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Economy of Mongolia vs Singapore compared: GDP & Debt

Updated on by Georank

Mongolia has a GDP of $25.4B compared to $604B for Singapore, ranking 123/197 and 28/197 by economy size, respectively.

Mongolia has $11.4B in government debt (45.1% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Mongolia vs Singapore GDP by year

Mongolia
Singapore
1x
Year GDP, current $
Mongolia Singapore
2025 $25,369,107,325 $603,869,516,999
2024 $23,794,540,025 $572,877,260,178
2023 $20,325,121,394 $511,181,761,244
2022 $17,146,471,714 $514,252,535,239
2021 $15,286,441,738 $441,110,903,525
2020 $13,312,981,429 $351,226,533,656
2019 $14,206,359,018 $376,827,390,962
2018 $13,178,094,720 $377,976,367,877
2017 $11,480,847,741 $344,795,119,214
2016 $11,181,350,649 $320,759,207,439
2015 $11,619,892,591 $307,998,545,269
2014 $12,226,514,668 $314,863,580,758
2013 $12,582,122,604 $307,576,360,585
2012 $12,292,770,632 $295,092,888,077
2011 $10,409,797,378 $279,356,499,090
2010 $7,189,481,999 $239,807,980,591
2009 $4,583,850,368 $194,150,283,772
2008 $5,623,216,608 $193,617,323,539
2007 $4,234,999,704 $180,941,701,358
2006 $3,414,055,662 $148,627,286,361
2005 $2,523,471,601 $127,807,848,728
2004 $1,992,066,808 $115,033,593,101
2003 $1,595,297,356 $97,646,401,096
2002 $1,396,555,720 $92,538,372,870
2001 $1,267,997,934 $89,793,790,670
2000 $1,136,896,124 $96,076,539,926
1999 $1,057,408,589 $86,286,849,755
1998 $1,124,440,205 $85,728,207,782
1997 $1,180,934,203 $100,123,787,215
1996 $1,345,719,472 $96,293,086,513
1995 $1,452,165,005 $87,812,540,788
1994 $925,817,092 $73,688,724,431
1993 $768,401,634 $60,603,815,716
1992 $1,317,611,864 $52,131,320,033
1991 $2,379,018,326 $45,466,164,978
1990 $2,560,785,660 $36,144,336,769
1989 $3,576,966,800 $30,465,364,739
1988 $3,204,461,567 $25,371,462,488
1987 $3,020,611,600 $20,919,215,578
1986 $2,896,178,867 $18,586,746,057
1985 $2,186,505,475 $19,156,532,746
1984 $2,098,734,600 $19,749,361,098
1983 $2,725,736,633 $17,784,112,150
1982 $2,552,401,933 $16,084,252,378
1981 $2,310,099,100 $14,175,228,844
1980 $2,101,394,100 $11,896,256,783
1979 - $9,296,921,724
1978 - $7,517,176,355
1977 - $6,618,585,074
1976 - $6,327,077,974
1975 - $5,633,673,930
1974 - $5,221,534,956
1973 - $3,696,213,333
1972 - $2,721,440,981
1971 - $2,263,785,444
1970 - $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Mongolia vs Singapore by year

