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Economy of Mongolia vs Poland compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.6B compared to $915B for Poland, ranking 121/197 and 21/197 by economy size, respectively.

Mongolia has $10.5B in government debt (42.6% of GDP), compared to $506B (60.7% of GDP) in Poland.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Mongolia
GDP, current $

GDP, constant 2015 $
Poland
GDP, current $

GDP, constant 2015 $
Year GDP
Mongolia Poland
Current $ Constant $ Current $ Constant $
1980 $2,101,394,100 - - -
1981 $2,310,099,100 $2,484,401,291 - -
1982 $2,552,401,933 $2,691,653,428 - -
1983 $2,725,736,633 $2,848,685,511 - -
1984 $2,098,734,600 $3,017,709,971 - -
1985 $2,186,505,475 $3,190,107,887 - -
1986 $2,896,178,867 $3,489,180,327 - -
1987 $3,020,611,600 $3,609,858,809 - -
1988 $3,204,461,567 $3,794,249,397 - -
1989 $3,576,966,800 $3,952,780,564 - -
1990 $2,560,785,660 $3,826,905,841 $65,977,748,211 $194,797,367,585
1991 $2,379,018,326 $3,494,212,070 $85,500,935,935 $181,131,204,775
1992 $1,317,611,864 $3,170,771,528 $94,337,050,693 $185,686,615,838
1993 $768,401,634 $3,070,296,388 $96,043,157,273 $192,628,157,713
1994 $925,817,092 $3,135,828,262 $110,803,635,288 $202,823,584,826
1995 $1,452,165,005 $3,335,782,059 $142,838,527,115 $218,906,804,616
1996 $1,345,719,472 $3,410,339,918 $160,813,026,223 $232,246,717,071
1997 $1,180,934,203 $3,543,231,097 $159,893,964,917 $247,015,068,311
1998 $1,124,440,205 $3,661,572,769 $175,282,269,667 $258,431,144,714
1999 $1,057,408,589 $3,773,996,565 $170,704,452,715 $270,575,301,764
2000 $1,136,896,124 $3,817,248,911 $172,953,527,033 $283,174,187,558
2001 $1,267,997,934 $3,929,961,222 $191,823,200,371 $286,667,833,930
2002 $1,396,555,720 $4,115,965,440 $199,694,463,256 $292,117,946,677
2003 $1,595,297,356 $4,404,273,778 $218,561,225,998 $302,410,346,200
2004 $1,992,066,808 $4,872,245,747 $256,268,656,145 $317,805,438,387
2005 $2,523,471,601 $5,225,662,153 $306,999,913,151 $328,168,510,413
2006 $3,414,055,662 $5,672,782,077 $345,897,630,736 $348,521,872,927
2007 $4,234,999,704 $6,254,129,712 $429,715,132,138 $372,083,512,402
2008 $5,623,216,608 $6,810,770,268 $535,612,030,672 $388,394,800,371
2009 $4,583,850,368 $6,724,368,909 $440,891,472,247 $398,551,823,849
2010 $7,189,481,999 $7,152,385,862 $478,111,630,684 $411,181,642,128
2011 $10,409,797,378 $8,389,088,994 $527,848,543,023 $432,791,139,408
2012 $12,292,770,632 $9,422,609,645 $498,148,649,703 $439,333,996,551
2013 $12,582,122,604 $10,520,241,545 $518,179,836,405 $442,340,098,156
2014 $12,226,514,668 $11,349,786,312 $542,134,167,179 $459,682,079,851
2015 $11,619,892,591 $11,619,892,591 $480,054,118,583 $480,054,118,583
2016 $11,181,350,649 $11,793,003,948 $473,259,623,976 $494,605,411,858
2017 $11,480,847,741 $12,457,761,003 $528,356,723,263 $520,089,746,651
2018 $13,178,094,720 $13,422,599,720 $594,616,632,477 $552,573,816,156
2019 $14,206,359,018 $14,174,566,537 $602,683,770,145 $577,884,228,678
2020 $13,312,981,429 $13,528,524,951 $605,914,186,118 $566,120,997,480
2021 $15,286,441,738 $13,749,955,732 $689,170,171,187 $605,337,233,055
2022 $17,146,471,714 $14,441,951,079 $695,607,522,885 $637,150,470,885
2023 $20,325,121,394 $15,513,848,973 $812,451,128,979 $638,740,867,489
2024 $23,586,055,802 $16,268,442,809 $914,696,430,325 $657,413,741,876

