Mongolia

Country Summary

Introduction

Background

The Mongols gained fame in the 13th century when they established a huge Eurasian empire through conquest. The Mongols eventually retired to their original steppe homelands and in the late 17th century came under Chinese rule. The Mongolian Revolution of 1921 ended Chinese dominance, and a communist regime, the Mongolian People’s Republic, took power in 1924.

Geography

Area

total: 1,564,116 sq km
land: 1,553,556 sq km
water: 10,560 sq km

Climate

desert; continental (large daily and seasonal temperature ranges)

Natural resources

oil, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, fluorspar, gold, silver, iron

People and Society

Population

3,255,468 (2023 est.)

Ethnic groups

Khalkh 83.8%, Kazak 3.8%, Durvud 2.6%, Bayad 2%, Buriad 1.4%, Zakhchin 1.2%, Dariganga 1.1%, other 4.1% (2020 est.)

Languages

Mongolian 90% (official) (Khalkha dialect is predominant), Turkic, Russian (1999)

Religions

Buddhist 51.7%, Muslim 3.2%, Shamanist 2.5%, Christian 1.3%, other 0.7%, none 40.6% (2020 est.)

Population growth rate

0.83% (2023 est.)

Government

Government type

semi-presidential republic

Capital

name: Ulaanbaatar

Executive branch

chief of state: President Ukhnaagiin KHURELSUKH (since 25 June 2021)
head of government: Prime Minister Luvsannamsrai OYUN-ERDENE (since 27 January 2021); Deputy Prime Ministers Sainbuyen AMARSAIKHAN (since 8 September 2022) and Chimed KHURELBAATAR (since 5 January 2023)

Legislative branch

description: unicameral State Great Hural or Ulsyn Ikh Khural (126 seats; 78 members directly elected in a selected constituency by simple majority vote and 48 members directly elected by proportional representation vote; members serve 4-year terms); note - a constitutional referendum passed in May 2023 increased the number of seats from 76 to 126

Economy

Economic overview

lower middle-income East Asian economy; large human capital improvements over last 3 decades; agricultural and natural resource rich; export and consumption-led growth; high inflation due to supply bottlenecks and increased food and energy prices; currency depreciation

Real GDP (purchasing power parity)

$41.029 billion (2022 est.)
$39.063 billion (2021 est.)
$38.434 billion (2020 est.)

Real GDP per capita

$12,100 (2022 est.)
$11,700 (2021 est.)
$11,700 (2020 est.)

Agricultural products

milk, wheat, goat milk, potatoes, mutton, sheep milk, beef, goat meat, horse meat, carrots/turnips

Industries

construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing

Exports

$10.989 billion (2022 est.)
$8.95 billion (2021 est.)
$7.646 billion (2020 est.)

Exports - partners

China 73%, Switzerland 19%, Singapore 2%, South Korea 2%, Russia 1% (2021)

Exports - commodities

copper, coal, gold, iron, animal hair, crude petroleum, zinc (2021)

Imports

$12.112 billion (2022 est.)
$9.256 billion (2021 est.)
$7.34 billion (2020 est.)

Imports - partners

China 31%, Russia 29%, Japan 10%, South Korea 5% (2019)

Imports - commodities

refined petroleum, cars, delivery trucks, construction vehicles, aircraft (2019)

Exchange rates

togrog/tugriks (MNT) per US dollar -
Exchange rates:
3,140.678 (2022 est.)
2,849.289 (2021 est.)
2,813.29 (2020 est.)
2,663.541 (2019 est.)
2,472.484 (2018 est.)


Page last updated: Wednesday, April 17, 2024