Mongolia ranked 121/197 by economy size with a GDP of $23.8B and 105/197 by GDP per capita at $6,751. Mongolia has $10.5B in government debt, with a debt-to-GDP ratio of 44.1%.
In 2024, Mongolia made up 0.02% of the world's economy, compared to 0.02% in 1980.
Mongolia GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $23,794,540,025 | 5.12% |
| 2023 | $20,325,121,394 | 7.42% |
| 2022 | $17,146,471,714 | 5.03% |
| 2021 | $15,286,441,738 | 1.64% |
| 2020 | $13,312,981,429 | -4.56% |
| 2019 | $14,206,359,018 | 5.6% |
| 2018 | $13,178,094,720 | 7.74% |
| 2017 | $11,480,847,741 | 5.64% |
| 2016 | $11,181,350,649 | 1.49% |
| 2015 | $11,619,892,591 | 2.38% |
| 2014 | $12,226,514,668 | 7.89% |
| 2013 | $12,582,122,604 | 11.6% |
| 2012 | $12,292,770,632 | 12.3% |
| 2011 | $10,409,797,378 | 17.3% |
| 2010 | $7,189,481,999 | 6.37% |
| 2009 | $4,583,850,368 | -1.27% |
| 2008 | $5,623,216,608 | 8.9% |
| 2007 | $4,234,999,704 | 10.2% |
| 2006 | $3,414,055,662 | 8.56% |
| 2005 | $2,523,471,601 | 7.25% |
| 2004 | $1,992,066,808 | 10.6% |
| 2003 | $1,595,297,356 | 7% |
| 2002 | $1,396,555,720 | 4.73% |
| 2001 | $1,267,997,934 | 2.95% |
| 2000 | $1,136,896,124 | 1.15% |
| 1999 | $1,057,408,589 | 3.07% |
| 1998 | $1,124,440,205 | 3.34% |
| 1997 | $1,180,934,203 | 3.9% |
| 1996 | $1,345,719,472 | 2.24% |
| 1995 | $1,452,165,005 | 6.38% |
| 1994 | $925,817,092 | 2.13% |
| 1993 | $768,401,634 | -3.17% |
| 1992 | $1,317,611,864 | -9.26% |
| 1991 | $2,379,018,326 | -8.69% |
| 1990 | $2,560,785,660 | -3.18% |
| 1989 | $3,576,966,800 | 4.18% |
| 1988 | $3,204,461,567 | 5.11% |
| 1987 | $3,020,611,600 | 3.46% |
| 1986 | $2,896,178,867 | 9.37% |
| 1985 | $2,186,505,475 | 5.71% |
| 1984 | $2,098,734,600 | 5.93% |
| 1983 | $2,725,736,633 | 5.83% |
| 1982 | $2,552,401,933 | 8.34% |
| 1981 | $2,310,099,100 | - |
| 1980 | $2,101,394,100 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/mongolia | CC BY 
Mongolia GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $6,751 | $19,145 |
| 2023 | $5,839 | $18,005 |
| 2022 | $4,994 | $16,402 |
| 2021 | $4,518 | $14,792 |
| 2020 | $4,001 | $13,693 |
| 2019 | $4,348 | $13,605 |
| 2018 | $4,108 | $12,317 |
| 2017 | $3,646 | $11,096 |
| 2016 | $3,620 | $10,511 |
| 2015 | $3,839 | $10,458 |
| 2014 | $4,126 | $10,900 |
| 2013 | $4,340 | $10,442 |
| 2012 | $4,329 | $10,152 |
| 2011 | $3,736 | $8,862 |
| 2010 | $2,625 | $7,532 |
| 2009 | $1,703 | $7,119 |
| 2008 | $2,127 | $7,297 |
| 2007 | $1,628 | $6,678 |
| 2006 | $1,330 | $5,977 |
| 2005 | $995 | $5,406 |
| 2004 | $794 | $4,942 |
| 2003 | $643 | $4,399 |
| 2002 | $570 | $4,083 |
| 2001 | $524 | $3,889 |
| 2000 | $476 | $3,740 |
| 1999 | $449 | $3,664 |
| 1998 | $484 | $3,555 |
| 1997 | $515 | $3,449 |
| 1996 | $596 | $3,310 |
| 1995 | $653 | $3,229 |
| 1994 | $423 | $3,021 |
| 1993 | $355 | $2,929 |
| 1992 | $608 | $2,951 |
| 1991 | $1,099 | $3,183 |
| 1990 | $1,220 | $3,479 |
| 1989 | $1,684 | - |
| 1988 | $1,543 | - |
| 1987 | $1,493 | - |
| 1986 | $1,469 | - |
| 1985 | $1,138 | - |
| 1984 | $1,120 | - |
| 1983 | $1,490 | - |
| 1982 | $1,430 | - |
| 1981 | $1,325 | - |
| 1980 | $1,235 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/mongolia | CC BY
Mongolia has a GDP per capita of $6,751, ranking 105/197, a GDP per capita based on purchasing power parity (PPP) of $19,145, ranking 98/197, and a median annual after tax income of $5,311, ranking 112/197.