Economic indicators

Mongolia Poland
Gross domestic product
$23.6B
2024
$915B
2024
GDP rank
121/197
2024
21/197
2024
GDP growth
16%
2023-2024
12.6%
2023-2024
GDP per capita
$6,691
2024
$25,023
2024
GDP per capita rank
107/197
2024
48/197
2024
GDP per capita, PPP
$19,098
2024
$50,378
2024
Government debt
$10.5B
2024
$506B
2024
Debt-to-GDP ratio
42.6%
2025
60.7%
2025
Government debt per person
$2,969
2024
$13,833
2024
Government debt per person rank
101/185
2024
41/185
2024
Average annual personal income after taxes
$6,196
2025
$19,229
2025
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
36.6%
2025
50.1%
2025
Consumer prices inflation
8.3%
2024-2025
3.78%
2023-2024
Central bank interest rate
12%
2025
4.75%
2025
Unemployment rate
5.18%
2023
2.81%
2024
Population
3599274
36176920

GDP per capita in Mongolia vs Poland

Mongolia's GDP per capita is $6,691, ranking 107/197, compared to $25,023 in Poland, ranking 48/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 96th at $19,098, while Poland ranks 44th at $50,378.

Mongolia
GDP per capita

GDP per capita, PPP
Poland
GDP per capita

GDP per capita, PPP
Year Current $
Mongolia Poland
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1980 $1,235 - - -
1981 $1,325 - - -
1982 $1,430 - - -
1983 $1,490 - - -
1984 $1,120 - - -
1985 $1,138 - - -
1986 $1,469 - - -
1987 $1,493 - - -
1988 $1,543 - - -
1989 $1,684 - - -
1990 $1,220 $3,479 $1,731 $6,181
1991 $1,099 $3,183 $2,236 $5,921
1992 $608 $2,951 $2,459 $6,189
1993 $355 $2,929 $2,497 $6,556
1994 $423 $3,021 $2,875 $7,035
1995 $653 $3,229 $3,701 $7,709
1996 $596 $3,310 $4,164 $8,307
1997 $515 $3,449 $4,137 $8,965
1998 $484 $3,555 $4,534 $9,520
1999 $449 $3,664 $4,416 $10,081
2000 $476 $3,740 $4,521 $10,719
2001 $524 $3,889 $5,015 $11,176
2002 $570 $4,083 $5,223 $11,841
2003 $643 $4,399 $5,721 $12,330
2004 $794 $4,942 $6,712 $13,415
2005 $995 $5,406 $8,044 $13,936
2006 $1,330 $5,977 $9,069 $15,208
2007 $1,628 $6,678 $11,273 $16,834
2008 $2,127 $7,297 $14,049 $18,372
2009 $1,703 $7,119 $11,556 $19,290
2010 $2,625 $7,532 $12,568 $20,993
2011 $3,736 $8,862 $13,868 $22,809
2012 $4,329 $10,152 $13,087 $23,728
2013 $4,340 $10,442 $13,622 $24,434
2014 $4,126 $10,900 $14,262 $25,460
2015 $3,839 $10,458 $12,638 $26,995
2016 $3,620 $10,511 $12,464 $28,360
2017 $3,646 $11,096 $13,913 $30,170
2018 $4,108 $12,317 $15,658 $32,345
2019 $4,348 $13,605 $15,875 $35,882
2020 $4,001 $13,693 $16,151 $37,089
2021 $4,518 $14,792 $18,636 $41,060
2022 $4,994 $16,402 $18,891 $46,077
2023 $5,839 $18,005 $22,145 $46,758
2024 $6,691 $19,098 $25,023 $50,378

Spending and national debt comparison

In 2024, Mongolia's government spending was $8.92B, accounting for 36.6% of its GDP, while Poland's spent $454B, or 50.1% of GDP.

