2023-2024
Central bank interest rate n/a
12%
2025
Unemployment rate
6.42%
2024
5.81%
2024
Population
693885
3620317

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Luxembourg Mongolia
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 37.5% 44.1%
2023 46.4% 24.7% 31.9% 46.7%
2022 44.3% 24.9% 33.7% 64.6%
2021 42.4% 24.2% 35.9% 67.4%
2020 47% 24.5% 37.1% 83.4%
2019 43.1% 22.3% 30.8% 66.8%
2018 42.3% 20.9% 28.4% 76.5%
2017 41.3% 21.8% 32.2% 86.9%
2016 40% 19.6% 39.7% 78.7%
2015 40.4% 21.1% 31.2% 50.5%
2014 40.6% 21.9% 32.1% 44%
2013 41.2% 22.4% 32.2% 49.4%
2012 41.8% 20.8% 36.1% 43.7%
2011 41.5% 18.5% 37.9% 32.7%
2010 42% 19.1% 31.6% 31%
2009 42.7% 15.3% 35.5% 48.5%
2008 37.9% 14.6% 37.6% 31%
2007 37.4% 8.09% 35.3% 36.1%
2006 39.4% 8.21% 26.2% 40.9%
2005 43.4% 7.95% 25.1% 55.9%
2004 43.7% 7.83% 31.8% 75%
2003 43.3% 7.43% 33.7% 90%
2002 41.8% 7.45% 35.5% 72%
2001 38.1% 7.62% 35.2% 69.2%
2000 38% 7.49% 34.5% 79.3%
1999 41.7% 8.39% 33.2% 103.7%
1998 43.9% 9.51% 36.2% 77.5%
1997 44.2% 10.1% 30.8% 61%
1996 42.5% 10.2% 28.6% 49.7%
1995 42% 10.3% 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/luxembourg/mongolia | CC BY

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Mongolia spent $8.92B, or 37.5% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 44.1% in Mongolia, ranking 162/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Mongolia
1x
Year Deficit/surplus, % of GDP
Luxembourg Mongolia
2024 1.03% 1.39%
2023 -0.78% 2.73%
2022 0.18% 0.67%
2021 1% -3.05%
2020 -3.09% -9.24%
2019 2.68% 1%
2018 3.17% 2.85%
2017 1.37% -3.72%
2016 1.89% -15.3%
2015 1.3% -5.04%
2014 1.33% -3.73%
2013 0.84% -0.93%
2012 0.5% -6.24%
2011 0.65% -4.01%
2010 -0.26% 0.43%
2009 -0.21% -5.2%
2008 3.37% -4.52%
2007 4.35% 2.64%
2006 1.9% 7.58%
2005 -0.21% 2.43%
2004 -1.39% -1.62%
2003 0.28% -3.38%
2002 2.03% -4.74%
2001 5.62% -4.33%
2000 5.55% -5.82%
1999 3.24% -9.91%
1998 2.98% -12.3%
1997 2.65% -8.09%
1996 2.37% -6.88%
1995 2.71% -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/luxembourg/mongolia | CC BY

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Mongolia's surplus of $332M, or 1.39% of GDP.

Over the past 30 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Mongolia ran a deficit in 21 years. On average, Luxembourg posted an annual surplus equal to 1.57% of GDP, compared to deficit of 3.38% of GDP for Mongolia.

Inflation comparison by year

Inflation
Luxembourg

Mongolia
1x
Year Consumer prices inflation
Luxembourg Mongolia
2024 2.05% 6.2%
2023 3.74% 10.4%
2022 6.34% 15.1%
2021 2.53% 7.4%
2020 0.82% 3.7%
2019 1.74% 7.3%
2018 1.53% 6.8%
2017 1.73% 4.3%
2016 0.29% 0.8%
2015 0.47% 6.8%
2014 0.63% 12.9%
2013 1.73% 10.6%
2012 2.66% 13.8%
2011 3.41% 8.8%
2010 2.27% 8.3%
2009 0.37% 7.6%
2008 3.4% 28%
2007 2.31% 9.6%
2006 2.67% 4.4%
2005 2.49% 12.6%
2004 2.23% 8.3%
2003 2.05% 5.2%
2002 2.07% 0.9%
2001 2.66% 6.4%
2000 3.15% 11.3%
1999 1.03% 7.6%
1998 0.96% 9.5%
1997 1.37% 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/luxembourg/mongolia | CC BY

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 9.45% in Mongolia. In 2024, inflation was 2.05% in Luxembourg and 6.2% in Mongolia.