Mongolia
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,108 - $98,814 -
2024 $6,751 $19,145 $94,897 $150,689
2023 $5,839 $18,005 $86,383 $143,786
2022 $4,994 $16,402 $91,228 $143,095
2021 $4,518 $14,792 $80,885 $132,617
2020 $4,001 $13,693 $61,773 $101,518
2019 $4,348 $13,605 $66,069 $105,335
2018 $4,108 $12,317 $67,033 $103,963
2017 $3,646 $11,096 $61,436 $95,744
2016 $3,620 $10,511 $57,204 $89,902
2015 $3,839 $10,458 $55,646 $87,156
2014 $4,126 $10,900 $57,565 $84,555
2013 $4,340 $10,442 $56,967 $83,088
2012 $4,329 $10,152 $55,548 $82,108
2011 $3,736 $8,862 $53,891 $80,052
2010 $2,625 $7,532 $47,237 $75,401
2009 $1,703 $7,119 $38,927 $66,213
2008 $2,127 $7,297 $40,009 $67,735
2007 $1,628 $6,678 $39,433 $68,805
2006 $1,330 $5,977 $33,768 $64,061
2005 $995 $5,406 $29,961 $58,822
2004 $794 $4,942 $27,608 $54,384
2003 $643 $4,399 $23,730 $48,778
2002 $570 $4,083 $22,160 $45,083
2001 $524 $3,889 $21,700 $43,109
2000 $476 $3,740 $23,853 $43,781
1999 $449 $3,664 $21,797 $39,949
1998 $484 $3,555 $21,829 $37,560
1997 $515 $3,449 $26,376 $39,286
1996 $596 $3,310 $26,233 $36,873
1995 $653 $3,229 $24,915 $35,090
1994 $423 $3,021 $21,552 $33,058
1993 $355 $2,929 $18,290 $30,062
1992 $608 $2,951 $16,136 $27,022
1991 $1,099 $3,183 $14,502 $25,530
1990 $1,220 $3,479 $11,862 $23,815
1989 $1,684 - $10,395 -
1988 $1,543 - $8,914 -
1987 $1,493 - $7,539 -
1986 $1,469 - $6,800 -
1985 $1,138 - $7,002 -
1984 $1,120 - $7,228 -
1983 $1,490 - $6,633 -
1982 $1,430 - $6,078 -
1981 $1,325 - $5,597 -
1980 $1,235 - $4,928 -
1979 - - $3,901 -
1978 - - $3,194 -
1977 - - $2,846 -
1976 - - $2,759 -
1975 - - $2,490 -
1974 - - $2,342 -
1973 - - $1,685 -
1972 - - $1,264 -
1971 - - $1,071 -
1970 - - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Mongolia's GDP per capita is $7,108, ranking 103/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Singapore ranks 2nd at $150,689.

Economic indicators

Mongolia Singapore
Gross domestic product
$25.4B
2025
$604B
2025
GDP rank
123/197
2025
28/197
2025
GDP growth
6.84%
2024-2025
5.03%
2024-2025
GDP per capita
$7,108
2025
$98,814
2025
GDP per capita rank
103/197
2025
7/197
2025
GDP per capita, PPP
$19,145
2024
$150,689
2024
GDP per capita PPP rank
98/197
2024
2/197
2024
Government debt
$11.4B
2025
$1.03T
2025
Debt-to-GDP ratio
45.1%
2025
171.3%
2025
Government debt per person
$3,207
2025
$169,228
2025
Government debt per person rank
101/185
2025
1/185
2025
Average annual personal income after taxes
$7,064
2026
$51,296
2026
Market capitalization of domestic companies n/a
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires n/a
55
2026
Income share by richest 10%
24.6%
2022
n/a
Income share by poorest 10%
3.4%
2022
n/a
Government expenditure, % of GDP
34.6%
2025
15.5%
2025
Consumer prices inflation
8.6%
2024-2025
0.9%
2024-2025
Central bank interest rate
12%
2025
n/a
Unemployment rate
5.81%
2024
3.26%
2025
Population
3630744
6167445

