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Economy of Mongolia vs Morocco compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $161B for Morocco, ranking 121/197 and 58/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $109B (67.7% of GDP) in Morocco.

Mongolia vs Morocco GDP by year

Mongolia
Morocco
1x
Year GDP, current $
Mongolia Morocco
2024 $23,794,540,025 $160,610,994,055
2023 $20,325,121,394 $146,036,093,667
2022 $17,146,471,714 $131,245,312,804
2021 $15,286,441,738 $142,022,058,447
2020 $13,312,981,429 $121,353,645,057
2019 $14,206,359,018 $128,920,266,409
2018 $13,178,094,720 $127,341,147,582
2017 $11,480,847,741 $118,540,573,368
2016 $11,181,350,649 $111,572,947,005
2015 $11,619,892,591 $110,413,823,842
2014 $12,226,514,668 $119,130,841,412
2013 $12,582,122,604 $115,739,287,305
2012 $12,292,770,632 $106,937,392,311
2011 $10,409,797,378 $110,080,631,332
2010 $7,189,481,999 $100,865,329,473
2009 $4,583,850,368 $101,154,952,241
2008 $5,623,216,608 $101,822,906,949
2007 $4,234,999,704 $86,947,913,287
2006 $3,414,055,662 $75,883,823,301
2005 $2,523,471,601 $68,852,658,069
2004 $1,992,066,808 $66,114,145,451
2003 $1,595,297,356 $58,029,363,354
2002 $1,396,555,720 $47,077,192,188
2001 $1,267,997,934 $43,831,480,208
2000 $1,136,896,124 $43,017,455,402
1999 $1,057,408,589 $46,266,428,648
1998 $1,124,440,205 $46,497,608,725
1997 $1,180,934,203 $39,147,844,526
1996 $1,345,719,472 $43,161,571,528
1995 $1,452,165,005 $39,030,285,468
1994 $925,817,092 $35,604,137,423
1993 $768,401,634 $31,655,473,664
1992 $1,317,611,864 $33,711,069,431
1991 $2,379,018,326 $32,285,573,574
1990 $2,560,785,660 $30,179,954,775
1989 $3,576,966,800 $26,314,313,191
1988 $3,204,461,567 $25,705,296,184
1987 $3,020,611,600 $21,765,195,948
1986 $2,896,178,867 $19,462,085,540
1985 $2,186,505,475 $14,991,283,216
1984 $2,098,734,600 $14,824,667,954
1983 $2,725,736,633 $16,251,408,128
1982 $2,552,401,933 $17,692,276,734
1981 $2,310,099,100 $17,788,185,479
1980 $2,101,394,100 $21,728,516,153
1979 - $15,911,994,817
1978 - $13,236,946,234
1977 - $11,049,783,872
1976 - $9,584,297,284
1975 - $8,984,853,005
1974 - $7,675,466,449
1973 - $6,242,145,880
1972 - $5,074,117,545
1971 - $4,356,669,034
1970 - $3,956,336,244
1969 - $3,651,622,669
1968 - $3,271,422,333
1967 - $3,046,345,314
1966 - $2,876,401,297
1965 - $2,948,331,090
1964 - $2,798,345,299
1963 - $2,657,252,578
1962 - $2,379,611,125
1961 - $2,025,693,540
1960 - $2,037,154,742