Top exports between countries

Luxembourg
Export category Export value
Machinery & equipment $169K
Precious metals & jewellery $14K
Raw materials & minerals $14K
Chemicals & pharma $11K
Metals $9K
Wood & paper products $7K
Processed food, beverages & tobacco $3K
Mongolia
Export category Export value
Raw materials & minerals $1.15M
Textiles & consumer goods $13K
Animal & marine products $5K

Balance of trade

Luxembourg Mongolia
Current account balance
$4.1B
2024
-$2.49B
2024
Current account balance ranking
35/190
2024
149/190
2024
Current account balance, % of GDP
+4.4%
2024
-10.4%
2024
Goods imports
$29.4B
2024
$11.7B
2024
Goods exports
$31.3B
2024
$14.7B
2024
Service imports
$117B
2024
$4.92B
2024
Service exports
$150B
2024
$1.6B
2024
Imports of goods and services, % of GDP
159.7%
2024
69.7%
2024
Exports of goods and services, % of GDP
191.5%
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.

Luxembourg Mongolia
Economic freedom 79.7 63.9
Economic freedom ranking 7/197 76/197
Property rights 96.6 49.2
Government integrity 88.7 35.8
Judicial effectiveness 99.1 54.9
Tax burden 62.3 83.7
Government spending 36.9 64.6
Fiscal health 98.6 96.1
Business freedom 89.5 68.4
Labor freedom 56.7 68.2
Monetary freedom 74.1 72.1
Trade freedom 79.4 74.4
Investment freedom 95 50
Financial freedom 80 50

Economic freedom comparison by year

Luxembourg
Mongolia
1x
Year Economic freedom index
Luxembourg Mongolia
2026 79.7 63.9
2025 79.5 62.6
2024 79.2 60.6
2023 78.4 61.7
2022 80.6 63.9
2021 76 62.4
2020 75.8 55.9
2019 75.9 55.4
2018 76.4 55.7
2017 75.9 54.8
2016 73.9 59.4
2015 73.2 59.2
2014 74.2 58.9
2013 74.2 61.7
2012 74.5 61.5
2011 76.2 59.5
2010 75.4 60
2009 75.2 62.8
2008 74.7 63.6
2007 74.6 60.3
2006 75.3 62.4
2005 76.3 59.7
2004 78.9 56.5
2003 79.9 57.7
2002 79.4 56.7
2001 80.1 56
2000 76.4 58.5
1999 72.4 58.6
1998 72.7 57.3
1997 72.8 52.9
1996 72.5 47.4
1995 - 47.8

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

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

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, 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

Luxembourg Mongolia
Services, % of GDP
81.2%
2024
44.3%
2024
Industry, % of GDP
9.66%
2024
38.1%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
7.29%
2024
GNI, Atlas method
$57.3B
2024
$19B
2024
GNI per capita, PPP
$110,650
2024
$17,000
2024
Total reserves including gold
$2.79B
2024
$5.51B
2024
Total reserves ranking
119/177
2024
95/177
2024
Net foreign direct investment
$21.4B
2024
-$2.73B
2024
Net inflows of foreign direct investment
$106B
2024
$2.78B
2024
Net outflows of foreign direct investment
$109B
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI n/a
25.7%
2024
Poverty at national poverty lines
17.3%
2021
27.1%
2022
Gross capital formation, % of GDP
15.8%
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/luxembourg/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. TradeMap (2022–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.