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Economy of Mongolia vs Sri Lanka compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $99B for Sri Lanka, ranking 121/197 and 72/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $99.8B (100.8% of GDP) in Sri Lanka.

Mongolia vs Sri Lanka GDP by year

Mongolia
Sri Lanka
1x
Year GDP, current $
Mongolia Sri Lanka
2024 $23,794,540,025 $98,963,185,510
2023 $20,325,121,394 $83,716,142,582
2022 $17,146,471,714 $74,143,020,263
2021 $15,286,441,738 $88,556,698,938
2020 $13,312,981,429 $84,335,574,582
2019 $14,206,359,018 $88,998,706,297
2018 $13,178,094,720 $94,450,015,983
2017 $11,480,847,741 $94,369,350,286
2016 $11,181,350,649 $88,000,211,172
2015 $11,619,892,591 $85,090,301,052
2014 $12,226,514,668 $82,531,125,191
2013 $12,582,122,604 $76,976,203,829
2012 $12,292,770,632 $70,447,217,164
2011 $10,409,797,378 $67,753,285,897
2010 $7,189,481,999 $58,636,049,434
2009 $4,583,850,368 $42,066,224,093
2008 $5,623,216,608 $40,713,826,215
2007 $4,234,999,704 $32,350,238,760
2006 $3,414,055,662 $28,267,410,543
2005 $2,523,471,601 $24,405,791,045
2004 $1,992,066,808 $20,662,525,941
2003 $1,595,297,356 $18,881,765,437
2002 $1,396,555,720 $16,536,535,647
2001 $1,267,997,934 $15,749,753,805
2000 $1,136,896,124 $16,595,882,819
1999 $1,057,408,589 $15,711,933,513
1998 $1,124,440,205 $15,760,736,956
1997 $1,180,934,203 $15,091,913,884
1996 $1,345,719,472 $13,897,738,375
1995 $1,452,165,005 $13,029,697,561
1994 $925,817,092 $11,717,604,209
1993 $768,401,634 $10,338,679,636
1992 $1,317,611,864 $9,703,011,636
1991 $2,379,018,326 $9,000,362,582
1990 $2,560,785,660 $8,032,551,173
1989 $3,576,966,800 $6,987,267,684
1988 $3,204,461,567 $6,978,371,581
1987 $3,020,611,600 $6,682,167,120
1986 $2,896,178,867 $6,405,210,564
1985 $2,186,505,475 $5,978,460,972
1984 $2,098,734,600 $6,043,474,843
1983 $2,725,736,633 $5,167,913,302
1982 $2,552,401,933 $4,768,765,017
1981 $2,310,099,100 $4,415,844,156
1980 $2,101,394,100 $4,024,621,900
1979 - $3,364,611,432
1978 - $2,733,183,857
1977 - $4,104,509,583
1976 - $3,591,319,857
1975 - $3,791,298,146
1974 - $3,574,586,466
1973 - $2,875,625,000
1972 - $2,553,936,348
1971 - $2,369,308,600
1970 - $2,296,470,588
1969 - $1,965,546,218
1968 - $1,801,344,538
1967 - $1,859,465,021
1966 - $1,751,470,588
1965 - $1,698,319,328
1964 - $1,309,747,899
1963 - $1,240,672,269
1962 - $1,434,156,379
1961 - $1,444,327,731
1960 - $1,409,873,950

