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Economy of Mongolia vs Rwanda compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $14.3B for Rwanda, ranking 121/197 and 144/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Mongolia vs Rwanda GDP by year

Mongolia
Rwanda
1x
Year GDP, current $
Mongolia Rwanda
2024 $23,794,540,025 $14,251,642,235
2023 $20,325,121,394 $14,331,722,703
2022 $17,146,471,714 $13,316,161,002
2021 $15,286,441,738 $11,078,787,090
2020 $13,312,981,429 $10,174,386,857
2019 $14,206,359,018 $10,349,300,277
2018 $13,178,094,720 $9,637,904,521
2017 $11,480,847,741 $9,252,833,891
2016 $11,181,350,649 $8,695,272,058
2015 $11,619,892,591 $8,543,760,200
2014 $12,226,514,668 $8,238,966,124
2013 $12,582,122,604 $7,819,964,030
2012 $12,292,770,632 $7,654,761,050
2011 $10,409,797,378 $6,884,913,658
2010 $7,189,481,999 $6,124,756,654
2009 $4,583,850,368 $5,674,476,969
2008 $5,623,216,608 $5,179,854,065
2007 $4,234,999,704 $4,070,507,895
2006 $3,414,055,662 $3,319,784,539
2005 $2,523,471,601 $2,933,819,766
2004 $1,992,066,808 $2,376,496,067
2003 $1,595,297,356 $2,138,237,279
2002 $1,396,555,720 $1,966,003,468
2001 $1,267,997,934 $1,966,600,715
2000 $1,136,896,124 $2,068,836,754
1999 $1,057,408,589 $2,157,108,263
1998 $1,124,440,205 $1,989,343,546
1997 $1,180,934,203 $1,851,558,197
1996 $1,345,719,472 $1,382,334,879
1995 $1,452,165,005 $1,293,535,193
1994 $925,817,092 $753,636,370
1993 $768,401,634 $1,971,525,712
1992 $1,317,611,864 $2,029,026,962
1991 $2,379,018,326 $1,911,600,237
1990 $2,560,785,660 $2,550,185,679
1989 $3,576,966,800 $2,405,022,593
1988 $3,204,461,567 $2,395,492,687
1987 $3,020,611,600 $2,157,432,668
1986 $2,896,178,867 $1,944,710,684
1985 $2,186,505,475 $1,715,626,331
1984 $2,098,734,600 $1,587,413,084
1983 $2,725,736,633 $1,479,687,587
1982 $2,552,401,933 $1,407,243,139
1981 $2,310,099,100 $1,407,062,527
1980 $2,101,394,100 $1,254,765,642
1979 - $1,109,346,131
1978 - $905,709,076
1977 - $746,650,613
1976 - $637,753,853
1975 - $571,863,500
1974 - $308,458,423
1973 - $290,746,157
1972 - $246,457,838
1971 - $222,952,504
1970 - $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

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

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

GDP per capita in Mongolia vs Rwanda by year

Mongolia
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $1,000 $3,711
2023 $5,839 $18,005 $1,027 $3,399
2022 $4,994 $16,402 $975 $3,099
2021 $4,518 $14,792 $830 $2,733
2020 $4,001 $13,693 $779 $2,285
2019 $4,348 $13,605 $810 $2,336
2018 $4,108 $12,317 $772 $2,125
2017 $3,646 $11,096 $758 $1,968
2016 $3,620 $10,511 $730 $1,866
2015 $3,839 $10,458 $734 $1,781
2014 $4,126 $10,900 $725 $1,678
2013 $4,340 $10,442 $705 $1,512
2012 $4,329 $10,152 $707 $1,455
2011 $3,736 $8,862 $651 $1,413
2010 $2,625 $7,532 $594 $1,314
2009 $1,703 $7,119 $564 $1,241
2008 $2,127 $7,297 $528 $1,191
2007 $1,628 $6,678 $426 $1,079
2006 $1,330 $5,977 $357 $1,002
2005 $995 $5,406 $324 $914
2004 $794 $4,942 $269.5 $832
2003 $643 $4,399 $249 $775
2002 $570 $4,083 $234 $760
2001 $524 $3,889 $237.3 $670
2000 $476 $3,740 $251.9 $609
1999 $449 $3,664 $264.7 $554
1998 $484 $3,555 $246.2 $528
1997 $515 $3,449 $238.7 $500
1996 $596 $3,310 $206 $499
1995 $653 $3,229 $228 $514
1994 $423 $3,021 $111 $311
1993 $355 $2,929 $247 $521
1992 $608 $2,951 $264.1 $575
1991 $1,099 $3,183 $254 $542
1990 $1,220 $3,479 $346 $549
1989 $1,684 - $335 -
1988 $1,543 - $344 -
1987 $1,493 - $320 -
1986 $1,469 - $297.7 -
1985 $1,138 - $271.6 -
1984 $1,120 - $259.9 -
1983 $1,490 - $250.6 -
1982 $1,430 - $246.4 -
1981 $1,325 - $254.6 -
1980 $1,235 - $234.4 -
1979 - - $213.8 -
1978 - - $179.9 -
1977 - - $152.7 -
1976 - - $134.4 -
1975 - - $124.1 -
1974 - - $68.9 -
1973 - - $66.9 -
1972 - - $58.4 -
1971 - - $54.4 -
1970 - - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

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

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

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Rwanda ranks 168th at $3,711.