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

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

GDP per capita in Mongolia vs Morocco by year

Mongolia
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $4,218 $10,415
2023 $5,839 $18,005 $3,872 $9,895
2022 $4,994 $16,402 $3,516 $9,310
2021 $4,518 $14,792 $3,843 $8,623
2020 $4,001 $13,693 $3,317 $7,705
2019 $4,348 $13,605 $3,560 $8,046
2018 $4,108 $12,317 $3,553 $7,801
2017 $3,646 $11,096 $3,344 $8,115
2016 $3,620 $10,511 $3,186 $7,853
2015 $3,839 $10,458 $3,190 $7,799
2014 $4,126 $10,900 $3,483 $7,237
2013 $4,340 $10,442 $3,425 $7,542
2012 $4,329 $10,152 $3,206 $7,308
2011 $3,736 $8,862 $3,345 $7,274
2010 $2,625 $7,532 $3,107 $6,849
2009 $1,703 $7,119 $3,158 $6,629
2008 $2,127 $7,297 $3,222 $6,437
2007 $1,628 $6,678 $2,788 $6,058
2006 $1,330 $5,977 $2,466 $5,781
2005 $995 $5,406 $2,268 $5,275
2004 $794 $4,942 $2,207 $5,025
2003 $643 $4,399 $1,962 $4,741
2002 $570 $4,083 $1,612 $4,436
2001 $524 $3,889 $1,521 $4,269
2000 $476 $3,740 $1,513 $3,930
1999 $449 $3,664 $1,651 $3,801
1998 $484 $3,555 $1,683 $3,740
1997 $515 $3,449 $1,439 $3,502
1996 $596 $3,310 $1,610 $3,551
1995 $653 $3,229 $1,478 $3,152
1994 $423 $3,021 $1,369 $3,315
1993 $355 $2,929 $1,236 $2,979
1992 $608 $2,951 $1,337 $2,979
1991 $1,099 $3,183 $1,302 $3,025
1990 $1,220 $3,479 $1,238 $2,777
1989 $1,684 - $1,099 -
1988 $1,543 - $1,094 -
1987 $1,493 - $944 -
1986 $1,469 - $861 -
1985 $1,138 - $678 -
1984 $1,120 - $687 -
1983 $1,490 - $772 -
1982 $1,430 - $862 -
1981 $1,325 - $890 -
1980 $1,235 - $1,117 -
1979 - - $839 -
1978 - - $716 -
1977 - - $613 -
1976 - - $545 -
1975 - - $524 -
1974 - - $459 -
1973 - - $382 -
1972 - - $319 -
1971 - - $280.6 -
1970 - - $261.5 -
1969 - - $247.8 -
1968 - - $228 -
1967 - - $218.1 -
1966 - - $211.5 -
1965 - - $222.7 -
1964 - - $216.9 -
1963 - - $211.3 -
1962 - - $194.2 -
1961 - - $169.8 -
1960 - - $175.2 -

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

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

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $4,218 in Morocco, ranking 127/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Morocco ranks 132nd at $10,415.

Economic indicators

Mongolia Morocco
Gross domestic product
$23.8B
2024
$161B
2024
GDP rank
121/197
2024
58/197
2024
GDP growth
5.12%
2023-2024
3.79%
2023-2024
GDP per capita
$6,751
2024
$4,218
2024
GDP per capita rank
105/197
2024
127/197
2024
GDP per capita, PPP
$19,145
2024
$10,415
2024
GDP per capita PPP rank
98/197
2024
132/197
2024
Government debt
$10.5B
2024
$109B
2024
Debt-to-GDP ratio
44.1%
2024
67.7%
2024
Government debt per person
$2,974
2024
$2,857
2024
Government debt per person rank
101/185
2024
104/185
2024
Average annual personal income after taxes
$5,311
2026
$5,678
2026
Market capitalization of domestic companies n/a
$74.5B
2024
Number of billionaires n/a
3
2025
Income share by richest 10%
24.6%
2022
31.9%
2013
Income share by poorest 10%
3.4%
2022
2.7%
2013
Government expenditure, % of GDP
37.5%
2024
33%
2024
Consumer prices inflation
6.2%
2023-2024
0.99%
2023-2024
Central bank interest rate
12%
2025
2.25%
2025
Unemployment rate
5.81%
2024
11.8%
2022
Population
3620317
38871720