Spending and national debt comparison by year

Mongolia
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Mongolia Singapore
Government spending Government debt Government spending Government debt
2025 34.6% 45.1% 15.5% 171.3%
2024 37.5% 44.1% 14.3% 166%
2023 31.9% 46.7% 14.6% 170.4%
2022 33.7% 64.5% 14.9% 153.3%
2021 35.9% 67.3% 15.4% 139.9%
2020 37.1% 83.4% 24% 147.1%
2019 30.8% 66.8% 14% 127.7%
2018 28.4% 76.5% 13.9% 109.2%
2017 32.2% 86.9% 13.6% 107.3%
2016 39.7% 78.7% 15.2% 105.9%
2015 31.2% 50.5% 14.4% 102.1%
2014 32.1% 44% 12.6% 97.7%
2013 32.2% 49.4% 10.9% 98.2%
2012 36.1% 43.7% 9.83% 106.7%
2011 37.9% 32.7% 9.66% 103.1%
2010 31.6% 31% 10.2% 98.7%
2009 35.5% 48.5% 15.9% 101.7%
2008 37.6% 31% 14% 97.9%
2007 35.3% 36.1% 9.01% 87.8%
2006 26.2% 40.9% 12.3% 86.5%
2005 25.1% 55.9% 12.4% 92.7%
2004 31.8% 75% 14.1% 95.7%
2003 33.7% 90% 15.6% 99.1%
2002 35.5% 72% 15.9% 96.3%
2001 35.2% 69.2% 18.2% 94.5%
2000 34.5% 79.3% 16.1% 82.3%
1999 33.2% 103.7% 15.9% 85.3%
1998 36.2% 77.5% 18.1% 84.6%
1997 30.8% 61% 14.5% 70.8%
1996 28.6% 49.7% 18.1% 71.3%
1995 26.6% 40.2% 13.8% 69.8%
1994 32.2% 57.6% 11.7% 70.7%
1993 38.3% 57.8% 14.5% 71.2%
1992 29.1% 29.3% 14.5% 79%
1991 46% - 15.9% 76.4%
1990 51.7% - 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-07-08).

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

In 2025, Mongolia's government spending was $8.78B, accounting for 34.6% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 45.1% in Mongolia and 171.3% in Singapore, ranking 116/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Singapore
1x
Year Deficit/surplus, % of GDP
Mongolia Singapore
2025 1.7% 4.16%
2024 1.39% 3.79%
2023 2.73% 3.42%
2022 0.67% 1.2%
2021 -3.05% 1.11%
2020 -9.24% -6.68%
2019 1% 3.76%
2018 2.85% 3.67%
2017 -3.72% 5.23%
2016 -15.3% 3.24%
2015 -5.04% 2.86%
2014 -3.73% 4.6%
2013 -0.93% 5.96%
2012 -6.24% 7.34%
2011 -4.01% 7.96%
2010 0.43% 5.68%
2009 -5.2% -0.09%
2008 -4.52% 3.59%
2007 2.64% 7.12%
2006 7.58% 2.16%
2005 2.43% 2.56%
2004 -1.62% 2.06%
2003 -3.38% 0.68%
2002 -4.74% 2.23%
2001 -4.33% 1.2%
2000 -5.82% 4.59%
1999 -9.91% 5.2%
1998 -12.3% 2.41%
1997 -8.09% 5.66%
1996 -6.88% 1.98%
1995 -4.97% 4.8%
1994 -9.74% 7.9%
1993 -13.3% 4.36%
1992 -8.1% 2.7%
1991 -6.37% 0.68%
1990 -9.37% 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Mongolia's government surplus, the difference between spending and revenue, was $432M, equivalent to 1.7% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 36 years, Mongolia recorded a fiscal deficit in 26 of those years, while Singapore ran a deficit in 2 years. On average, Mongolia posted an annual deficit equal to 4.07% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Mongolia

Singapore
1x
Year Consumer prices inflation
Mongolia Singapore
2025 8.6% 0.9%
2024 6.2% 2.39%
2023 10.4% 4.83%
2022 15.1% 6.13%
2021 7.4% 2.32%
2020 3.7% -0.17%
2019 7.3% 0.57%
2018 6.8% 0.44%
2017 4.3% 0.58%
2016 0.8% -0.53%
2015 6.8% -0.52%
2014 12.9% 1.03%
2013 10.6% 2.36%
2012 13.8% 4.58%
2011 8.8% 5.25%
2010 8.3% 2.83%
2009 7.6% 0.59%
2008 28% 6.64%
2007 9.6% 2.11%
2006 4.4% 0.97%
2005 12.6% 0.43%
2004 8.3% 1.66%
2003 5.2% 0.51%
2002 0.9% -0.39%
2001 6.4% 1%
2000 11.3% 1.36%
1999 7.6% 0.02%
1998 9.5% -0.27%
1997 30% 2%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Mongolia has recorded an average annual inflation rate of 9.42%, compared with 1.71% in Singapore. In 2025, inflation was 8.6% in Mongolia and 0.9% in Singapore.

