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Economy of Mongolia vs Poland compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $918B for Poland, ranking 121/197 and 21/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $507B (55.3% of GDP) in Poland.

Mongolia vs Poland GDP by year

Mongolia
Poland
1x
Year GDP, current $
Mongolia Poland
2024 $23,794,540,025 $917,767,106,147
2023 $20,325,121,394 $812,451,193,396
2022 $17,146,471,714 $695,607,470,875
2021 $15,286,441,738 $689,170,230,665
2020 $13,312,981,429 $605,914,237,904
2019 $14,206,359,018 $602,683,770,145
2018 $13,178,094,720 $594,616,687,350
2017 $11,480,847,741 $528,356,676,667
2016 $11,181,350,649 $473,259,583,970
2015 $11,619,892,591 $480,054,118,583
2014 $12,226,514,668 $542,134,167,179
2013 $12,582,122,604 $518,179,836,405
2012 $12,292,770,632 $498,148,649,703
2011 $10,409,797,378 $527,848,543,023
2010 $7,189,481,999 $478,111,630,684
2009 $4,583,850,368 $440,891,472,247
2008 $5,623,216,608 $535,612,030,672
2007 $4,234,999,704 $429,715,132,138
2006 $3,414,055,662 $345,897,630,736
2005 $2,523,471,601 $306,999,913,151
2004 $1,992,066,808 $256,268,656,145
2003 $1,595,297,356 $218,561,225,998
2002 $1,396,555,720 $199,694,463,256
2001 $1,267,997,934 $191,823,200,371
2000 $1,136,896,124 $172,953,527,033
1999 $1,057,408,589 $170,704,452,715
1998 $1,124,440,205 $175,282,269,667
1997 $1,180,934,203 $159,893,964,917
1996 $1,345,719,472 $160,813,026,223
1995 $1,452,165,005 $142,838,527,115
1994 $925,817,092 $110,803,635,288
1993 $768,401,634 $96,043,157,273
1992 $1,317,611,864 $94,337,050,693
1991 $2,379,018,326 $85,500,935,935
1990 $2,560,785,660 $65,977,748,211
1989 $3,576,966,800 -
1988 $3,204,461,567 -
1987 $3,020,611,600 -
1986 $2,896,178,867 -
1985 $2,186,505,475 -
1984 $2,098,734,600 -
1983 $2,725,736,633 -
1982 $2,552,401,933 -
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/poland | CC BY

GDP per capita in Mongolia vs Poland by year

Mongolia
GDP per capita

GDP per capita, PPP
Poland
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Poland
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $25,104 $51,263
2023 $5,839 $18,005 $22,145 $48,473
2022 $4,994 $16,402 $18,891 $46,778
2021 $4,518 $14,792 $18,636 $41,060
2020 $4,001 $13,693 $16,151 $37,089
2019 $4,348 $13,605 $15,875 $35,882
2018 $4,108 $12,317 $15,658 $32,345
2017 $3,646 $11,096 $13,913 $30,170
2016 $3,620 $10,511 $12,464 $28,360
2015 $3,839 $10,458 $12,638 $26,988
2014 $4,126 $10,900 $14,262 $25,460
2013 $4,340 $10,442 $13,622 $24,434
2012 $4,329 $10,152 $13,087 $23,728
2011 $3,736 $8,862 $13,868 $22,809
2010 $2,625 $7,532 $12,568 $20,991
2009 $1,703 $7,119 $11,556 $19,300
2008 $2,127 $7,297 $14,049 $18,372
2007 $1,628 $6,678 $11,273 $16,833
2006 $1,330 $5,977 $9,069 $15,205
2005 $995 $5,406 $8,044 $13,936
2004 $794 $4,942 $6,712 $13,413
2003 $643 $4,399 $5,721 $12,329
2002 $570 $4,083 $5,223 $11,841
2001 $524 $3,889 $5,015 $11,175
2000 $476 $3,740 $4,521 $10,721
1999 $449 $3,664 $4,416 $10,081
1998 $484 $3,555 $4,534 $9,521
1997 $515 $3,449 $4,137 $8,967
1996 $596 $3,310 $4,164 $8,310
1995 $653 $3,229 $3,701 $7,715
1994 $423 $3,021 $2,875 $7,040
1993 $355 $2,929 $2,497 $6,560
1992 $608 $2,951 $2,459 $6,193
1991 $1,099 $3,183 $2,236 $5,925
1990 $1,220 $3,479 $1,731 $6,185
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/poland | CC BY

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $25,104 in Poland, ranking 48/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Poland ranks 43rd at $51,263.

