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Mongolia:
Economy

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Economy - overview
Definition
Economic activity in Mongolia has traditionally been based on herding and agriculture. Mongolia has extensive mineral deposits. Copper, coal, gold, molybdenum, fluorspar, uranium, tin, and tungsten account for a large part of industrial production and foreign direct investment. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession because of political inaction and natural disasters, as well as economic growth because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. Severe winters and summer droughts in 2000-02 resulted in massive livestock die-off and zero or negative GDP growth. This was compounded by falling prices for Mongolia's primary sector exports and widespread opposition to privatization. Growth was 10.6% in 2004, 5.5% in 2005, 7.5% in 2006, and 9.9% in 2007 largely because of high copper prices and new gold production. Mongolia is experiencing its highest inflation rate in over a decade as consumer prices in 2007 rose 15%, largely because of increased fuel and food costs. Mongolia's economy continues to be heavily influenced by its neighbors. For example, Mongolia purchases 95% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. Trade with China represents more than half of Mongolia's total external trade - China receives about 70% of Mongolia's exports. Remittances from Mongolians working abroad both legally and illegally are sizable, and money laundering is a growing concern. Mongolia settled its $11 billion debt with Russia at the end of 2003 on favorable terms. Mongolia, which joined the World Trade Organization in 1997, seeks to expand its participation and integration into Asian regional economic and trade regimes.
GDP (purchasing power parity)
Definition - World rank and map
$8.42 billion (2007 est.)
GDP (official exchange rate)
Definition
$3.905 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
9.9% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 18.8%
industry: 40.4%
services: 40.8% (2006)
Labor force
Definition
1.042 million (2006)
Labor force - by occupation
Definition
agriculture: 39.9%
industry: 11.7%
services: 49.4% (2006)
Unemployment rate
Definition - World rank and map
3% (2007)
Population below poverty line
Definition
36.1% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 3%
highest 10%: 24.6% (2002)
Distribution of family income - Gini index
Definition - World rank and map
32.8 (2002)
Inflation rate (consumer prices)
Definition - World rank and map
9% (2007)
Budget
Definition
revenues: $1.58 billion
expenditures: $1.497 billion (2007)
Agriculture - products
Definition
wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses
Industries
Definition
construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Industrial production growth rate
Definition - World rank and map
3% (2006 est.)
Electricity - production
Definition - World rank and map
3.43 billion kWh (2006)
Electricity - consumption
Definition - World rank and map
2.94 billion kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
981.3 kWh (2006)
Electricity - exports
Definition
15.95 million kWh (2006)
Electricity - imports
Definition
125 million kWh (2006)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
12,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
821.9 bbl/day (2005 est.)
Oil - imports
Definition - World rank and map
12,280 bbl/day (2004 est.)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$23 million (2007 est.)
Exports
Definition - World rank and map
$1.889 billion f.o.b. (2007)
Exports - commodities
Definition
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals
Exports - partners
Definition
China 72.7%, Canada 11%, US 4.7% (2006)
Imports
Definition - World rank and map
$2.117 billion c.i.f. (2007)
Imports - commodities
Definition
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar, tea
Imports - partners
Definition
China 31.6%, Russia 29.6%, Japan 7.4% (2006)
Debt - external
Definition - World rank and map
$1.438 billion (2007)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$613.3 million (2007)
Economic aid - recipient
Definition
$159.5 million (2006)
Currency (code)
Definition
togrog/tugrik (MNT)
Exchange rates
Definition
togrogs/tugriks per US dollar - 1,170 (2007), 1,179.6 (2006), 1,205 (2005), 1,185.3 (2004), 1,146.5 (2003)
Fiscal year
Definition
calendar year


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