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Economy of Mongolia vs Tanzania compared: GDP & Debt

Updated on by Georank team

Mongolia has a GDP of $23.8B compared to $78.8B for Tanzania, ranking 121/197 and 82/197 by economy size, respectively.

Mongolia has $10.5B in government debt (44.1% of GDP), compared to $39.3B (49.9% of GDP) in Tanzania.

Mongolia vs Tanzania GDP by year

Mongolia
Tanzania
1x
Year GDP, current $
Mongolia Tanzania
2024 $23,794,540,025 $78,844,405,385
2023 $20,325,121,394 $79,030,935,627
2022 $17,146,471,714 $75,749,121,843
2021 $15,286,441,738 $70,655,628,148
2020 $13,312,981,429 $66,068,737,786
2019 $14,206,359,018 $61,026,731,926
2018 $13,178,094,720 $57,003,712,892
2017 $11,480,847,741 $53,274,884,533
2016 $11,181,350,649 $49,774,409,374
2015 $11,619,892,591 $47,413,919,817
2014 $12,226,514,668 $49,986,726,461
2013 $12,582,122,604 $45,648,857,242
2012 $12,292,770,632 $39,650,394,363
2011 $10,409,797,378 $34,657,140,096
2010 $7,189,481,999 $32,012,892,919
2009 $4,583,850,368 $29,400,573,554
2008 $5,623,216,608 $27,947,821,398
2007 $4,234,999,704 $21,860,434,823
2006 $3,414,055,662 $18,619,859,795
2005 $2,523,471,601 $18,395,383,647
2004 $1,992,066,808 $16,673,062,473
2003 $1,595,297,356 $15,211,487,709
2002 $1,396,555,720 $14,129,651,896
2001 $1,267,997,934 $13,563,990,022
2000 $1,136,896,124 $13,371,767,082
1999 $1,057,408,589 $12,704,334,196
1998 $1,124,440,205 $12,172,790,056
1997 $1,180,934,203 $11,158,197,942
1996 $1,345,719,472 $9,433,528,150
1995 $1,452,165,005 $7,631,431,840
1994 $925,817,092 $6,550,480,484
1993 $768,401,634 $6,182,872,708
1992 $1,317,611,864 $6,681,997,469
1991 $2,379,018,326 $7,197,768,159
1990 $2,560,785,660 $6,184,384,225
1989 $3,576,966,800 $6,418,799,007
1988 $3,204,461,567 $7,406,614,407
1987 $3,020,611,600 $7,824,193,222
1986 $2,896,178,867 $10,840,864,521
1985 $2,186,505,475 $15,328,295,175
1984 $2,098,734,600 $12,906,635,133
1983 $2,725,736,633 $14,049,883,809
1982 $2,552,401,933 $13,927,383,240
1981 $2,310,099,100 $13,161,540,378
1980 $2,101,394,100 $11,409,228,087
1979 - $9,804,637,491
1978 - $9,261,675,710
1977 - $7,732,598,995
1976 - $6,472,511,988
1975 - $5,729,917,840
1974 - $4,977,337,978
1973 - $4,144,104,535
1972 - $3,472,787,266
1971 - $3,050,673,517
1970 - $2,851,419,386
1969 - $5,142,066,811
1968 - $4,895,251,824
1967 - $4,565,132,048
1966 - $4,377,998,825
1965 - $3,817,226,546
1964 - $3,748,840,925
1963 - $3,456,579,293
1962 - $3,101,589,993
1961 - $2,826,179,031
1960 - $2,651,729,807

