Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Mongolia GDP: 30 billion International Dollars (2017) Gross Domestic Product (PPP in 2011 prices) GDP per capita of Mongolia increased from 445 US dollars in 1999 to 4,135 US dollars in 2018 growing at an average annual rate of 13.85%. GDP is the total value of all goods and services produced in a country in a year. [29] With the recent developments in the mining industry and foreign interest increasing at an astonishing rate, it is claimed that the 'Wolf Economy' looks ready to pounce. Gross Domestic Product of Mongolia grew 7.2% in 2018 compared to last year. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. Privatization of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. [citation needed], The banking sector is highly concentrated, with five banks controlling about 80% of financial assets as of 2015:[30], In terms of access to credit, Mongolia ranked 61st out of 189 economies in accordance with 2015 Ease of Doing Business survey. Prior to 1991, 80% of Mongolia's trade was with the former Soviet Union, and 15% was with other Council for Mutual Economic Assistance (CMEA) countries.

Agriculture in Mongolia constitutes over 10% of Mongolia 's annual Gross domestic product and employs one-third of the labor force. Despite economic reforms and strong GDP growth in the last few years, 30% of the population still lives below the poverty line. Mongolia is a transition economy in Central Asia. Mongolia's gross domestic product (GDP) growth fell from 3.2% in 1999 to 1.3% in 2000. The GDP figure in 2018 was €11,064 $13,067 million, Mongolia is number 137 in the ranking of GDP of the 196 countries that we publish. GDP Growth Rate in Mongolia averaged 5.45 percent from 1991 until 2018, reaching an all time high of 17.50 percent in the fourth quarter of 2011 and a record low of -9.30 percent in the fourth quarter of 1992. [28] They state that Mongolia is set to become the new Asian tiger, or "Mongolian wolf" as they prefer to call it, and predict "unstoppable" economic growth. This page provides - Mongolia … If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Publish your articles and forecasts in our website. [33] However, Mongolia had one of the highest banking branch penetration rates in the world at 1 bank branch per 15,257 residents as of May 2015.[30]. [24] Just as the economy started to recover, Mongolia777 was hit by a Zud over the winter period of 2009-2010, causing many livestock to perish and thus severely affecting cashmere production which accounts for a further 7% of the country’s export revenues.[23]. The rapid political changes of 1990–91 marked the beginning of Mongolia's efforts to develop a market economy, but these efforts have been complicated and disrupted by the dissolution and continuing deterioration of the economy of the former Soviet Union.