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

GeoRank.org/economy/mongolia/sri-lanka | CC BY

GDP per capita in Mongolia vs Sri Lanka by year

Mongolia
GDP per capita

GDP per capita, PPP
Sri Lanka
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Sri Lanka
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $4,516 $15,633
2023 $5,839 $18,005 $3,799 $14,456
2022 $4,994 $16,402 $3,343 $14,194
2021 $4,518 $14,792 $3,997 $14,316
2020 $4,001 $13,693 $3,848 $12,941
2019 $4,348 $13,605 $4,082 $14,113
2018 $4,108 $12,317 $4,359 $14,178
2017 $3,646 $11,096 $4,399 $13,610
2016 $3,620 $10,511 $4,149 $13,079
2015 $3,839 $10,458 $4,058 $12,227
2014 $4,126 $10,900 $3,972 $11,721
2013 $4,340 $10,442 $3,739 $11,253
2012 $4,329 $10,152 $3,328 $10,249
2011 $3,736 $8,862 $3,225 $9,076
2010 $2,625 $7,532 $2,808 $8,234
2009 $1,703 $7,119 $2,027 $7,576
2008 $2,127 $7,297 $1,974 $7,317
2007 $1,628 $6,678 $1,579 $6,820
2006 $1,330 $5,977 $1,389 $6,261
2005 $995 $5,406 $1,207 $5,679
2004 $794 $4,942 $1,029 $5,216
2003 $643 $4,399 $946 $4,850
2002 $570 $4,083 $835 $4,522
2001 $524 $3,889 $804 $4,328
2000 $476 $3,740 $860 $4,368
1999 $449 $3,664 $829 $4,103
1998 $484 $3,555 $848 $3,952
1997 $515 $3,449 $827 $3,804
1996 $596 $3,310 $776 $3,582
1995 $653 $3,229 $742 $3,454
1994 $423 $3,021 $678 $3,260
1993 $355 $2,929 $607 $3,067
1992 $608 $2,951 $580 $2,851
1991 $1,099 $3,183 $546 $2,713
1990 $1,220 $3,479 $491 $2,527
1989 $1,684 - $430 -
1988 $1,543 - $434 -
1987 $1,493 - $420 -
1986 $1,469 - $407 -
1985 $1,138 - $385 -
1984 $1,120 - $391 -
1983 $1,490 - $336 -
1982 $1,430 - $312 -
1981 $1,325 - $292.5 -
1980 $1,235 - $271.1 -
1979 - - $230.8 -
1978 - - $191 -
1977 - - $292.1 -
1976 - - $260.3 -
1975 - - $279.8 -
1974 - - $268.7 -
1973 - - $220.2 -
1972 - - $199.4 -
1971 - - $188.8 -
1970 - - $186.9 -
1969 - - $163.6 -
1968 - - $153.5 -
1967 - - $162.3 -
1966 - - $156.6 -
1965 - - $155.6 -
1964 - - $122.9 -
1963 - - $119.4 -
1962 - - $141.4 -
1961 - - $145.9 -
1960 - - $145.9 -

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

GeoRank.org/economy/mongolia/sri-lanka | CC BY

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $4,516 in Sri Lanka, ranking 124/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Sri Lanka ranks 111th at $15,633.

Economic indicators

Mongolia Sri Lanka
Gross domestic product
$23.8B
2024
$99B
2024
GDP rank
121/197
2024
72/197
2024
GDP growth
5.12%
2023-2024
5.01%
2023-2024
GDP per capita
$6,751
2024
$4,516
2024
GDP per capita rank
105/197
2024
124/197
2024
GDP per capita, PPP
$19,145
2024
$15,633
2024
GDP per capita PPP rank
98/197
2024
111/197
2024
Government debt
$10.5B
2024
$99.8B
2024
Debt-to-GDP ratio
44.1%
2024
100.8%
2024
Government debt per person
$2,974
2024
$4,554
2024
Government debt per person rank
101/185
2024
85/185
2024
Average annual personal income after taxes
$5,311
2026
$2,874
2026
Market capitalization of domestic companies n/a
$19.5B
2024
Income share by richest 10%
24.6%
2022
30.8%
2019
Income share by poorest 10%
3.4%
2022
3.1%
2019
Government expenditure, % of GDP
37.5%
2024
19.3%
2024
Consumer prices inflation
6.2%
2023-2024
-0.43%
2023-2024
Central bank interest rate
12%
2025
7.75%
2025
Unemployment rate
5.81%
2024
4.67%
2023
Population
3620317
22185425