Economic indicators

Mongolia Rwanda
Gross domestic product
$23.8B
2024
$14.3B
2024
GDP rank
121/197
2024
144/197
2024
GDP growth
5.12%
2023-2024
8.89%
2023-2024
GDP per capita
$6,751
2024
$1,000
2024
GDP per capita rank
105/197
2024
178/197
2024
GDP per capita, PPP
$19,145
2024
$3,711
2024
GDP per capita PPP rank
98/197
2024
168/197
2024
Government debt
$10.5B
2024
$9.58B
2024
Debt-to-GDP ratio
44.1%
2024
67.2%
2024
Government debt per person
$2,974
2024
$672
2024
Government debt per person rank
101/185
2024
157/185
2024
Average annual personal income after taxes
$5,311
2026
$2,194
2026
Market capitalization of domestic companies n/a
$2.75B
2024
Income share by richest 10%
24.6%
2022
33.4%
2023
Income share by poorest 10%
3.4%
2022
3.1%
2023
Government expenditure, % of GDP
37.5%
2024
28.8%
2024
Consumer prices inflation
6.2%
2023-2024
1.77%
2023-2024
Central bank interest rate
12%
2025
6.75%
2025
Unemployment rate
5.81%
2024
11.3%
2024
Population
3620317
14975051

Spending and national debt comparison by year

Mongolia
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Mongolia Rwanda
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 28.8% 67.2%
2023 31.9% 46.7% 27% 63.4%
2022 33.7% 64.6% 29.7% 60.9%
2021 35.9% 67.4% 31.6% 67.3%
2020 37.1% 83.4% 33.5% 68.7%
2019 30.8% 66.8% 28.2% 53.6%
2018 28.4% 76.5% 26.4% 49.2%
2017 32.2% 86.9% 25.1% 45.6%
2016 39.7% 78.7% 25.1% 41.1%
2015 31.2% 50.5% 26.6% 33.1%
2014 32.1% 44% 27.5% 29.1%
2013 32.2% 49.4% 26.2% 26.7%
2012 36.1% 43.7% 24.6% 19.1%
2011 37.9% 32.7% 24.7% 18.7%
2010 31.6% 31% 23.8% 18.8%
2009 35.5% 48.5% 22.3% 18.5%
2008 37.6% 31% 22.5% 18.3%
2007 35.3% 36.1% 22.4% 22.1%
2006 26.2% 40.9% 20.6% 22.5%
2005 25.1% 55.9% 19.9% 58.9%
2004 31.8% 75% 17.9% 80.9%
2003 33.7% 90% 18.5% 79.5%
2002 35.5% 72% 20.5% 92%
2001 35.2% 69.2% 19.1% 84%
2000 34.5% 79.3% 18.2% 86%
1999 33.2% 103.7% 22.4% 78.4%
1998 36.2% 77.5% 16.4% 70.1%
1997 30.8% 61% 17% 72.2%
1996 28.6% 49.7% 19.5% 83.4%
1995 26.6% 40.2% 18% 100.8%
1994 32.2% 57.6% 13.3% -
1993 38.3% 57.8% 20.3% -
1992 29.1% 29.3% 21.5% -
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/rwanda | CC BY

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 67.2% in Rwanda, ranking 122/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Rwanda
1x
Year Deficit/surplus, % of GDP
Mongolia Rwanda
2024 1.39% -6.57%
2023 2.73% -5.04%
2022 0.67% -5.74%
2021 -3.05% -7%
2020 -9.24% -9.54%
2019 1% -5.08%
2018 2.85% -2.57%
2017 -3.72% -2.52%
2016 -15.3% -2.27%
2015 -5.04% -2.68%
2014 -3.73% -3.92%
2013 -0.93% -1.27%
2012 -6.24% -2.38%
2011 -4.01% -0.86%
2010 0.43% -0.64%
2009 -5.2% 0.26%
2008 -4.52% 0.83%
2007 2.64% -1.56%
2006 7.58% -0.03%
2005 2.43% 1.12%
2004 -1.62% 2.27%
2003 -3.38% -1.23%
2002 -4.74% -2.03%
2001 -4.33% -1.8%
2000 -5.82% -0.22%
1999 -9.91% -4.41%
1998 -12.3% -2.59%
1997 -8.09% -2.22%
1996 -6.88% -5.01%
1995 -4.97% -2.04%
1994 -9.74% -9.54%
1993 -13.3% -6.6%
1992 -8.1% -7.21%
1991 -6.37% -
1990 -9.37% -