Economic indicators

Mongolia Poland
Gross domestic product
$23.8B
2024
$918B
2024
GDP rank
121/197
2024
21/197
2024
GDP growth
5.12%
2023-2024
3.03%
2023-2024
GDP per capita
$6,751
2024
$25,104
2024
GDP per capita rank
105/197
2024
48/197
2024
GDP per capita, PPP
$19,145
2024
$51,263
2024
GDP per capita PPP rank
98/197
2024
43/197
2024
Government debt
$10.5B
2024
$507B
2024
Debt-to-GDP ratio
44.1%
2024
55.3%
2024
Government debt per person
$2,974
2024
$13,874
2024
Government debt per person rank
101/185
2024
41/185
2024
Average annual personal income after taxes
$5,311
2026
$20,736
2026
Market capitalization of domestic companies n/a
$197B
2024
Number of billionaires n/a
10
2025
Income share by richest 10%
24.6%
2022
22.9%
2023
Income share by poorest 10%
3.4%
2022
3.3%
2023
Government expenditure, % of GDP
37.5%
2024
49.4%
2024
Consumer prices inflation
6.2%
2023-2024
3.78%
2023-2024
Central bank interest rate
12%
2025
4%
2025
Unemployment rate
5.81%
2024
2.81%
2024
Population
3620317
35806942

Spending and national debt comparison by year

Mongolia
Spending

Debt
Poland
Spending

Debt
1x
Year % of GDP
Mongolia Poland
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 49.4% 55.3%
2023 31.9% 46.7% 46.9% 49.5%
2022 33.7% 64.6% 43.2% 48.8%
2021 35.9% 67.4% 43.6% 53%
2020 37.1% 83.4% 47.7% 56.6%
2019 30.8% 66.8% 41.4% 45.2%
2018 28.4% 76.5% 41% 48.2%
2017 32.2% 86.9% 41.1% 50.4%
2016 39.7% 78.7% 41.1% 54.1%
2015 31.2% 50.5% 41.5% 51.1%
2014 32.1% 44% 42.7% 51.1%
2013 32.2% 49.4% 43.2% 56.9%
2012 36.1% 43.7% 43.2% 54.5%
2011 37.9% 32.7% 44.1% 54.8%
2010 31.6% 31% 46% 53.7%
2009 35.5% 48.5% 44.9% 49.7%
2008 37.6% 31% 44% 46.6%
2007 35.3% 36.1% 42.8% 44.4%
2006 26.2% 40.9% 44.3% 47.1%
2005 25.1% 55.9% 44.1% 46.5%
2004 31.8% 75% 43.3% 44.9%
2003 33.7% 90% 45.5% 46.4%
2002 35.5% 72% 45.1% 41.6%
2001 35.2% 69.2% 44.7% 37.2%
2000 34.5% 79.3% 43.1% 36.4%
1999 33.2% 103.7% 42.5% 39.4%
1998 36.2% 77.5% 44% 38.7%
1997 30.8% 61% 46.1% 42.7%
1996 28.6% 49.7% 50.7% 43.2%
1995 26.6% 40.2% 47.5% 48.7%
1994 32.2% 57.6% - 64.3%
1993 38.3% 57.8% - 83.9%
1992 29.1% 29.3% - 81.9%
1991 46% - - 76.9%
1990 51.7% - - 89.7%
1989 - - - -
1988 - - - -
1987 - - - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - - -
1980 - - - -
1979 - - 35.6% -
1978 - - 35.8% -
1977 - - 35.6% -
1976 - - 34.8% -
1975 - - 34.1% -
1974 - - 28.6% -
1973 - - 24.5% -
1972 - - 24.1% -
1971 - - 24.1% -
1970 - - 25.8% -
1969 - - 26.3% -
1968 - - 27.3% -
1967 - - 29.6% -
1966 - - 31.7% -
1965 - - 31.8% -
1964 - - 33.5% -
1963 - - 33.3% -
1962 - - 43% -
1961 - - 42.8% -
1960 - - 39.2% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–2005, retrieved 2026-02-20).

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

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Poland spent $453B, or 49.4% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 55.3% in Poland, ranking 122/185 and 95/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Poland
1x
Year Deficit/surplus, % of GDP
Mongolia Poland
2024 1.39% -6.59%
2023 2.73% -5.27%
2022 0.67% -3.44%
2021 -3.05% -1.75%
2020 -9.24% -6.85%
2019 1% -0.73%
2018 2.85% -0.24%
2017 -3.72% -1.49%
2016 -15.3% -2.38%
2015 -5.04% -2.59%
2014 -3.73% -3.66%
2013 -0.93% -4.25%
2012 -6.24% -3.8%
2011 -4.01% -4.97%
2010 0.43% -7.43%
2009 -5.2% -7.24%
2008 -4.52% -3.6%
2007 2.64% -1.88%
2006 7.58% -3.53%
2005 2.43% -3.93%
2004 -1.62% -4.99%
2003 -3.38% -6.02%
2002 -4.74% -4.8%
2001 -4.33% -4.73%
2000 -5.82% -4%
1999 -9.91% -2.3%
1998 -12.3% -4.25%
1997 -8.09% -4.61%
1996 -6.88% -4.84%
1995 -4.97% -4.39%
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/poland | 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 Poland's deficit of $60.4B, or 6.59% of GDP.

