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Economy of Mongolia vs Nepal compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $42.9B for Nepal, ranking 121/197 and 101/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $20.7B (48.3% of GDP) in Nepal.

Mongolia vs Nepal GDP by year

Mongolia
Nepal
1x
Year GDP, current $
Mongolia Nepal
2024 $23,794,540,025 $42,914,268,287
2023 $20,325,121,394 $41,047,772,331
2022 $17,146,471,714 $41,182,939,601
2021 $15,286,441,738 $36,924,841,394
2020 $13,312,981,429 $33,433,659,301
2019 $14,206,359,018 $34,186,180,699
2018 $13,178,094,720 $33,111,525,237
2017 $11,480,847,741 $28,971,588,940
2016 $11,181,350,649 $24,524,109,484
2015 $11,619,892,591 $24,360,801,287
2014 $12,226,514,668 $22,731,612,922
2013 $12,582,122,604 $22,162,204,925
2012 $12,292,770,632 $21,703,100,877
2011 $10,409,797,378 $21,573,872,421
2010 $7,189,481,999 $16,002,656,434
2009 $4,583,850,368 $12,854,985,464
2008 $5,623,216,608 $12,545,438,605
2007 $4,234,999,704 $10,325,618,017
2006 $3,414,055,662 $9,043,715,356
2005 $2,523,471,601 $8,130,258,378
2004 $1,992,066,808 $7,273,938,315
2003 $1,595,297,356 $6,330,473,097
2002 $1,396,555,720 $6,050,875,807
2001 $1,267,997,934 $6,007,055,042
2000 $1,136,896,124 $5,494,252,208
1999 $1,057,408,589 $5,033,642,384
1998 $1,124,440,205 $4,856,255,044
1997 $1,180,934,203 $4,918,691,917
1996 $1,345,719,472 $4,521,580,381
1995 $1,452,165,005 $4,401,104,418
1994 $925,817,092 $4,066,775,510
1993 $768,401,634 $3,660,041,667
1992 $1,317,611,864 $3,401,211,581
1991 $2,379,018,326 $3,921,476,085
1990 $2,560,785,660 $3,627,560,239
1989 $3,576,966,800 $3,525,225,787
1988 $3,204,461,567 $3,487,009,748
1987 $3,020,611,600 $2,957,255,380
1986 $2,896,178,867 $2,850,782,044
1985 $2,186,505,475 $2,619,913,956
1984 $2,098,734,600 $2,581,207,388
1983 $2,725,736,633 $2,447,174,803
1982 $2,552,401,933 $2,395,423,742
1981 $2,310,099,100 $2,275,583,317
1980 $2,101,394,100 $1,945,916,583
1979 - $1,851,250,008
1978 - $1,604,162,497
1977 - $1,382,400,000
1976 - $1,452,788,985
1975 - $1,575,789,254
1974 - $1,217,953,547
1973 - $972,101,725
1972 - $1,024,098,400
1971 - $882,765,472
1970 - $865,975,309
1969 - $788,641,965
1968 - $772,231,387
1967 - $841,974,025
1966 - $906,811,944
1965 - $735,267,082
1964 - $496,098,775
1963 - $496,947,904
1962 - $574,091,101
1961 - $531,959,562
1960 - $508,334,414

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

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

GDP per capita in Mongolia vs Nepal by year

Mongolia
GDP per capita

GDP per capita, PPP
Nepal
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Nepal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $1,447 $5,737
2023 $5,839 $18,005 $1,382 $5,395
2022 $4,994 $16,402 $1,386 $5,103
2021 $4,518 $14,792 $1,253 $4,546
2020 $4,001 $13,693 $1,154 $4,236
2019 $4,348 $13,605 $1,203 $4,261
2018 $4,108 $12,317 $1,179 $3,956
2017 $3,646 $11,096 $1,034 $3,605
2016 $3,620 $10,511 $877 $2,976
2015 $3,839 $10,458 $876 $2,957
2014 $4,126 $10,900 $821 $2,901
2013 $4,340 $10,442 $803 $2,658
2012 $4,329 $10,152 $788 $2,466
2011 $3,736 $8,862 $786 $2,248
2010 $2,625 $7,532 $585 $2,139
2009 $1,703 $7,119 $473 $2,029
2008 $2,127 $7,297 $465 $1,942
2007 $1,628 $6,678 $385 $1,809
2006 $1,330 $5,977 $340 $1,718
2005 $995 $5,406 $309 $1,628
2004 $794 $4,942 $279.6 $1,542
2003 $643 $4,399 $246.4 $1,453
2002 $570 $4,083 $238.9 $1,390
2001 $524 $3,889 $240.8 $1,388
2000 $476 $3,740 $223.8 $1,317
1999 $449 $3,664 $208.6 $1,234
1998 $484 $3,555 $205.1 $1,187
1997 $515 $3,449 $211.8 $1,162
1996 $596 $3,310 $198.8 $1,110
1995 $653 $3,229 $197.8 $1,058
1994 $423 $3,021 $187.3 $1,026
1993 $355 $2,929 $172.8 $952
1992 $608 $2,951 $165 $920
1991 $1,099 $3,183 $195.7 $889
1990 $1,220 $3,479 $185.8 $830
1989 $1,684 - $185 -
1988 $1,543 - $187.1 -
1987 $1,493 - $162 -
1986 $1,469 - $159.5 -
1985 $1,138 - $149.9 -
1984 $1,120 - $151.1 -
1983 $1,490 - $146.6 -
1982 $1,430 - $147 -
1981 $1,325 - $142.9 -
1980 $1,235 - $125.1 -
1979 - - $121.9 -
1978 - - $108.1 -
1977 - - $95.3 -
1976 - - $102.5 -
1975 - - $113.6 -
1974 - - $89.8 -
1973 - - $73.2 -
1972 - - $78.8 -
1971 - - $69.5 -
1970 - - $69.6 -
1969 - - $64.8 -
1968 - - $64.9 -
1967 - - $72.3 -
1966 - - $79.5 -
1965 - - $65.8 -
1964 - - $45.3 -
1963 - - $46.3 -
1962 - - $54.6 -
1961 - - $51.6 -
1960 - - $50.2 -