Spending and national debt comparison by year

Mongolia
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Mongolia Morocco
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 33% 67.7%
2023 31.9% 46.7% 32% 68.7%
2022 33.7% 64.6% 33.7% 71.4%
2021 35.9% 67.4% 31% 69.4%
2020 37.1% 83.4% 34.1% 72.2%
2019 30.8% 66.8% 27.6% 60.3%
2018 28.4% 76.5% 27.8% 60.5%
2017 32.2% 86.9% 27.9% 60.3%
2016 39.7% 78.7% 28.6% 60.1%
2015 31.2% 50.5% 28.5% 58.4%
2014 32.1% 44% 30.7% 58.6%
2013 32.2% 49.4% 30.4% 57.1%
2012 36.1% 43.7% 32.5% 52.3%
2011 37.9% 32.7% 31.2% 48.6%
2010 31.6% 31% 28.7% 45.3%
2009 35.5% 48.5% 28.1% 42.6%
2008 37.6% 31% 28.3% 42%
2007 35.3% 36.1% 26.4% 47.1%
2006 26.2% 40.9% 26% 50.6%
2005 25.1% 55.9% 28.6% 54.8%
2004 31.8% 75% 24.5% 54.4%
2003 33.7% 90% 24.1% 56.9%
2002 35.5% 72% 25.8% 59.4%
2001 35.2% 69.2% 23.7% 60.4%
2000 34.5% 79.3% 22.8% 64.9%
1999 33.2% 103.7% 18.4% 63.4%
1998 36.2% 77.5% 18.7% 64.5%
1997 30.8% 61% 18.6% 68%
1996 28.6% 49.7% 17.6% 65.3%
1995 26.6% 40.2% 21.3% 72.2%
1994 32.2% 57.6% 21.7% 69.3%
1993 38.3% 57.8% 23.1% 74.7%
1992 29.1% 29.3% 22.3% 67%
1991 46% - 20.8% 59.1%
1990 51.7% - 22.6% 70.5%

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/morocco | CC BY

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Morocco spent $53.1B, or 33% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 67.7% in Morocco, ranking 122/185 and 60/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Morocco
1x
Year Deficit/surplus, % of GDP
Mongolia Morocco
2024 1.39% -3.92%
2023 2.73% -4.41%
2022 0.67% -5.37%
2021 -3.05% -5.92%
2020 -9.24% -7.15%
2019 1% -3.8%
2018 2.85% -3.52%
2017 -3.72% -3.3%
2016 -15.3% -4.49%
2015 -5.04% -4.59%
2014 -3.73% -4.78%
2013 -0.93% -4.7%
2012 -6.24% -6.63%
2011 -4.01% -6.08%
2010 0.43% -3.93%
2009 -5.2% -1.63%
2008 -4.52% 0.63%
2007 2.64% -0.12%
2006 7.58% -1.8%
2005 2.43% -5.46%
2004 -1.62% -3.31%
2003 -3.38% -3.74%
2002 -4.74% -4.37%
2001 -4.33% -3.79%
2000 -5.82% -1.97%
1999 -9.91% 3.21%
1998 -12.3% 1.47%
1997 -8.09% 1.5%
1996 -6.88% 0.87%
1995 -4.97% -2.54%
1994 -9.74% -2.51%
1993 -13.3% -2%
1992 -8.1% -1.84%
1991 -6.37% -0.9%
1990 -9.37% -1.32%

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

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

In 2024, Mongolia's government surplus, the difference between spending and revenue, was $332M, equivalent to 1.39% of GDP. This compares to Morocco's deficit of $6.3B, or 3.92% of GDP.

Over the past 35 years, Mongolia recorded a fiscal deficit in 26 of those years, while Morocco ran a deficit in 30 years. On average, Mongolia posted an annual deficit equal to 4.23% of GDP, compared to deficit of 2.92% of GDP for Morocco.

