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Introduction to the
Economy of Mongolia
Southern Taiwan University of
Science and Technology
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Country
profile
Mongolian economy highlights
Main industries
Economic data 2010-2014
Export and Import in 2014
Member organizations
Economic situation
References
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Area: 1,565.00 sq.km
(slightly smaller than Alaska)
Population: 3 million
(as of 2015) (138th)
Density: 4.97 sq. mi
Location: Central Asia, between
Russia and China
(landlocked – 2ond in the world)
Capital city: Ulaanbaatar
(45% of the population live in UB)
 Language: Mongolian,
Kazakh, Russian, English
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Currency: Togrog (MNT)
1USD = 1993.26 (by Mongol bank
rate as of 22 Oct, 2015)
 Political system: Parliamentary
Republic
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Flag
Coat of arms
Land
19th in the world
21Provinces (Aimag)
6th in Asia
Density: 1.9
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Economic activity in Mongolia
has traditionally been based on
herding and agriculture.
Estimated value: 1.3
trillion USD
Since 1990, Mongolia has
successfully transitioned
into a market-oriented
economy from centrallyplanned economy
Mongolia has extensive
mineral deposits
•(oil, coal, copper, molybdenum,
tungsten, phosphates,
tin,
nickel, zinc, fluorspar, gold,
silver, iron)
www.invest-mongolia.apip.com
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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 (FDI)
Although the poverty rate improved to 21.6% in 2014 from 27.4% in 2012, many people remain vulnerable,
as does the economy as a whole, to risks stemming from downward pressure on commodity prices,
fluctuating production expected from Oyu Tolgoi and other mines, severe weather that affects crops and
livestock, and uncertainty regarding the authorities’ success in maintaining tight macroeconomic policies.
Mongolia’s economic growth decelerated from 7.8% in 2014 to 3.0% in the first half of 2015. Growth is now
projected to bottom out at 2.3% in 2015, before an uptake to 3.0% in 2016.
www.adb.org/countries/mongolia/economy
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Construction
Construction materials
Mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold)
Oil
Food and beverages
Processing of animal products
Cashmere
Natural fiber manufacturing
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www.focus-conomics.com
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20
18
16
14
12
10
17.5
8
12.5
6
11.6
4
7.9
6.5
2
0
2010
2011
2012
2013
www.focus-economics.com
2014
9
12
10
8
6
9.9
4
7.7
8.2
7.9
7.9
2012
2013
2014
2
0
2010
2011
www.focus-economics.com
10
16
14
12
10
8
14.3
12.8
6
10.1
4
10.5
9.2
2
0
2010
2011
2012
2013
www.focus-economics.com
2014
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2,000
1,800
1,600
1,400
1,200
1,000
1,815
800
600
1,352
1,258
1,353
1,516
400
200
0
2010
2011
2012
2013
www.focus-economics.com
2014
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6.6
7
6.7
6.4
5.8
6
5.2
4.8
5
4.4
4.3
4
3
2.9
Exports (USD billion)
3.2
Imports (USD billion)
2
1
0
2010
2011
2012
2013
2014
www.focus-economics.com
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Copper ores and
concentrates
Bituminous coal, not
agglomerated
Petroleum oils and oils
obtained from bituminous
2,574,706.13 million
834,090.22 million
634,611.36 million
Non-agglomerated iron
ores and concentrates
Gold
405,234.22 million
446,378.14 million
www.wits.worldbank.org
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China
UK
Switzerland
87.80%
6.91%
US$ 5,070 million
0.49%
US$ 399 million
US$ 28 million
Italy
Russian Federation
0.89%
US$ 51 million
1.07% US$
62 million
www.wits.worldbank.org
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Petroleum oils, (excl. crude);
preparation etc
US$ 1,154,614.17 million
Electrical energy
US$ 130,021.83 million
Portland cement (excl. white)
US$ 87,466.25 million
Automobiles nes including gas
turbine powered
US$ 92,958.41 million
Bars & rods
US$ 81,283.30 million
www.wits.worldbank.org
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China
Japan
33.20%
US$ 1,699 million
USA
4.23%
US$ 217 million
7.16%
Republic of Korea
6.83%
US$ 367 million
US$ 351 million
Russian
Federation
29.92%
US$ 1,535 million
www.wits.worldbank.org
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IMF
(1991)
WB
(1991)
ASEAN
ADB
(1991)
(1997)
SCO
Regional
G77
Forum
(1998)
WTO
(1989)
UN
(1961)
(observer)
Asia
Cooperation
Dialogue
ASEM
(2006)
IFC
EBRD
(2000)
(1991)
(2004)
www.infomongolia.com
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
The budget deficit may reach 1 trillion tugrik ($500 million) this year, almost double the
level of 600 billion tugrik in the first eight months of 2015, Finance Minister Bolor
Bayarbaatar said.
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Mongolia’s economy relies heavily on mineral extraction, so the recent drop in
commodity prices, added to the economic slowdown in China and falling interest by
foreign investors in dealing with see-sawing government policy has hit it hard.
After several years of economic boom, including a 17.5 percent economic growth rate in
2011, Mongolia's economy went into a nosedive as commodity prices faltered. Foreign
direct investment plummeted by more than 70 percent from 2013 to 2014.
Another factor keeping investors away are the pitfalls of Mongolia's mining industry
including official delays and environmental concerns. The authorities attempted to break
the stalemate through a national text-message referendum.
A deal to develop the huge Tavan Tolgoi coal mine is dormant, with China’s slower
growth at least partly to blame, Reuters reports.
The estimated value of Mongolia’s resource wealth is approximately US$1.3trillion.
www.tol.org
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www.wikipedia.org
www.cia.gov
www.nso.mn
www.adb.org
www.wb.org
www.imf.org
http://www.focus-economics.com/countries/mongolia
http://wits.worldbank.org/countrysnapshot/MNG/textview
http://www.infomongolia.com/ct/ci/261/
www.google.com
http://www.tol.org/client/article/25058-global-trends-hitmongolian-economy.html
www.indexmundi.com › Factbook › Countries › Mongolia
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THANK YOU FOR
YOUR KIND ATTENTION
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