Spending and national debt comparison by year

Mongolia
Spending

Debt
Sri Lanka
Spending

Debt
1x
Year % of GDP
Mongolia Sri Lanka
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 19.3% 100.8%
2023 31.9% 46.7% 19.5% 110.4%
2022 33.7% 64.6% 18.6% 115.9%
2021 35.9% 67.4% 20% 102.7%
2020 37.1% 83.4% 22.1% 96.9%
2019 30.8% 66.8% 19.5% 82.6%
2018 28.4% 76.5% 17.5% 83.6%
2017 32.2% 86.9% 17.9% 72.3%
2016 39.7% 78.7% 18.2% 75%
2015 31.2% 50.5% 19.3% 76.3%
2014 32.1% 44% 17.2% 69.6%
2013 32.2% 49.4% 16.6% 69.5%
2012 36.1% 43.7% 17.3% 67.5%
2011 37.9% 32.7% 19.1% 69.4%
2010 31.6% 31% 19.3% 68.7%
2009 35.5% 48.5% 21% 72.8%
2008 37.6% 31% 19.1% 68.8%
2007 35.3% 36.1% 19.9% 71.8%
2006 26.2% 40.9% 20.5% 74.3%
2005 25.1% 55.9% 20.1% 76.6%
2004 31.8% 75% 19.3% 86.5%
2003 33.7% 90% 19.3% 86.5%
2002 35.5% 72% 20.8% 96.3%
2001 35.2% 69.2% 22.4% 84.4%
2000 34.5% 79.3% 21.7% 79.2%
1999 33.2% 103.7% 20.5% 77.7%
1998 36.2% 77.5% 21.4% 74.2%
1997 30.8% 61% 21.4% 70.1%
1996 28.6% 49.7% 23.1% 76.2%
1995 26.6% 40.2% 24.8% 77.8%
1994 32.2% 57.6% 24.1% 77.9%
1993 38.3% 57.8% 23.2% 79.2%
1992 29.1% 29.3% 23% 77.9%
1991 46% - 26.4% 80.5%
1990 51.7% - 25.4% 78.9%

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/sri-lanka | CC BY

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Sri Lanka spent $19.1B, or 19.3% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 100.8% in Sri Lanka, ranking 122/185 and 23/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Sri Lanka
1x
Year Deficit/surplus, % of GDP
Mongolia Sri Lanka
2024 1.39% -5.64%
2023 2.73% -8.32%
2022 0.67% -10.2%
2021 -3.05% -11.7%
2020 -9.24% -13.4%
2019 1% -7.52%
2018 2.85% -4.96%
2017 -3.72% -5.1%
2016 -15.3% -5%
2015 -5.04% -6.64%
2014 -3.73% -5.99%
2013 -0.93% -5%
2012 -6.24% -5.44%
2011 -4.01% -6.01%
2010 0.43% -6.73%
2009 -5.2% -8.33%
2008 -4.52% -5.93%
2007 2.64% -5.81%
2006 7.58% -5.91%
2005 2.43% -5.93%
2004 -1.62% -6.32%
2003 -3.38% -6.15%
2002 -4.74% -6.9%
2001 -4.33% -8.48%
2000 -5.82% -7.78%
1999 -9.91% -5.58%
1998 -12.3% -6.79%
1997 -8.09% -5.71%
1996 -6.88% -6.89%
1995 -4.97% -7.11%
1994 -9.74% -7.41%
1993 -13.3% -5.77%
1992 -8.1% -4.95%
1991 -6.37% -7.97%
1990 -9.37% -6.39%

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

GeoRank.org/economy/mongolia/sri-lanka | 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 Sri Lanka's deficit of $5.58B, or 5.64% of GDP.

Over the past 35 years, Mongolia recorded a fiscal deficit in 26 of those years, while Sri Lanka ran a deficit in 35 years. On average, Mongolia posted an annual deficit equal to 4.23% of GDP, compared to deficit of 6.85% of GDP for Sri Lanka.