Inflation comparison by year

Inflation
Mongolia

Morocco
1x
Year Consumer prices inflation
Mongolia Morocco
2024 6.2% 0.99%
2023 10.4% 6.09%
2022 15.1% 6.66%
2021 7.4% 1.4%
2020 3.7% 0.71%
2019 7.3% 0.3%
2018 6.8% 1.8%
2017 4.3% 0.75%
2016 0.8% 1.64%
2015 6.8% 1.56%
2014 12.9% 0.44%
2013 10.6% 1.88%
2012 13.8% 1.29%
2011 8.8% 0.91%
2010 8.3% 0.99%
2009 7.6% 0.97%
2008 28% 3.71%
2007 9.6% 2.04%
2006 4.4% 3.28%
2005 12.6% 0.98%
2004 8.3% 1.49%
2003 5.2% 1.17%
2002 0.9% 2.8%
2001 6.4% 0.62%
2000 11.3% 1.89%
1999 7.6% 0.68%
1998 9.5% 2.75%
1997 30% 1.04%

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/mongolia/morocco | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 1.82% in Morocco. In 2024, inflation was 6.2% in Mongolia and 0.99% in Morocco.

Top exports between countries

Mongolia
Export category Export value
Textiles & consumer goods $12K
Morocco
Export category Export value
Raw agricultural goods $280K

Balance of trade

Mongolia Morocco
Current account balance
-$2.49B
2024
-$1.87B
2024
Current account balance ranking
149/190
2024
141/190
2024
Current account balance, % of GDP
-10.4%
2024
-1.16%
2024
Goods imports
$11.7B
2024
$66.5B
2024
Goods exports
$14.7B
2024
$39.3B
2024
Service imports
$4.92B
2024
$14.3B
2024
Service exports
$1.6B
2024
$28.2B
2024
Imports of goods and services, % of GDP
69.7%
2024
50.2%
2024
Exports of goods and services, % of GDP
68.7%
2024
42%
2024

Economic freedom indices

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

Mongolia Morocco
Economic freedom 63.9 61.8
Economic freedom ranking 76/197 91/197
Property rights 49.2 55.2
Government integrity 35.8 35.6
Judicial effectiveness 54.9 32.5
Tax burden 83.7 65.5
Government spending 64.6 67.5
Fiscal health 96.1 57.5
Business freedom 68.4 72.1
Labor freedom 68.2 46.2
Monetary freedom 72.1 79.6
Trade freedom 74.4 69.8
Investment freedom 50 80
Financial freedom 50 80

Economic freedom comparison by year

Mongolia
Morocco
1x
Year Economic freedom index
Mongolia Morocco
2026 63.9 61.8
2025 62.6 60.3
2024 60.6 56.8
2023 61.7 58.4
2022 63.9 59.2
2021 62.4 63.3
2020 55.9 63.3
2019 55.4 62.9
2018 55.7 61.9
2017 54.8 61.5
2016 59.4 61.3
2015 59.2 60.1
2014 58.9 58.3
2013 61.7 59.6
2012 61.5 60.2
2011 59.5 59.6
2010 60 59.2
2009 62.8 57.7
2008 63.6 55.6
2007 60.3 56.4
2006 62.4 51.5
2005 59.7 52.2
2004 56.5 56.7
2003 57.7 57.8
2002 56.7 59
2001 56 63.9
2000 58.5 63.2
1999 58.6 63.8
1998 57.3 61.1
1997 52.9 64.7
1996 47.4 64.3
1995 47.8 62.8

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 61.8 for Morocco, ranking 91/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Morocco
Services, % of GDP
44.3%
2024
52.7%
2024
Industry, % of GDP
38.1%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
10.6%
2024
GNI, Atlas method
$19B
2024
$149B
2024
GNI per capita, PPP
$17,000
2024
$10,260
2024
Total reserves including gold
$5.51B
2024
$37.1B
2024
Total reserves ranking
95/177
2024
52/177
2024
Net foreign direct investment
-$2.73B
2024
-$948M
2024
Net inflows of foreign direct investment
$2.78B
2024
$1.64B
2024
Net outflows of foreign direct investment
$55.5M
2024
$691M
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
5.63%
2024
Poverty at national poverty lines
27.1%
2022
3.9%
2022
Gross capital formation, % of GDP
35.5%
2024
30.1%
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/mongolia/morocco | 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 (2020–2023, 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.