Debt-to-GDP ratio is 42.6% in Mongolia and 60.7% in Poland, ranking 129/185 and 75/185, respectively.

Mongolia
Government spending

Government debt
Poland
Government spending

Government debt
Year % of GDP
Mongolia Poland
Government spending Government debt Government spending Government debt
1960 - - 39.2% -
1961 - - 42.8% -
1962 - - 43% -
1963 - - 33.3% -
1964 - - 33.5% -
1965 - - 31.8% -
1966 - - 31.7% -
1967 - - 29.6% -
1968 - - 27.3% -
1969 - - 26.3% -
1970 - - 25.8% -
1971 - - 24.1% -
1972 - - 24.1% -
1973 - - 24.5% -
1974 - - 28.6% -
1975 - - 34.1% -
1976 - - 34.8% -
1977 - - 35.6% -
1978 - - 35.8% -
1979 - - 35.6% -
1980 - - - -
1981 - - - -
1982 - - - -
1983 - - - -
1984 - - - -
1985 - - - -
1986 - - - -
1987 - - - -
1988 - - - -
1989 - - - -
1990 51.7% - - 90%
1991 46% - - 77.2%
1992 29.1% 29.3% - 82.2%
1993 38.3% 57.8% - 84.2%
1994 32.2% 57.6% - 64.5%
1995 26.6% 40.2% 47.5% 48.7%
1996 28.6% 49.7% 50.7% 43.2%
1997 30.8% 61% 46.1% 42.7%
1998 36.2% 77.5% 44% 38.7%
1999 33.2% 103.7% 42.5% 39.4%
2000 34.5% 79.3% 43.1% 36.4%
2001 35.2% 69.2% 44.7% 37.2%
2002 35.5% 72% 45.1% 41.6%
2003 33.7% 90% 45.5% 46.4%
2004 31.8% 75% 43.3% 44.9%
2005 25.1% 55.9% 44.1% 46.5%
2006 26.2% 40.9% 44.3% 47.1%
2007 35.3% 36.1% 42.8% 44.4%
2008 37.6% 31% 44% 46.6%
2009 35.5% 48.5% 44.9% 49.7%
2010 31.6% 31% 46% 53.7%
2011 37.9% 32.7% 44.1% 54.8%
2012 36.1% 43.7% 43.2% 54.5%
2013 32.2% 49.4% 43.2% 56.9%
2014 32.1% 44% 42.7% 51.1%
2015 31.2% 50.5% 41.5% 51.1%
2016 39.7% 78.7% 41.1% 54.1%
2017 32.2% 86.9% 41.1% 50.4%
2018 28.4% 76.5% 41% 48.2%
2019 30.8% 66.8% 41.4% 45.2%
2020 37.1% 83.4% 47.7% 56.6%
2021 35.9% 67.7% 43.6% 53%
2022 33.7% 64.5% 43.3% 48.8%
2023 31.9% 45.9% 47% 49.7%
2024 37.8% 44.4% 49.7% 55.3%
2025 36.6% 42.6% 50.1% 60.7%

Government deficit by year

In 2024, Mongolia's government surplus, the difference between spending and revenue, was $332M, equivalent to 1.41% of GDP. This compares to Poland's deficit of -$60.2B, or -6.58% 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.

