Skip to content

Economy of Mongolia vs Romania compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $383B for Romania, ranking 121/197 and 42/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $220B (57.4% of GDP) in Romania.

Mongolia vs Romania GDP by year

Mongolia
Romania
1x
Year GDP, current $
Mongolia Romania
2024 $23,794,540,025 $382,564,217,989
2023 $20,325,121,394 $347,757,995,759
2022 $17,146,471,714 $295,319,437,557
2021 $15,286,441,738 $285,071,280,114
2020 $13,312,981,429 $250,625,048,304
2019 $14,206,359,018 $250,080,428,512
2018 $13,178,094,720 $241,791,427,224
2017 $11,480,847,741 $210,147,385,855
2016 $11,181,350,649 $185,290,759,249
2015 $11,619,892,591 $177,885,131,240
2014 $12,226,514,668 $199,722,319,676
2013 $12,582,122,604 $189,798,603,751
2012 $12,292,770,632 $179,117,323,107
2011 $10,409,797,378 $192,623,977,894
2010 $7,189,481,999 $170,064,350,672
2009 $4,583,850,368 $174,110,532,659
2008 $5,623,216,608 $214,315,932,061
2007 $4,234,999,704 $174,588,782,939
2006 $3,414,055,662 $122,023,735,993
2005 $2,523,471,601 $98,454,380,120
2004 $1,992,066,808 $74,973,656,852
2003 $1,595,297,356 $57,806,384,143
2002 $1,396,555,720 $46,065,502,703
2001 $1,267,997,934 $40,395,116,581
2000 $1,136,896,124 $37,253,739,511
1999 $1,057,408,589 $35,953,156,754
1998 $1,124,440,205 $41,696,091,974
1997 $1,180,934,203 $35,575,214,078
1996 $1,345,719,472 $36,937,074,278
1995 $1,452,165,005 $37,430,162,103
1994 $925,817,092 $30,072,805,104
1993 $768,401,634 $26,361,160,450
1992 $1,317,611,864 $25,121,666,667
1991 $2,379,018,326 $28,850,634,900
1990 $2,560,785,660 $38,247,882,300
1989 $3,576,966,800 $41,450,777,202
1988 $3,204,461,567 $40,424,528,302
1987 $3,020,611,600 $38,067,567,568
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/romania | CC BY

GDP per capita in Mongolia vs Romania by year

Mongolia
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $20,080 $49,077
2023 $5,839 $18,005 $18,244 $45,982
2022 $4,994 $16,402 $15,504 $41,979
2021 $4,518 $14,792 $14,908 $37,534
2020 $4,001 $13,693 $13,009 $34,194
2019 $4,348 $13,605 $12,910 $33,425
2018 $4,108 $12,317 $12,416 $29,383
2017 $3,646 $11,096 $10,728 $26,943
2016 $3,620 $10,511 $9,405 $23,905
2015 $3,839 $10,458 $8,977 $21,625
2014 $4,126 $10,900 $10,032 $20,633
2013 $4,340 $10,442 $9,498 $19,678
2012 $4,329 $10,152 $8,930 $19,808
2011 $3,736 $8,862 $9,561 $18,804
2010 $2,625 $7,532 $8,400 $17,355
2009 $1,703 $7,119 $8,548 $16,641
2008 $2,127 $7,297 $10,435 $16,782
2007 $1,628 $6,678 $8,360 $13,703
2006 $1,330 $5,977 $5,758 $11,554
2005 $995 $5,406 $4,618 $9,602
2004 $794 $4,942 $3,495 $8,989
2003 $643 $4,399 $2,679 $7,559
2002 $570 $4,083 $2,120 $7,162
2001 $524 $3,889 $1,825 $6,520
2000 $476 $3,740 $1,660 $5,850
1999 $449 $3,664 $1,600 $5,596
1998 $484 $3,555 $1,853 $5,545
1997 $515 $3,449 $1,577 $5,564
1996 $596 $3,310 $1,633 $5,746
1995 $653 $3,229 $1,650 $5,429
1994 $423 $3,021 $1,323 $4,995
1993 $355 $2,929 $1,158 $4,699
1992 $608 $2,951 $1,102 $4,515
1991 $1,099 $3,183 $1,254 $4,795
1990 $1,220 $3,479 $1,648 $5,280
1989 $1,684 - $1,790 -
1988 $1,543 - $1,753 -
1987 $1,493 - $1,659 -
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/romania | CC BY