Mongolia GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 120 | 99 | 91 |
| 2023 | 120 | 109 | 95 |
| 2022 | 129 | 113 | 98 |
| 2021 | 128 | 114 | 100 |
| 2020 | 131 | 116 | 97 |
| 2019 | 131 | 118 | 100 |
| 2018 | 136 | 123 | 105 |
| 2017 | 140 | 125 | 110 |
| 2016 | 137 | 121 | 110 |
| 2015 | 135 | 118 | 108 |
| 2014 | 137 | 116 | 106 |
| 2013 | 132 | 114 | 108 |
| 2012 | 130 | 113 | 106 |
| 2011 | 138 | 119 | 113 |
| 2010 | 143 | 131 | 115 |
| 2009 | 152 | 139 | 116 |
| 2008 | 145 | 130 | 117 |
| 2007 | 149 | 135 | 120 |
| 2006 | 150 | 137 | 118 |
| 2005 | 155 | 146 | 116 |
| 2004 | 159 | 148 | 117 |
| 2003 | 158 | 151 | 119 |
| 2002 | 156 | 150 | 121 |
| 2001 | 157 | 152 | 119 |
| 2000 | 156 | 157 | 119 |
| 1999 | 155 | 154 | 116 |
| 1998 | 154 | 152 | 114 |
| 1997 | 152 | 151 | 114 |
| 1996 | 152 | 143 | 113 |
| 1995 | 150 | 137 | 110 |
| 1994 | 150 | 146 | 111 |
| 1993 | 154 | 154 | 111 |
| 1992 | 142 | 134 | 112 |
| 1991 | 131 | 105 | 108 |
| 1990 | 129 | 100 | 101 |
| 1989 | 99 | 79 | - |
| 1988 | 103 | 82 | - |
| 1987 | 100 | 82 | - |
| 1986 | 94 | 76 | - |
| 1985 | 100 | 82 | - |
| 1984 | 99 | 87 | - |
| 1983 | 94 | 76 | - |
| 1982 | 93 | 77 | - |
| 1981 | 95 | 79 | - |
| 1980 | 99 | 81 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/mongolia | CC BY
Compared with 2000, in 2024 Mongolia is ranked 120th out of 182 by GDP (up from 156th), 99th by GDP per capita (up from 157th), and 91st by GDP per capita PPP (up from 119th).
