unbekannter Gast

Mongolia: Economy#

Mongolia's extensive mineral deposits and attendant growth in mining-sector activities have transformed Mongolia's economy, which traditionally has been dependent on herding and agriculture. Mongolia's copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, have attracted 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. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit hard by the global financial crisis. Slower global economic growth hurt the country's exports, notably copper, and slashed government revenues. As a result, Mongolia's real economy contracted 1.3% in 2009. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis with better regulations and closer supervision. The banking sector strengthened but weaknesses remain. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world's largest untapped copper-gold deposits. Mongolia's ongoing dispute with a foreign investor over Oyu Tolgoi, however, has called into question the attractiveness of Mongolia as a destination for foreign direct investment. Negotiations to develop the massive Tavan Tolgoi coal field also have stalled. The economy has grown more than 10% per year since 2010, largely on the strength of commodity exports to nearby countries and high government spending domestically. Mongolia's economy, however, faces near-term economic risks from the government's loose fiscal and monetary policies, which are contributing to high inflation, and from uncertainties in foreign demand for Mongolian exports. Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports and is Mongolia's largest supplier. Mongolia has relied on Russia for energy supplies, leaving it vulnerable to price increases; in the first 11 months of 2013, Mongolia purchased 76% of its gasoline and diesel fuel and a substantial amount of electric power from Russia. A drop in foreign direct investment and a decrease in Chinese demand for Mongolia's mineral exports are putting pressure on Mongolia's balance of payments. Remittances from Mongolians working abroad, particularly in South Korea, are significant.

Economic Facts#

GDP (purchasing power parity)$17.03 billion (2013 est.)
$15.23 billion (2012 est.)
$13.57 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate11.8% (2013 est.)
12.3% (2012 est.)
17.5% (2011 est.)
GDP - per capita (PPP)$5,900 (2013 est.)
$5,400 (2012 est.)
$4,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 16.5%
industry: 32.6%
services: 50.9% (2013 est.)
Population below poverty line29.8% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 3%
highest 10%: 28.4% (2008)
Labor force - by occupationagriculture: 33%
industry: 10.6%
services: 56.4% (2011)
Exports - commoditiescopper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
Exports - partnersChina 89%, Canada 4.1% (2012)
Agriculture - productswheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses
Budgetrevenues: $3.462 billion
expenditures: $4.36 billion (2013 est.)
Imports - commoditiesmachinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
Imports - partnersChina 37.5%, Russia 25.6%, US 9.4%, South Korea 6.1%, Japan 4.9% (2012)
Exchange ratestogrog/tugriks (MNT) per US dollar -
1,444.3 (2013 est.)
1,357.6 (2012 est.)
1,357.1 (2010 est.)
1,442.8 (2009)
1,170 (2007)
Exports$4.294 billion (2013 est.)
$4.382 billion (2012 est.)
Debt - external$4.954 billion (31 December 2013 est.)
$4.669 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$5.696 billion (2013 est.)
$5.934 billion (2012 est.)
Industrial production growth rate11% (2013 est.)
Industriesconstruction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Inflation rate (consumer prices)8.2% (2013 est.)
15% (2012 est.)
Labor force1.037 million (2011 est.)
Unemployment rate9% (2011 est.)
13% (2010)
Distribution of family income - Gini index36.5 (2008)
32.8 (2002)
Current account balance-$3.639 billion (2013 est.)
-$3.362 billion (2012 est.)
GDP (official exchange rate)$11.14 billion (2013 est.)
Stock of direct foreign investment - at home$1.69 billion (31 December 2013 est.)
$4.452 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$NA (31 December 2013 est.)
$44 million (31 December 2012 est.)
Market value of publicly traded shares$1.293 billion (31 December 2012 est.)
$1.579 billion (31 December 2011)
$1.093 billion (31 December 2010 est.)
Central bank discount rate13.25% (31 December 2012)
12.25% (31 December 2011 est.)
Commercial bank prime lending rate17.5% (31 December 2013 est.)
18.2% (31 December 2012 est.)
Stock of domestic credit$3.297 billion (31 December 2013 est.)
$3.09 billion (31 December 2012 est.)
Stock of narrow money$1.219 billion (31 December 2013 est.)
$1.318 billion (31 December 2012 est.)
Stock of broad money$6.329 billion (31 December 2013 est.)
$5.472 billion (31 December 2012 est.)
Taxes and other revenues31.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-8.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 58.5%
government consumption: 14.9%
investment in fixed capital: 55.8%
investment in inventories: 0%
exports of goods and services: 50%
imports of goods and services: -79.2%
(2013 est.)