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

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

GDP per capita in Mongolia vs Tanzania by year

Mongolia
GDP per capita

GDP per capita, PPP
Tanzania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mongolia Tanzania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,751 $19,145 $1,150 $4,221
2023 $5,839 $18,005 $1,186 $4,019
2022 $4,994 $16,402 $1,171 $3,800
2021 $4,518 $14,792 $1,125 $3,493
2020 $4,001 $13,693 $1,084 $3,291
2019 $4,348 $13,605 $1,031 $2,982
2018 $4,108 $12,317 $992 $2,728
2017 $3,646 $11,096 $957 $2,472
2016 $3,620 $10,511 $925 $2,435
2015 $3,839 $10,458 $911 $2,317
2014 $4,126 $10,900 $993 $2,221
2013 $4,340 $10,442 $935 $2,176
2012 $4,329 $10,152 $837 $2,083
2011 $3,736 $8,862 $753 $2,211
2010 $2,625 $7,532 $715 $2,069
2009 $1,703 $7,119 $674 $1,972
2008 $2,127 $7,297 $657 $1,908
2007 $1,628 $6,678 $528 $1,820
2006 $1,330 $5,977 $462 $1,707
2005 $995 $5,406 $469 $1,598
2004 $794 $4,942 $438 $1,482
2003 $643 $4,399 $410 $1,379
2002 $570 $4,083 $391 $1,302
2001 $524 $3,889 $385 $1,229
2000 $476 $3,740 $390 $1,164
1999 $449 $3,664 $382 $1,120
1998 $484 $3,555 $375 $1,082
1997 $515 $3,449 $353 $1,059
1996 $596 $3,310 $305 $1,026
1995 $653 $3,229 $251.2 $981
1994 $423 $3,021 $222.5 $958
1993 $355 $2,929 $218.2 $959
1992 $608 $2,951 $243.4 $955
1991 $1,099 $3,183 $268.8 $952
1990 $1,220 $3,479 $236.9 $925
1989 $1,684 - $252.3 -
1988 $1,543 - $299 -
1987 $1,493 - $326 -
1986 $1,469 - $466 -
1985 $1,138 - $681 -
1984 $1,120 - $593 -
1983 $1,490 - $667 -
1982 $1,430 - $683 -
1981 $1,325 - $665 -
1980 $1,235 - $595 -
1979 - - $527 -
1978 - - $515 -
1977 - - $446 -
1976 - - $387 -
1975 - - $355 -
1974 - - $320 -
1973 - - $276.1 -
1972 - - $239.8 -
1971 - - $218.4 -
1970 - - $211.3 -
1969 - - $394 -
1968 - - $388 -
1967 - - $374 -
1966 - - $370 -
1965 - - $333 -
1964 - - $337 -
1963 - - $320 -
1962 - - $295.7 -
1961 - - $277.4 -
1960 - - $267.8 -

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

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

Mongolia's GDP per capita is $6,751, ranking 105/197, compared to $1,150 in Tanzania, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Mongolia ranks 98th at $19,145, while Tanzania ranks 165th at $4,221.

Economic indicators

Mongolia Tanzania
Gross domestic product
$23.8B
2024
$78.8B
2024
GDP rank
121/197
2024
82/197
2024
GDP growth
5.12%
2023-2024
5.53%
2023-2024
GDP per capita
$6,751
2024
$1,150
2024
GDP per capita rank
105/197
2024
170/197
2024
GDP per capita, PPP
$19,145
2024
$4,221
2024
GDP per capita PPP rank
98/197
2024
165/197
2024
Government debt
$10.5B
2024
$39.3B
2024
Debt-to-GDP ratio
44.1%
2024
49.9%
2024
Government debt per person
$2,974
2024
$573
2024
Government debt per person rank
101/185
2024
160/185
2024
Average annual personal income after taxes
$5,311
2026
$2,309
2026
Market capitalization of domestic companies n/a
$7.32B
2024
Number of billionaires n/a
1
2025
Income share by richest 10%
24.6%
2022
33.1%
2018
Income share by poorest 10%
3.4%
2022
2.9%
2018
Government expenditure, % of GDP
37.5%
2024
19.1%
2024
Consumer prices inflation
6.2%
2023-2024
3.06%
2023-2024
Central bank interest rate
12%
2025
6%
2024
Unemployment rate
5.81%
2024
2.43%
2024
Population
3620317
73145892