Economic indicators
Mongolia
|
Rank | |
|---|---|---|
| Gross domestic product |
$23.8B
2024 |
121/197 |
| GDP growth |
5.12%
2023-2024 |
34/194 |
| GDP per capita |
$6,751
2024 |
105/197 |
| GDP per capita, PPP |
$19,145
2024 |
98/197 |
| Government debt |
$10.5B
2024 |
124/185 |
| Debt-to-GDP ratio |
44.1%
2024 |
122/185 |
| Government debt per person |
$2,974
2024 |
101/185 |
| Average annual personal income after taxes |
$5,311
2026 |
112/197 |
| Income share by richest 10% |
24.6%
2022 |
127/169 |
| Income share by poorest 10% |
3.4%
2022 |
40/169 |
| Government expenditure, % of GDP |
37.5%
2024 |
61/195 |
| Consumer prices inflation |
6.2%
2023-2024 |
41/195 |
| Central bank interest rate |
12%
2025 |
22/106 |
| Unemployment rate |
5.81%
2024 |
83/196 |
| Population |
3620317
|
132/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 37.5% | 44.1% | 1.39% |
| 2023 | 31.9% | 46.7% | 2.73% |
| 2022 | 33.7% | 64.6% | 0.67% |
| 2021 | 35.9% | 67.4% | -3.05% |
| 2020 | 37.1% | 83.4% | -9.24% |
| 2019 | 30.8% | 66.8% | 1% |
| 2018 | 28.4% | 76.5% | 2.85% |
| 2017 | 32.2% | 86.9% | -3.72% |
| 2016 | 39.7% | 78.7% | -15.3% |
| 2015 | 31.2% | 50.5% | -5.04% |
| 2014 | 32.1% | 44% | -3.73% |
| 2013 | 32.2% | 49.4% | -0.93% |
| 2012 | 36.1% | 43.7% | -6.24% |
| 2011 | 37.9% | 32.7% | -4.01% |
| 2010 | 31.6% | 31% | 0.43% |
| 2009 | 35.5% | 48.5% | -5.2% |
| 2008 | 37.6% | 31% | -4.52% |
| 2007 | 35.3% | 36.1% | 2.64% |
| 2006 | 26.2% | 40.9% | 7.58% |
| 2005 | 25.1% | 55.9% | 2.43% |
| 2004 | 31.8% | 75% | -1.62% |
| 2003 | 33.7% | 90% | -3.38% |
| 2002 | 35.5% | 72% | -4.74% |
| 2001 | 35.2% | 69.2% | -4.33% |
| 2000 | 34.5% | 79.3% | -5.82% |
| 1999 | 33.2% | 103.7% | -9.91% |
| 1998 | 36.2% | 77.5% | -12.3% |
| 1997 | 30.8% | 61% | -8.09% |
| 1996 | 28.6% | 49.7% | -6.88% |
| 1995 | 26.6% | 40.2% | -4.97% |
| 1994 | 32.2% | 57.6% | -9.74% |
| 1993 | 38.3% | 57.8% | -13.3% |
| 1992 | 29.1% | 29.3% | -8.1% |
| 1991 | 46% | - | -6.37% |
| 1990 | 51.7% | - | -9.37% |
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/mongolia | CC BY
This chart shows Mongolia's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 35 years, Mongolia recorded a fiscal deficit in 26 of them, with an average annual deficit equal to 4.23% of GDP. In 2024, government spending reached $8.92B (37.5% of GDP), with a surplus of 1.39%.
The national debt reached $10.5B, ranking 124th out of 185 countries by total size, with a debt-to-GDP ratio of 44.1%, ranking 122nd.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 6.2% |
| 2023 | 10.4% |
| 2022 | 15.1% |
| 2021 | 7.4% |
| 2020 | 3.7% |
| 2019 | 7.3% |
| 2018 | 6.8% |
| 2017 | 4.3% |
| 2016 | 0.8% |
| 2015 | 6.8% |
| 2014 | 12.9% |
| 2013 | 10.6% |
| 2012 | 13.8% |
| 2011 | 8.8% |
| 2010 | 8.3% |
| 2009 | 7.6% |
| 2008 | 28% |
| 2007 | 9.6% |
| 2006 | 4.4% |
| 2005 | 12.6% |
| 2004 | 8.3% |
| 2003 | 5.2% |
| 2002 | 0.9% |
| 2001 | 6.4% |
| 2000 | 11.3% |
| 1999 | 7.6% |
| 1998 | 9.5% |
| 1997 | 30% |
| 1996 | 46.8% |
| 1995 | 0.2% |
| 1994 | 193.4% |
| 1993 | 268.4% |
| 1992 | 202.9% |
| 1991 | 120.2% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1991–2024, retrieved 2026-02-20).