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $20,080 in Romania, ranking 58/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Romania ranks 47th at $49,077.

Economic indicators

Mongolia Romania
Gross domestic product
$23.8B
2024
$383B
2024
GDP rank
121/197
2024
42/197
2024
GDP growth
5.12%
2023-2024
0.92%
2023-2024
GDP per capita
$6,751
2024
$20,080
2024
GDP per capita rank
105/197
2024
58/197
2024
GDP per capita, PPP
$19,145
2024
$49,077
2024
GDP per capita PPP rank
98/197
2024
47/197
2024
Government debt
$10.5B
2024
$220B
2024
Debt-to-GDP ratio
44.1%
2024
57.4%
2024
Government debt per person
$2,974
2024
$11,533
2024
Government debt per person rank
101/185
2024
48/185
2024
Average annual personal income after taxes
$5,311
2026
$13,912
2026
Market capitalization of domestic companies n/a
$47.4B
2024
Number of billionaires n/a
6
2025
Income share by richest 10%
24.6%
2022
21.8%
2023
Income share by poorest 10%
3.4%
2022
2.4%
2023
Government expenditure, % of GDP
37.5%
2024
39.9%
2024
Consumer prices inflation
6.2%
2023-2024
5.6%
2023-2024
Central bank interest rate
12%
2025
6.5%
2024
Unemployment rate
5.81%
2024
5.43%
2024
Population
3620317
18839108

Spending and national debt comparison by year

Mongolia
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Mongolia Romania
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 39.9% 57.4%
2023 31.9% 46.7% 36.6% 52.1%
2022 33.7% 64.6% 37.4% 51.7%
2021 35.9% 67.4% 37% 51.5%
2020 37.1% 83.4% 38.1% 49.3%
2019 30.8% 66.8% 33.2% 36.5%
2018 28.4% 76.5% 31.7% 36.2%
2017 32.2% 86.9% 31% 37.1%
2016 39.7% 78.7% 31.8% 39.5%
2015 31.2% 50.5% 34.2% 39.4%
2014 32.1% 44% 33.8% 40.5%
2013 32.2% 49.4% 34.2% 39.3%
2012 36.1% 43.7% 33.5% 36.2%
2011 37.9% 32.7% 35% 32.6%
2010 31.6% 31% 37.4% 30.2%
2009 35.5% 48.5% 36.3% 22.5%
2008 37.6% 31% 35.3% 13%
2007 35.3% 36.1% 34.6% 12.4%
2006 26.2% 40.9% 33.9% 12.7%
2005 25.1% 55.9% 32.3% 17.8%
2004 31.8% 75% 33.7% 21.3%
2003 33.7% 90% 31.8% 24.9%
2002 35.5% 72% 32.1% 27.4%
2001 35.2% 69.2% 33.2% 27.4%
2000 34.5% 79.3% 35% 29.6%
1999 33.2% 103.7% 35.1% 21.7%
1998 36.2% 77.5% 34.7% 16.5%
1997 30.8% 61% 33.5% 15%
1996 28.6% 49.7% 33.5% 11%
1995 26.6% 40.2% 34.4% 6.91%
1994 32.2% 57.6% 33.1% -
1993 38.3% 57.8% 33.5% -
1992 29.1% 29.3% 41.5% -
1991 46% - 38.3% -
1990 51.7% - 38.4% -
1989 - - 40.1% -
1988 - - 36.6% -
1987 - - 40.7% -
1986 - - 42.5% -
1985 - - 41.6% -
1984 - - 28.6% -
1983 - - 25.8% -
1982 - - 28.5% -
1981 - - 30.4% -
1980 - - 33.6% -
1979 - - 42% -
1978 - - 42.1% -
1977 - - 39.9% -
1976 - - 37.5% -
1975 - - 40.6% -
1974 - - 37.6% -
1973 - - 32.6% -
1972 - - 29.9% -
1971 - - 27.2% -
1970 - - 28.1% -
1969 - - 32.1% -
1968 - - 31.8% -
1967 - - 30.6% -
1966 - - 27.3% -
1965 - - 25.6% -
1964 - - 25.1% -
1963 - - 23.1% -
1962 - - 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–2005, retrieved 2026-02-20).