Over the past 30 years, Mongolia recorded a fiscal deficit in 21 of those years, while Poland ran a deficit in 30 years. On average, Mongolia posted an annual deficit equal to 3.38% of GDP, compared to deficit of 4.02% of GDP for Poland.

Inflation comparison by year

Inflation
Mongolia

Poland
1x
Year Consumer prices inflation
Mongolia Poland
2024 6.2% 3.78%
2023 10.4% 11.5%
2022 15.1% 14.4%
2021 7.4% 5.06%
2020 3.7% 3.37%
2019 7.3% 2.23%
2018 6.8% 1.81%
2017 4.3% 2.08%
2016 0.8% -0.66%
2015 6.8% -0.87%
2014 12.9% 0.05%
2013 10.6% 0.99%
2012 13.8% 3.56%
2011 8.8% 4.24%
2010 8.3% 2.58%
2009 7.6% 3.8%
2008 28% 4.16%
2007 9.6% 2.46%
2006 4.4% 1.28%
2005 12.6% 2.18%
2004 8.3% 3.38%
2003 5.2% 0.68%
2002 0.9% 1.91%
2001 6.4% 5.41%
2000 11.3% 9.9%
1999 7.6% 7.15%
1998 9.5% 11.6%
1997 30% 14.9%

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/poland | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 4.39% in Poland. In 2024, inflation was 6.2% in Mongolia and 3.78% in Poland.

Top exports between countries

Mongolia
Export category Export value
Textiles & consumer goods $700K
Machinery & equipment $277K
Chemicals & pharma $233K
Processed food, beverages & tobacco $111K
Wood & paper products $55K
Metals $54K
Animal & marine products $3K
Miscellaneous $1K
Poland
Export category Export value
Processed food, beverages & tobacco $29M
Machinery & equipment $20.3M
Raw agricultural goods $14.7M
Chemicals & pharma $10.4M
Textiles & consumer goods $7.06M
Animal & marine products $3.86M
Metals $2.14M
Wood & paper products $1.37M
Miscellaneous $336K
Raw materials & minerals $336K

Balance of trade

Mongolia Poland
Current account balance
-$2.49B
2024
$2.8B
2024
Current account balance ranking
149/190
2024
40/190
2024
Current account balance, % of GDP
-10.4%
2024
+0.3%
2024
Goods imports
$11.7B
2024
$367B
2024
Goods exports
$14.7B
2024
$361B
2024
Service imports
$4.92B
2024
$74.9B
2024
Service exports
$1.6B
2024
$118B
2024
Imports of goods and services, % of GDP
69.7%
2024
48.2%
2024
Exports of goods and services, % of GDP
68.7%
2024
52.2%
2024

Economic freedom indices

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

Mongolia Poland
Economic freedom 63.9 68.5
Economic freedom ranking 76/197 46/197
Property rights 49.2 71.8
Government integrity 35.8 60.7
Judicial effectiveness 54.9 62.5
Tax burden 83.7 72.7
Government spending 64.6 35.1
Fiscal health 96.1 74.8
Business freedom 68.4 77.5
Labor freedom 68.2 53.7
Monetary freedom 72.1 73.8
Trade freedom 74.4 79.4
Investment freedom 50 80
Financial freedom 50 80

Economic freedom comparison by year

Mongolia
Poland
1x
Year Economic freedom index
Mongolia Poland
2026 63.9 68.5
2025 62.6 67.1
2024 60.6 66
2023 61.7 67.7
2022 63.9 68.7
2021 62.4 69.7
2020 55.9 69.1
2019 55.4 67.8
2018 55.7 68.5
2017 54.8 68.3
2016 59.4 69.3
2015 59.2 68.6
2014 58.9 67
2013 61.7 66
2012 61.5 64.2
2011 59.5 64.1
2010 60 63.2
2009 62.8 60.3
2008 63.6 60.3
2007 60.3 58.1
2006 62.4 59.3
2005 59.7 59.6
2004 56.5 58.7
2003 57.7 61.8
2002 56.7 65
2001 56 61.8
2000 58.5 60
1999 58.6 59.6
1998 57.3 59.2
1997 52.9 56.8
1996 47.4 57.8
1995 47.8 50.7

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 68.5 for Poland, ranking 46/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Poland
Services, % of GDP
44.3%
2024
59.1%
2024
Industry, % of GDP
38.1%
2024
27.2%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
2.54%
2024
GNI, Atlas method
$19B
2024
$789B
2024
GNI per capita, PPP
$17,000
2024
$49,540
2024
Total reserves including gold
$5.51B
2024
$223B
2024
Total reserves ranking
95/177
2024
17/177
2024
Net foreign direct investment
-$2.73B
2024
-$10.6B
2024
Net inflows of foreign direct investment
$2.78B
2024
$20.6B
2024
Net outflows of foreign direct investment
$55.5M
2024
$10B
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
n/a
Poverty at national poverty lines
27.1%
2022
13.3%
2024
Gross capital formation, % of GDP
35.5%
2024
17.8%
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/poland | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, 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 (1960–2005, retrieved 2026-02-20)
  6. TradeMap (2021–2024, 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.