GeoRank.org/economy/mongolia | CC BY
Over the past 20 years, Mongolia has had an average annual inflation rate of 9.27%. In 2024, inflation was 6.2%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Mongolia
|
Rank | |
|---|---|---|
|
Current account balance
|
-$2.49B
2024 |
149/190 |
| Current account balance, % of GDP |
-10.4%
2024 |
163/190 |
| Goods imports |
$11.7B
2024 |
104/189 |
| Goods exports |
$14.7B
2024 |
85/189 |
| Service imports |
$4.92B
2024 |
92/189 |
| Service exports |
$1.6B
2024 |
113/189 |
| Imports of goods and services, % of GDP |
69.7%
2024 |
36/181 |
| Exports of goods and services, % of GDP |
68.7%
2024 |
31/193 |
Mongolia top 10 trading partners
Mongolia's biggest trading partner accounting for 69.6% of all exports and imports is China, with a trade balance between the two of +$9.77B: Mongolia exports $14.4B worth of goods and services to China and imports $4.64B.
Below is the list of the top 10 trade partners of Mongolia.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$19B | 69.6% | $14.4B | $4.64B | Raw materials & minerals | Machinery & equipment |
| 2 |
Russia
|
$2.91B | 10.6% | $82.3M | $2.82B | Raw materials & minerals | Raw materials & minerals |
| 3 |
Japan
|
$1.19B | 4.34% | $12.6M | $1.18B | Metals | Machinery & equipment |
| 4 |
Switzerland
|
$778M | 2.84% | $745M | $32.9M | Precious metals & jewellery | Machinery & equipment |
| 5 |
United States
|
$701M | 2.56% | $166M | $535M | Precious metals & jewellery | Machinery & equipment |
| 6 |
South Korea
|
$534M | 1.95% | $52.6M | $482M | Precious metals & jewellery | Machinery & equipment |
| 7 |
Germany
|
$262M | 0.96% | $7.17M | $255M | Textiles & consumer goods | Machinery & equipment |
| 8 |
Italy
|
$158M | 0.58% | $59.6M | $98.7M | Textiles & consumer goods | Machinery & equipment |
| 9 |
France
|
$156M | 0.57% | $20.3M | $136M | Textiles & consumer goods | Machinery & equipment |
| 10 |
Vietnam
|
$116M | 0.42% | $837K | $115M | Raw materials & minerals | Machinery & equipment |
Top 10 exports
|
Mongolia
|
Rank | |
|---|---|---|
| Raw materials & minerals | $13.8B | 47/193 |
| Transport & tourism services | $1.21B | 111/188 |
| Precious metals & jewellery | $913M | 68/190 |
| Textiles & consumer goods | $409M | 91/193 |
| Business & finance services | $241M | 102/188 |
| Animal & marine products | $200M | 91/192 |
| Metals | $153M | 114/192 |
| Machinery & equipment | $125M | 125/193 |
| Processed food, beverages & tobacco | $106M | 129/192 |
| Manufacturing & construction services | $78.2M | 87/164 |
Top 10 imports
|
Mongolia
|
Rank | |
|---|---|---|
| Machinery & equipment | $5.1B | 86/193 |
| Raw materials & minerals | $2.85B | 99/193 |
| Transport & tourism services | $2.68B | 90/188 |
| Business & finance services | $1.11B | 86/188 |
| Metals | $941M | 99/193 |
| Processed food, beverages & tobacco | $906M | 105/193 |
| Chemicals & pharma | $698M | 123/193 |
| Textiles & consumer goods | $489M | 121/193 |
| Raw agricultural goods | $205M | 143/193 |
| Wood & paper products | $199M | 120/193 |