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

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

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $1,447 in Nepal, ranking 164/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Nepal ranks 155th at $5,737.

Economic indicators

Mongolia Nepal
Gross domestic product
$23.8B
2024
$42.9B
2024
GDP rank
121/197
2024
101/197
2024
GDP growth
5.12%
2023-2024
3.67%
2023-2024
GDP per capita
$6,751
2024
$1,447
2024
GDP per capita rank
105/197
2024
164/197
2024
GDP per capita, PPP
$19,145
2024
$5,737
2024
GDP per capita PPP rank
98/197
2024
155/197
2024
Government debt
$10.5B
2024
$20.7B
2024
Debt-to-GDP ratio
44.1%
2024
48.3%
2024
Government debt per person
$2,974
2024
$700
2024
Government debt per person rank
101/185
2024
154/185
2024
Average annual personal income after taxes
$5,311
2026
$2,170
2026
Number of billionaires n/a
2
2025
Income share by richest 10%
24.6%
2022
24.2%
2022
Income share by poorest 10%
3.4%
2022
3.7%
2022
Government expenditure, % of GDP
37.5%
2024
22.1%
2024
Consumer prices inflation
6.2%
2023-2024
4.69%
2023-2024
Central bank interest rate
12%
2025
n/a
Unemployment rate
5.81%
2024
10.7%
2017
Population
3620317
29596762

Spending and national debt comparison by year

Mongolia
Spending

Debt
Nepal
Spending

Debt
1x
Year % of GDP
Mongolia Nepal
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 22.1% 48.3%
2023 31.9% 46.7% 25.1% 47%
2022 33.7% 64.6% 26.1% 42.7%
2021 35.9% 67.4% 27.2% 43.3%
2020 37.1% 83.4% 28.5% 43.3%
2019 30.8% 66.8% 27.1% 34%
2018 28.4% 76.5% 28% 31.1%
2017 32.2% 86.9% 23.6% 25%
2016 39.7% 78.7% 19% 25%
2015 31.2% 50.5% 17.7% 25.7%
2014 32.1% 44% 16.6% 27.6%
2013 32.2% 49.4% 15.5% 31.9%
2012 36.1% 43.7% 16.8% 34.5%
2011 37.9% 32.7% 16.3% 32.4%
2010 31.6% 31% 16.5% 35.4%
2009 35.5% 48.5% 17% 39.5%
2008 37.6% 31% 13.4% 36.8%
2007 35.3% 36.1% 13.1% 37.9%
2006 26.2% 40.9% 11.2% 42.9%
2005 25.1% 55.9% 12% 45.1%
2004 31.8% 75% 11.8% 51.3%
2003 33.7% 90% 12% 53%
2002 35.5% 72% 13% 51.8%
2001 35.2% 69.2% 12.9% 50.8%
2000 34.5% 79.3% 11.4% 50.8%
1999 33.2% 103.7% - -
1998 36.2% 77.5% - -
1997 30.8% 61% - -
1996 28.6% 49.7% - -
1995 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/mongolia/nepal | CC BY

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Nepal spent $9.5B, or 22.1% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 48.3% in Nepal, ranking 122/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Nepal
1x
Year Deficit/surplus, % of GDP
Mongolia Nepal
2024 1.39% -2.76%
2023 2.73% -5.81%
2022 0.67% -3.12%
2021 -3.05% -3.98%
2020 -9.24% -7.47%
2019 1% -4.27%
2018 2.85% -5.83%
2017 -3.72% -2.69%
2016 -15.3% 1.2%
2015 -5.04% 0.46%
2014 -3.73% 1.36%
2013 -0.93% 1.57%
2012 -6.24% -1.18%
2011 -4.01% -0.72%
2010 0.43% -0.67%
2009 -5.2% -2.24%
2008 -4.52% -0.29%
2007 2.64% -0.67%
2006 7.58% 0.24%
2005 2.43% 0.24%
2004 -1.62% -0.14%
2003 -3.38% -0.34%
2002 -4.74% -2.46%
2001 -4.33% -2.35%
2000 -5.82% -1.48%
1999 -9.91% -
1998 -12.3% -
1997 -8.09% -
1996 -6.88% -
1995 -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/mongolia/nepal | 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 Nepal's deficit of $1.19B, or 2.76% of GDP.