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

GeoRank.org/economy/mongolia/rwanda | 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 Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Mongolia recorded a fiscal deficit in 24 of those years, while Rwanda ran a deficit in 29 years. On average, Mongolia posted an annual deficit equal to 4.01% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Mongolia

Rwanda
1x
Year Consumer prices inflation
Mongolia Rwanda
2024 6.2% 1.77%
2023 10.4% 19.8%
2022 15.1% 17.7%
2021 7.4% -0.39%
2020 3.7% 9.85%
2019 7.3% 3.35%
2018 6.8% -0.31%
2017 4.3% 8.28%
2016 0.8% 7.17%
2015 6.8% 2.53%
2014 12.9% 2.35%
2013 10.6% 5.92%
2012 13.8% 10.3%
2011 8.8% 3.08%
2010 8.3% -0.25%
2009 7.6% 12.9%
2008 28% 15.4%
2007 9.6% 9.08%
2006 4.4% 8.88%
2005 12.6% 9.01%
2004 8.3% 12.3%
2003 5.2% 7.45%
2002 0.9% 1.99%
2001 6.4% 3.34%
2000 11.3% 3.9%
1999 7.6% -2.41%
1998 9.5% 6.21%
1997 30% 12%

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/rwanda | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 6.83% in Rwanda. In 2024, inflation was 6.2% in Mongolia and 1.77% in Rwanda.

Top exports between countries

Mongolia
Export category Export value
Rwanda
Export category Export value
Metals $8K

Balance of trade

Mongolia Rwanda
Current account balance
-$2.49B
2024
-$1.81B
2024
Current account balance ranking
149/190
2024
140/190
2024
Current account balance, % of GDP
-10.4%
2024
-12.7%
2024
Goods imports
$11.7B
2024
$5.55B
2024
Goods exports
$14.7B
2024
$3.2B
2024
Service imports
$4.92B
2024
$991M
2024
Service exports
$1.6B
2024
$1.08B
2024
Imports of goods and services, % of GDP
69.7%
2024
39.1%
2024
Exports of goods and services, % of GDP
68.7%
2024
30.8%
2024

Economic freedom indices

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

Mongolia Rwanda
Economic freedom 63.9 56.5
Economic freedom ranking 76/197 121/197
Property rights 49.2 60.3
Government integrity 35.8 53.9
Judicial effectiveness 54.9 27.5
Tax burden 83.7 80.6
Government spending 64.6 75.7
Fiscal health 96.1 37.5
Business freedom 68.4 60.1
Labor freedom 68.2 49.1
Monetary freedom 72.1 72.3
Trade freedom 74.4 61.8
Investment freedom 50 60
Financial freedom 50 40

Economic freedom comparison by year

Mongolia
Rwanda
1x
Year Economic freedom index
Mongolia Rwanda
2026 63.9 56.5
2025 62.6 54.8
2024 60.6 51.6
2023 61.7 52.2
2022 63.9 57.1
2021 62.4 68.3
2020 55.9 70.9
2019 55.4 71.1
2018 55.7 69.1
2017 54.8 67.6
2016 59.4 63.1
2015 59.2 64.8
2014 58.9 64.7
2013 61.7 64.1
2012 61.5 64.9
2011 59.5 62.7
2010 60 59.1
2009 62.8 54.2
2008 63.6 54.2
2007 60.3 52.4
2006 62.4 52.8
2005 59.7 51.7
2004 56.5 53.3
2003 57.7 47.8
2002 56.7 50.4
2001 56 45.4
2000 58.5 42.3
1999 58.6 39.8
1998 57.3 39.1
1997 52.9 38.3
1996 47.4 -
1995 47.8 -

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Rwanda
Services, % of GDP
44.3%
2024
47.6%
2024
Industry, % of GDP
38.1%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
24.6%
2024
GNI, Atlas method
$19B
2024
$14.8B
2024
GNI per capita, PPP
$17,000
2024
$3,620
2024
Total reserves including gold
$5.51B
2024
$2.41B
2024
Total reserves ranking
95/177
2024
123/177
2024
Net foreign direct investment
-$2.73B
2024
-$560M
2024
Net inflows of foreign direct investment
$2.78B
2024
$573M
2024
Net outflows of foreign direct investment
$55.5M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
3.09%
2024
Poverty at national poverty lines
27.1%
2022
27.4%
2023
Gross capital formation, % of GDP
35.5%
2024
25.9%
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/rwanda | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2021, retrieved 2026-02-08)

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.