Economic freedom indices
|
Mongolia
|
Rank | |
|---|---|---|
| Economic freedom | 63.9 | 76/197 |
| Property rights | 49.2 | 90/182 |
| Government integrity | 35.8 | 112/182 |
| Judicial effectiveness | 54.9 | 72/182 |
| Tax burden | 83.7 | 63/182 |
| Government spending | 64.6 | 113/180 |
| Fiscal health | 96.1 | 27/181 |
| Business freedom | 68.4 | 76/182 |
| Labor freedom | 68.2 | 16/182 |
| Monetary freedom | 72.1 | 114/180 |
| Trade freedom | 74.4 | 77/181 |
| Investment freedom | 50 | 118/181 |
| Financial freedom | 50 | 93/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 63.9 | 54.9 | 83.7 | 64.6 | 96.1 |
| 2025 | 62.6 | 55.4 | 85.7 | 72.6 | 73.5 |
| 2024 | 60.6 | 55 | 84 | 62 | 64.3 |
| 2023 | 61.7 | 37.2 | 88.2 | 64.1 | 64.3 |
| 2022 | 63.9 | 57.1 | 89.2 | 68.2 | 81.9 |
| 2021 | 62.4 | 25.9 | 89.9 | 71.5 | 91.3 |
| 2020 | 55.9 | 23 | 87.4 | 66.6 | 9.3 |
| 2019 | 55.4 | 23.8 | 88.5 | 63.1 | 6.2 |
| 2018 | 55.7 | 30.9 | 88.4 | 57.1 | 3.8 |
| 2017 | 54.8 | 28.4 | 87.1 | 57.6 | 0 |
| 2016 | 59.4 | - | 84.4 | 51.5 | - |
| 2015 | 59.2 | - | 83.9 | 35.6 | - |
| 2014 | 58.9 | - | 81.8 | 39.1 | - |
| 2013 | 61.7 | - | 82.5 | 62.6 | - |
| 2012 | 61.5 | - | 88.5 | 62.8 | - |
| 2011 | 59.5 | - | 83.3 | 49.6 | - |
| 2010 | 60 | - | 81.9 | 56.7 | - |
| 2009 | 62.8 | - | 81.3 | 69.9 | - |
| 2008 | 63.6 | - | 85 | 71.7 | - |
| 2007 | 60.3 | - | 72.8 | 54.1 | - |
| 2006 | 62.4 | - | 76.9 | 46.6 | - |
| 2005 | 59.7 | - | 73.6 | 40.1 | - |
| 2004 | 56.5 | - | 59.4 | 43.8 | - |
| 2003 | 57.7 | - | 61.8 | 50.8 | - |
| 2002 | 56.7 | - | 64.1 | 54.4 | - |
| 2001 | 56 | - | 64.5 | 47.1 | - |
| 2000 | 58.5 | - | 64.1 | 63.3 | - |
| 1999 | 58.6 | - | 63.8 | 61.1 | - |
| 1998 | 57.3 | - | 61.9 | 51 | - |
| 1997 | 52.9 | - | 62 | 41.4 | - |
| 1996 | 47.4 | - | 40 | 17.3 | - |
| 1995 | 47.8 | - | 47.6 | 17.3 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/mongolia | CC BY
Mongolia is ranked 69/174 for economic freedom with a score of 63.9, compared to 59/162 and a score of 62.4 in 2006.
Other economic metrics
|
Mongolia
|
Rank | |
|---|---|---|
| Services, % of GDP |
44.3%
2024 |
160/191 |
| Industry, % of GDP |
38.1%
2024 |
20/194 |
| Agriculture, forestry, and fishing, % of GDP |
7.29%
2024 |
90/193 |
|
GNI, Atlas method
|
$19B
2024 |
128/194 |
| GNI per capita, PPP |
$17,000
2024 |
101/191 |
| Total reserves including gold |
$5.51B
2024 |
95/177 |
|
Net foreign direct investment
|
-$2.73B
2024 |
147/189 |
|
Net inflows of foreign direct investment
|
$2.78B
2024 |
61/193 |
|
Net outflows of foreign direct investment
|
$55.5M
2024 |
100/193 |
|
Servicing debt to the IMF, % of GNI
|
25.7%
2024 |
2/121 |
| Poverty at national poverty lines |
27.1%
2022 |
67/176 |
|
Gross capital formation, % of GDP
|
35.5%
2024 |
14/178 |
Compare Mongolia vs other countries
GDP per capita map
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/mongolia | CC BY
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Data sources:
- World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- 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.