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

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Romania spent $153B, or 39.9% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 57.4% in Romania, ranking 122/185 and 87/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Romania
1x
Year Deficit/surplus, % of GDP
Mongolia Romania
2024 1.39% -8.68%
2023 2.73% -5.61%
2022 0.67% -5.83%
2021 -3.05% -6.7%
2020 -9.24% -9.54%
2019 1% -4.55%
2018 2.85% -2.74%
2017 -3.72% -2.86%
2016 -15.3% -2.5%
2015 -5.04% -1.35%
2014 -3.73% -1.76%
2013 -0.93% -2.44%
2012 -6.24% -2.39%
2011 -4.01% -4.14%
2010 0.43% -6.22%
2009 -5.2% -6.86%
2008 -4.52% -4.6%
2007 2.64% -3.05%
2006 7.58% -1.36%
2005 2.43% -0.69%
2004 -1.62% -3.39%
2003 -3.38% -2.29%
2002 -4.74% -2.59%
2001 -4.33% -3.2%
2000 -5.82% -3.99%
1999 -9.91% -3.58%
1998 -12.3% -5.33%
1997 -8.09% -5.19%
1996 -6.88% -4.74%
1995 -4.97% -3.32%
1994 -9.74% -2.2%
1993 -13.3% -0.35%
1992 -8.1% -4.55%
1991 -6.37% 3.23%
1990 -9.37% 1.03%
1989 - -2.87%
1988 - 8.4%
1987 - 2.37%
1986 - 5.72%
1985 - 6.36%
1984 - 15.2%
1983 - 9.35%
1982 - 0.36%
1981 - 0.61%
1980 - -1.95%
1979 - 0%
1978 - 0%
1977 - 0.23%
1976 - 0.66%
1975 - 0.41%
1974 - 0.51%
1973 - 1.53%
1972 - 1.21%
1971 - 0.89%
1970 - 0.52%
1969 - 0.93%
1968 - 1.65%
1967 - 1.23%
1966 - 0.91%
1965 - -1.29%
1964 - -3.11%
1963 - -1.61%
1962 - -4.86%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

GeoRank.org/economy/mongolia/romania | 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 Romania's deficit of $33.2B, or 8.68% of GDP.

Over the past 35 years, Mongolia recorded a fiscal deficit in 26 of those years, while Romania ran a deficit in 33 years. On average, Mongolia posted an annual deficit equal to 4.23% of GDP, compared to deficit of 3.55% of GDP for Romania.

Inflation comparison by year

Inflation
Mongolia

Romania
1x
Year Consumer prices inflation
Mongolia Romania
2024 6.2% 5.6%
2023 10.4% 10.4%
2022 15.1% 13.8%
2021 7.4% 5%
2020 3.7% 2.6%
2019 7.3% 3.8%
2018 6.8% 4.6%
2017 4.3% 1.3%
2016 0.8% -1.6%
2015 6.8% -0.6%
2014 12.9% 1.1%
2013 10.6% 4%
2012 13.8% 3.3%
2011 8.8% 5.8%
2010 8.3% 6.1%
2009 7.6% 5.6%
2008 28% 7.8%
2007 9.6% 4.8%
2006 4.4% 6.6%
2005 12.6% 9%
2004 8.3% 11.9%
2003 5.2% 15.4%
2002 0.9% 22.5%
2001 6.4% 34.5%
2000 11.3% 45.7%
1999 7.6% 45.8%
1998 9.5% 59.1%
1997 30% 154.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 17.5% in Romania. In 2024, inflation was 6.2% in Mongolia and 5.6% in Romania.