Deficit/surplus
Mongolia

Poland
Year Deficit/surplus, % of GDP
Mongolia Poland
1990 -9.37% -
1991 -6.37% -
1992 -8.1% -
1993 -13.3% -
1994 -9.74% -
1995 -4.97% -4.39%
1996 -6.88% -4.84%
1997 -8.09% -4.61%
1998 -12.3% -4.25%
1999 -9.91% -2.3%
2000 -5.82% -4%
2001 -4.33% -4.73%
2002 -4.74% -4.8%
2003 -3.38% -6.02%
2004 -1.62% -4.99%
2005 2.43% -3.93%
2006 7.58% -3.53%
2007 2.64% -1.88%
2008 -4.52% -3.6%
2009 -5.2% -7.24%
2010 0.43% -7.43%
2011 -4.01% -4.97%
2012 -6.24% -3.8%
2013 -0.93% -4.25%
2014 -3.73% -3.66%
2015 -5.04% -2.59%
2016 -15.3% -2.38%
2017 -3.72% -1.49%
2018 2.85% -0.24%
2019 1% -0.73%
2020 -9.24% -6.85%
2021 -3.05% -1.75%
2022 0.67% -3.43%
2023 2.73% -5.29%
2024 1.41% -6.58%
2025 0.95% -6.16%

Inflation comparison by year

Over the past 29 years, Mongolia has recorded an average annual inflation rate of 10.7%, compared with 4.92% in Poland. In 2024, inflation was 8.3% in Mongolia and 3.78% in Poland.

Inflation
Mongolia

Poland
Year Inflation
Mongolia Poland Mongolia Poland
1996 46.8% 19.8%
1997 30% 14.9%
1998 9.5% 11.6%
1999 7.6% 7.15%
2000 11.3% 9.9%
2001 6.4% 5.41%
2002 0.9% 1.91%
2003 5.2% 0.68%
2004 8.3% 3.38%
2005 12.6% 2.18%
2006 4.4% 1.28%
2007 9.6% 2.46%
2008 28% 4.16%
2009 7.6% 3.8%
2010 8.3% 2.58%
2011 8.8% 4.24%
2012 13.8% 3.56%
2013 10.6% 0.99%
2014 12.9% 0.05%
2015 6.8% -0.87%
2016 0.8% -0.66%
2017 4.3% 2.08%
2018 6.8% 1.81%
2019 7.3% 2.23%
2020 3.7% 3.37%
2021 7.4% 5.06%
2022 15.1% 14.4%
2023 10.4% 11.5%
2024 6.2% 3.78%
2025 8.3% -

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
-$341M
2024
Current account balance ranking
147/189
2024
98/189
2024
Current account balance, % of GDP
-10.5%
2024
-0.04%
2024
Goods imports
$11.7B
2024
$367B
2024
Goods exports
$14.7B
2024
$360B
2024
Service imports
$4.92B
2024
$75.2B
2024
Service exports
$1.6B
2024
$119B
2024
Imports of goods and services, % of GDP
69.8%
2024
48.3%
2024
Exports of goods and services, % of GDP
69.1%
2024
52.3%
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 62.6 67.1
Economic freedom ranking 82/197 51/197
Property rights 49.7 72.3
Government integrity 35.5 58.4
Judicial effectiveness 55.4 52.3
Tax burden 85.7 73.8
Government spending 72.6 39.7
Fiscal health 73.5 75.9
Business freedom 67.9 77.8
Labor freedom 68.1 56.8
Monetary freedom 68.8 68.5
Trade freedom 74.4 79.6
Investment freedom 50 80
Financial freedom 50 70

Economic freedom by year comparison

The Economic Freedom Index for Mongolia is 62.6, ranking 82/197, compared to 67.1 for Poland, ranking 51/197. The chart below displays a comparison of annual changes in economic freedom indexes.

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

More economic indicators

Mongolia Poland
Services, % of GDP
44.2%
2024
59.9%
2024
Industry, % of GDP
38.1%
2024
26.4%
2024
Agriculture, forestry, and fishing, % of GDP
7.38%
2024
2.6%
2024
GNI, Atlas method
$18.9B
2024
$788B
2024
GNI per capita, PPP
$16,930
2024
$48,680
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
-$13B
2024
Net inflows of foreign direct investment
$2.78B
2024
$21.4B
2024
Net outflows of foreign direct investment
$55.5M
2024
$8.36B
2024
Servicing debt to the IMF, % of GNI
26.8%
2023
n/a
Poverty at national poverty lines
27.1%
2022
13.3%
2024
Gross capital formation, % of GDP
34.6%
2024
17.7%
2024

GDP per capita map

GDP per capita

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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.