Top exports between countries

Mongolia
Export category Export value
Machinery & equipment $9.51M
Precious metals & jewellery $2.36M
Raw materials & minerals $1.67M
Metals $282K
Textiles & consumer goods $25K
Chemicals & pharma $7K
Processed food, beverages & tobacco $2K
Singapore
Export category Export value
Machinery & equipment $215M
Raw materials & minerals $23.8M
Metals $13.4M
Processed food, beverages & tobacco $11.7M
Miscellaneous $9.21M
Chemicals & pharma $7.4M
Precious metals & jewellery $6.17M
Textiles & consumer goods $1.89M
Wood & paper products $386K
Raw agricultural goods $228K

Balance of trade

Mongolia Singapore
Current account balance
-$2.49B
2024
$101B
2025
Current account balance ranking
147/190
2024
8/190
2025
Current account balance, % of GDP
-10.4%
2024
+16.7%
2025
Goods imports
$11.7B
2024
$475B
2025
Goods exports
$14.7B
2024
$652B
2025
Service imports
$4.92B
2024
$385B
2025
Service exports
$1.6B
2024
$422B
2025
Imports of goods and services, % of GDP
62.6%
2025
142.5%
2025
Exports of goods and services, % of GDP
68.1%
2025
177.9%
2025

Economic freedom indices

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

Mongolia Singapore
Economic freedom 63.9 84.4
Economic freedom ranking 76/197 1/197
Property rights 49.2 89.2
Government integrity 35.8 86.1
Judicial effectiveness 54.9 58.3
Tax burden 83.7 89.5
Government spending 64.6 93.4
Fiscal health 96.1 80
Business freedom 68.4 90.6
Labor freedom 68.2 77
Monetary freedom 72.1 83.5
Trade freedom 74.4 95
Investment freedom 50 90
Financial freedom 50 80

Economic freedom comparison by year

Mongolia
Singapore
1x
Year Economic freedom index
Mongolia Singapore
2026 63.9 84.4
2025 62.6 84.1
2024 60.6 83.5
2023 61.7 83.9
2022 63.9 84.4
2021 62.4 89.7
2020 55.9 89.4
2019 55.4 89.4
2018 55.7 88.8
2017 54.8 88.6
2016 59.4 87.8
2015 59.2 89.4
2014 58.9 89.4
2013 61.7 88
2012 61.5 87.5
2011 59.5 87.2
2010 60 86.1
2009 62.8 87.1
2008 63.6 87.3
2007 60.3 87.1
2006 62.4 88
2005 59.7 88.6
2004 56.5 88.9
2003 57.7 88.2
2002 56.7 87.4
2001 56 87.8
2000 58.5 87.7
1999 58.6 86.9
1998 57.3 87
1997 52.9 87.3
1996 47.4 86.5
1995 47.8 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Singapore
Services, % of GDP
44.3%
2025
71.6%
2025
Industry, % of GDP
37.2%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
8.94%
2025
0.02%
2025
GNI, Atlas method
$22.2B
2025
$500B
2025
GNI per capita, PPP
$18,460
2025
$135,750
2025
Total reserves including gold
$7B
2025
$432B
2025
Total reserves ranking
91/177
2025
11/177
2025
Net foreign direct investment
-$2.73B
2024
-$64.9B
2025
Net inflows of foreign direct investment
$2.78B
2024
$135B
2024
Net outflows of foreign direct investment
$55.5M
2024
$63.6B
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
n/a
Poverty at national poverty lines
27.1%
2022
n/a
Gross capital formation, % of GDP
31.4%
2025
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2024–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.