Spending and national debt comparison by year

Mongolia
Spending

Debt
Tanzania
Spending

Debt
1x
Year % of GDP
Mongolia Tanzania
Government spending Government debt Government spending Government debt
2024 37.5% 44.1% 19.1% 49.9%
2023 31.9% 46.7% 19% 47.8%
2022 33.7% 64.6% 19.1% 44.9%
2021 35.9% 67.4% 18.4% 43.4%
2020 37.1% 83.4% 17.4% 41.3%
2019 30.8% 66.8% 17.3% 40.4%
2018 28.4% 76.5% 17.3% 42%
2017 32.2% 86.9% 16.4% 40.1%
2016 39.7% 78.7% 16.9% 39.8%
2015 31.2% 50.5% 17.2% 39.5%
2014 32.1% 44% 17.3% 36.4%
2013 32.2% 49.4% 18.8% 32.7%
2012 36.1% 43.7% 19.6% 30%
2011 37.9% 32.7% 19% 28.4%
2010 31.6% 31% 19.8% 27.6%
2009 35.5% 48.5% 19.6% 23.9%
2008 37.6% 31% 18.1% 21.6%
2007 35.3% 36.1% 17.8% 23.8%
2006 26.2% 40.9% 17.6% 17.4%
2005 25.1% 55.9% 18.3% 25.4%
2004 31.8% 75% 17% 44.5%
2003 33.7% 90% 15.4% 44.4%
2002 35.5% 72% 13.6% 47.4%
2001 35.2% 69.2% 12.4% 50.8%
2000 34.5% 79.3% 12.3% 55.4%
1999 33.2% 103.7% 12.8% 62.9%
1998 36.2% 77.5% 11.4% 62.2%
1997 30.8% 61% 12.8% 73.4%
1996 28.6% 49.7% 13.4% 89.6%
1995 26.6% 40.2% 15.6% 111.1%
1994 32.2% 57.6% 16.8% 126%
1993 38.3% 57.8% 16.4% 129.2%
1992 29.1% 29.3% 17.6% 117.6%
1991 46% - 14.2% 106.5%
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 (1991–2005, retrieved 2026-02-20).

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

In 2024, Mongolia's government spending was $8.92B, accounting for 37.5% of its GDP, while Tanzania spent $15.1B, or 19.1% of GDP.

Debt-to-GDP ratio is 44.1% in Mongolia and 49.9% in Tanzania, ranking 122/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Mongolia

Tanzania
1x
Year Deficit/surplus, % of GDP
Mongolia Tanzania
2024 1.39% -3.03%
2023 2.73% -3.67%
2022 0.67% -3.92%
2021 -3.05% -3.55%
2020 -9.24% -2.56%
2019 1% -2.06%
2018 2.85% -2.01%
2017 -3.72% -1.14%
2016 -15.3% -2.08%
2015 -5.04% -3.17%
2014 -3.73% -2.91%
2013 -0.93% -3.76%
2012 -6.24% -4%
2011 -4.01% -3.51%
2010 0.43% -4.74%
2009 -5.2% -4.46%
2008 -4.52% -1.92%
2007 2.64% -1.44%
2006 7.58% -3.38%
2005 2.43% -3.28%
2004 -1.62% -2.43%
2003 -3.38% -1.77%
2002 -4.74% -0.73%
2001 -4.33% -0.41%
2000 -5.82% -0.73%
1999 -9.91% -1.14%
1998 -12.3% 0.13%
1997 -8.09% -0.03%
1996 -6.88% 1.57%
1995 -4.97% -2.12%
1994 -9.74% -3.74%
1993 -13.3% -2.02%
1992 -8.1% -4.96%
1991 -6.37% 0.6%
1990 -9.37% -

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

GeoRank.org/economy/mongolia/tanzania | 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 Tanzania's deficit of $2.39B, or 3.03% of GDP.

Over the past 34 years, Mongolia recorded a fiscal deficit in 25 of those years, while Tanzania ran a deficit in 31 years. On average, Mongolia posted an annual deficit equal to 4.08% of GDP, compared to deficit of 2.3% of GDP for Tanzania.