Inflation comparison by year

Inflation
Mongolia

Sri Lanka
1x
Year Consumer prices inflation
Mongolia Sri Lanka
2024 6.2% -0.43%
2023 10.4% 16.5%
2022 15.1% 49.7%
2021 7.4% 7.01%
2020 3.7% 6.15%
2019 7.3% 3.53%
2018 6.8% 2.14%
2017 4.3% 7.7%
2016 0.8% 3.96%
2015 6.8% 3.77%
2014 12.9% 3.18%
2013 10.6% 6.91%
2012 13.8% 7.54%
2011 8.8% 6.72%
2010 8.3% 6.22%
2009 7.6% 3.46%
2008 28% 22.6%
2007 9.6% 15.8%
2006 4.4% 10%
2005 12.6% 11.6%
2004 8.3% 7.58%
2003 5.2% 6.31%
2002 0.9% 9.55%
2001 6.4% 14.2%
2000 11.3% 6.18%
1999 7.6% 4.69%
1998 9.5% 9.36%
1997 30% 9.57%

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/sri-lanka | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 9.34% in Sri Lanka. In 2024, inflation was 6.2% in Mongolia and -0.43% in Sri Lanka.

Top exports between countries

Mongolia
Export category Export value
Machinery & equipment $227K
Sri Lanka
Export category Export value
Raw agricultural goods $1.24M
Textiles & consumer goods $152K
Processed food, beverages & tobacco $33K
Chemicals & pharma $18K
Machinery & equipment $6K
Wood & paper products $3K
Miscellaneous $1K

Balance of trade

Mongolia Sri Lanka
Current account balance
-$2.49B
2024
$1.21B
2024
Current account balance ranking
149/190
2024
53/190
2024
Current account balance, % of GDP
-10.4%
2024
+1.22%
2024
Goods imports
$11.7B
2024
$18.8B
2024
Goods exports
$14.7B
2024
$12.8B
2024
Service imports
$4.92B
2024
$3.48B
2024
Service exports
$1.6B
2024
$6.91B
2024
Imports of goods and services, % of GDP
69.7%
2024
22.5%
2024
Exports of goods and services, % of GDP
68.7%
2024
19.9%
2024

Economic freedom indices

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

Mongolia Sri Lanka
Economic freedom 63.9 50.3
Economic freedom ranking 76/197 162/197
Property rights 49.2 47.3
Government integrity 35.8 37.3
Judicial effectiveness 54.9 47.2
Tax burden 83.7 77
Government spending 64.6 89
Fiscal health 96.1 0
Business freedom 68.4 60.1
Labor freedom 68.2 54.3
Monetary freedom 72.1 65.9
Trade freedom 74.4 65.6
Investment freedom 50 30
Financial freedom 50 30

Economic freedom comparison by year

Mongolia
Sri Lanka
1x
Year Economic freedom index
Mongolia Sri Lanka
2026 63.9 50.3
2025 62.6 49.4
2024 60.6 49.2
2023 61.7 52.2
2022 63.9 53.3
2021 62.4 55.7
2020 55.9 57.4
2019 55.4 56.4
2018 55.7 57.8
2017 54.8 57.4
2016 59.4 59.9
2015 59.2 58.6
2014 58.9 60
2013 61.7 60.7
2012 61.5 58.3
2011 59.5 57.1
2010 60 54.6
2009 62.8 56
2008 63.6 58.4
2007 60.3 59.4
2006 62.4 58.7
2005 59.7 61
2004 56.5 61.6
2003 57.7 62.5
2002 56.7 64
2001 56 66
2000 58.5 63.2
1999 58.6 64
1998 57.3 64.6
1997 52.9 65.5
1996 47.4 62.5
1995 47.8 60.6

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

GeoRank.org/economy/mongolia/sri-lanka | CC BY

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 50.3 for Sri Lanka, ranking 162/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Sri Lanka
Services, % of GDP
44.3%
2024
57.5%
2024
Industry, % of GDP
38.1%
2024
25.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
8.3%
2024
GNI, Atlas method
$19B
2024
$84.6B
2024
GNI per capita, PPP
$17,000
2024
$15,240
2024
Total reserves including gold
$5.51B
2024
$6.09B
2024
Total reserves ranking
95/177
2024
92/177
2024
Net foreign direct investment
-$2.73B
2024
-$651M
2024
Net inflows of foreign direct investment
$2.78B
2024
$761M
2024
Net outflows of foreign direct investment
$55.5M
2024
$110M
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
4.98%
2024
Poverty at national poverty lines
27.1%
2022
14.3%
2019
Gross capital formation, % of GDP
35.5%
2024
27%
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/sri-lanka | 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. TradeMap (2020–2024, 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.