Over the past 25 years, Mongolia recorded a fiscal deficit in 16 of those years, while Nepal ran a deficit in 19 years. On average, Mongolia posted an annual deficit equal to 2.36% of GDP, compared to deficit of 1.74% of GDP for Nepal.

Inflation comparison by year

Inflation
Mongolia

Nepal
1x
Year Consumer prices inflation
Mongolia Nepal
2024 6.2% 4.69%
2023 10.4% 7.12%
2022 15.1% 7.67%
2021 7.4% 4.13%
2020 3.7% 5.06%
2019 7.3% 5.57%
2018 6.8% 4.41%
2017 4.3% 2.78%
2016 0.8% 8.79%
2015 6.8% 7.87%
2014 12.9% 8.36%
2013 10.6% 9.04%
2012 13.8% 9.46%
2011 8.8% 9.23%
2010 8.3% 9.33%
2009 7.6% 11.1%
2008 28% 9.91%
2007 9.6% 2.27%
2006 4.4% 6.92%
2005 12.6% 6.84%
2004 8.3% 2.84%
2003 5.2% 5.71%
2002 0.9% 3.03%
2001 6.4% 2.69%
2000 11.3% 2.48%
1999 7.6% 7.45%
1998 9.5% 11.2%
1997 30% 4.01%

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/nepal | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 6.43% in Nepal. In 2024, inflation was 6.2% in Mongolia and 4.69% in Nepal.

Top exports between countries

Mongolia
Export category Export value
Textiles & consumer goods $1.27M
Nepal
Export category Export value
Precious metals & jewellery $6K
Textiles & consumer goods $6K
Machinery & equipment $3K
Metals $2K

Balance of trade

Mongolia Nepal
Current account balance
-$2.49B
2024
$1.68B
2024
Current account balance ranking
149/190
2024
50/190
2024
Current account balance, % of GDP
-10.4%
2024
+3.91%
2024
Goods imports
$11.7B
2024
$12.1B
2024
Goods exports
$14.7B
2024
$1.54B
2024
Service imports
$4.92B
2024
$2.27B
2024
Service exports
$1.6B
2024
$1.9B
2024
Imports of goods and services, % of GDP
69.7%
2024
32.9%
2024
Exports of goods and services, % of GDP
68.7%
2024
7.62%
2024

Economic freedom indices

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

Mongolia Nepal
Economic freedom 63.9 52.9
Economic freedom ranking 76/197 144/197
Property rights 49.2 38.8
Government integrity 35.8 38.9
Judicial effectiveness 54.9 42.9
Tax burden 83.7 84.3
Government spending 64.6 82.1
Fiscal health 96.1 71
Business freedom 68.4 60.8
Labor freedom 68.2 48.2
Monetary freedom 72.1 69.4
Trade freedom 74.4 58.6
Investment freedom 50 10
Financial freedom 50 30

Economic freedom comparison by year

Mongolia
Nepal
1x
Year Economic freedom index
Mongolia Nepal
2026 63.9 52.9
2025 62.6 52.5
2024 60.6 52.1
2023 61.7 51.4
2022 63.9 49.7
2021 62.4 50.7
2020 55.9 54.2
2019 55.4 53.8
2018 55.7 54.1
2017 54.8 55.1
2016 59.4 50.9
2015 59.2 51.3
2014 58.9 50.1
2013 61.7 50.4
2012 61.5 50.2
2011 59.5 50.1
2010 60 52.7
2009 62.8 53.2
2008 63.6 54.1
2007 60.3 54.4
2006 62.4 53.7
2005 59.7 51.4
2004 56.5 51.2
2003 57.7 51.5
2002 56.7 52.3
2001 56 51.6
2000 58.5 51.3
1999 58.6 53.1
1998 57.3 53.5
1997 52.9 53.6
1996 47.4 50.3
1995 47.8 -

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 52.9 for Nepal, ranking 144/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Nepal
Services, % of GDP
44.3%
2024
55.2%
2024
Industry, % of GDP
38.1%
2024
11.4%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
21.9%
2024
GNI, Atlas method
$19B
2024
$43.7B
2024
GNI per capita, PPP
$17,000
2024
$5,830
2024
Total reserves including gold
$5.51B
2024
$12.5B
2023
Total reserves ranking
95/177
2024
74/177
2023
Net foreign direct investment
-$2.73B
2024
-$56.9M
2024
Net inflows of foreign direct investment
$2.78B
2024
$56.9M
2024
Net outflows of foreign direct investment
$55.5M
2024
$0
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
1.23%
2024
Poverty at national poverty lines
27.1%
2022
20.3%
2022
Gross capital formation, % of GDP
35.5%
2024
30.4%
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/nepal | 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.