Inflation comparison by year

Inflation
Mongolia

Tanzania
1x
Year Consumer prices inflation
Mongolia Tanzania
2024 6.2% 3.06%
2023 10.4% 3.8%
2022 15.1% 4.35%
2021 7.4% 3.69%
2020 3.7% 3.29%
2019 7.3% 3.46%
2018 6.8% 3.49%
2017 4.3% 5.32%
2016 0.8% 5.17%
2015 6.8% 5.59%
2014 12.9% 6.13%
2013 10.6% 7.87%
2012 13.8% 16%
2011 8.8% 12.7%
2010 8.3% 6.2%
2009 7.6% 12.1%
2008 28% 10.3%
2007 9.6% 7.03%
2006 4.4% 7.25%
2005 12.6% 5.03%
2004 8.3% 4.74%
2003 5.2% 5.3%
2002 0.9% 5.32%
2001 6.4% 5.15%
2000 11.3% 5.92%
1999 7.6% 7.89%
1998 9.5% 12.8%
1997 30% 16.1%

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/tanzania | CC BY

Over the past 28 years, Mongolia has recorded an average annual inflation rate of 9.45%, compared with 6.97% in Tanzania. In 2024, inflation was 6.2% in Mongolia and 3.06% in Tanzania.

Top exports between countries

Mongolia
Export category Export value
Machinery & equipment $65K
Textiles & consumer goods $6K
Tanzania
Export category Export value
Chemicals & pharma $825K
Textiles & consumer goods $63K
Machinery & equipment $3K

Balance of trade

Mongolia Tanzania
Current account balance
-$2.49B
2024
-$2.38B
2024
Current account balance ranking
149/190
2024
147/190
2024
Current account balance, % of GDP
-10.4%
2024
-3.02%
2024
Goods imports
$11.7B
2024
$14.2B
2024
Goods exports
$14.7B
2024
$9.12B
2024
Service imports
$4.92B
2024
$2.8B
2024
Service exports
$1.6B
2024
$6.85B
2024
Imports of goods and services, % of GDP
69.7%
2024
21.7%
2024
Exports of goods and services, % of GDP
68.7%
2024
19.8%
2024

Economic freedom indices

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

Mongolia Tanzania
Economic freedom 63.9 59
Economic freedom ranking 76/197 106/197
Property rights 49.2 45.2
Government integrity 35.8 40.9
Judicial effectiveness 54.9 29.6
Tax burden 83.7 80.4
Government spending 64.6 89.1
Fiscal health 96.1 75
Business freedom 68.4 48.1
Labor freedom 68.2 62.3
Monetary freedom 72.1 73.4
Trade freedom 74.4 58.8
Investment freedom 50 55
Financial freedom 50 50

Economic freedom comparison by year

Mongolia
Tanzania
1x
Year Economic freedom index
Mongolia Tanzania
2026 63.9 59
2025 62.6 59.3
2024 60.6 59.1
2023 61.7 60
2022 63.9 59.5
2021 62.4 61.3
2020 55.9 61.7
2019 55.4 60.2
2018 55.7 59.9
2017 54.8 58.6
2016 59.4 58.5
2015 59.2 57.5
2014 58.9 57.8
2013 61.7 57.9
2012 61.5 57
2011 59.5 57
2010 60 58.3
2009 62.8 58.3
2008 63.6 56.5
2007 60.3 56.8
2006 62.4 58.5
2005 59.7 56.3
2004 56.5 60.1
2003 57.7 56.9
2002 56.7 58.3
2001 56 54.9
2000 58.5 56
1999 58.6 60
1998 57.3 59.6
1997 52.9 59.3
1996 47.4 57.5
1995 47.8 57.3

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

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

The Economic Freedom Index for Mongolia is 63.9, ranking 76/197, compared to 59 for Tanzania, ranking 106/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mongolia Tanzania
Services, % of GDP
44.3%
2024
29.6%
2024
Industry, % of GDP
38.1%
2024
28.6%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
23.3%
2024
GNI, Atlas method
$19B
2024
$80.2B
2024
GNI per capita, PPP
$17,000
2024
$4,130
2024
Total reserves including gold
$5.51B
2024
$5.05B
2018
Total reserves ranking
95/177
2024
101/177
2018
Net foreign direct investment
-$2.73B
2024
-$1.72B
2024
Net inflows of foreign direct investment
$2.78B
2024
$1.72B
2024
Net outflows of foreign direct investment
$55.5M
2024
$0
2024
Servicing debt to the IMF, % of GNI
25.7%
2024
2.57%
2024
Poverty at national poverty lines
27.1%
2022
26.4%
2018
Gross capital formation, % of GDP
35.5%
2024
39.8%
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/tanzania | 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 (1991–2005, retrieved 2026-02-20)
  6. TradeMap (2021–2024, 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.