Top exports between countries

Mongolia
Export category Export value
Textiles & consumer goods $16K
Romania
Export category Export value
Processed food, beverages & tobacco $1.14M
Textiles & consumer goods $404K
Metals $293K
Chemicals & pharma $231K
Machinery & equipment $225K
Wood & paper products $46K
Raw agricultural goods $22K
Raw materials & minerals $18K
Miscellaneous $1K

Balance of trade

Mongolia Romania
Current account balance
-$2.49B
2024
-$31.2B
2024
Current account balance ranking
149/190
2024
185/190
2024
Current account balance, % of GDP
-10.4%
2024
-8.16%
2024
Goods imports
$11.7B
2024
$129B
2024
Goods exports
$14.7B
2024
$93.3B
2024
Service imports
$4.92B
2024
$30.2B
2024
Service exports
$1.6B
2024
$42.9B
2024
Imports of goods and services, % of GDP
69.7%
2024
41.6%
2024
Exports of goods and services, % of GDP
68.7%
2024
35.6%
2024

Economic freedom indices

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

Mongolia Romania
Economic freedom 63.9 65.4
Economic freedom ranking 76/197 64/197
Property rights 49.2 81
Government integrity 35.8 50
Judicial effectiveness 54.9 67
Tax burden 83.7 89.1
Government spending 64.6 56.7
Fiscal health 96.1 21.4
Business freedom 68.4 74.4
Labor freedom 68.2 63.6
Monetary freedom 72.1 72.7
Trade freedom 74.4 79.4
Investment freedom 50 70
Financial freedom 50 60

Economic freedom comparison by year

Mongolia
Romania
1x
Year Economic freedom index
Mongolia Romania
2026 63.9 65.4
2025 62.6 66.5
2024 60.6 64.4
2023 61.7 64.5
2022 63.9 67.1
2021 62.4 69.5
2020 55.9 69.7
2019 55.4 68.6
2018 55.7 69.4
2017 54.8 69.7
2016 59.4 65.6
2015 59.2 66.6
2014 58.9 65.5
2013 61.7 65.1
2012 61.5 64.4
2011 59.5 64.7
2010 60 64.2
2009 62.8 63.2
2008 63.6 61.7
2007 60.3 61.2
2006 62.4 58.2
2005 59.7 52.1
2004 56.5 50
2003 57.7 50.6
2002 56.7 48.7
2001 56 50
2000 58.5 52.1
1999 58.6 50.1
1998 57.3 54.4
1997 52.9 50.8
1996 47.4 46.2
1995 47.8 42.9

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Romania
Services, % of GDP
44.3%
2024
62.6%
2024
Industry, % of GDP
38.1%
2024
25.3%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
2.81%
2024
GNI, Atlas method
$19B
2024
$335B
2024
GNI per capita, PPP
$17,000
2024
$47,920
2024
Total reserves including gold
$5.51B
2024
$73.4B
2024
Total reserves ranking
95/177
2024
35/177
2024
Net foreign direct investment
-$2.73B
2024
-$5.17B
2024
Net inflows of foreign direct investment
$2.78B
2024
$7.16B
2024
Net outflows of foreign direct investment
$55.5M
2024
$1.99B
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
n/a
Poverty at national poverty lines
27.1%
2022
19%
2023
Gross capital formation, % of GDP
35.5%
2024
25%
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/romania | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

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. International Monetary Fund (IMF) | Public Finances in Modern History (1962–2005, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  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.