Mongolia economy

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The grounds of the Erdenet Mining Corporation

The economy in Mongolia developed very slowly from an originally agricultural country in the course of the 20th century. The nomadic cattle breeders who live in around 1500 bags are still characteristic in Mongolia . In 1940 around 90% of the working population were employed in agriculture, in 2008 it was still around 36%. After the communist revolution in the 1920s, the desired nationalization and collectivization progressed slowly at first; it was more about a “general democratic transformation”: the feudalist system of the khans and the Buddhist tradition showed great persistence. There was no agriculture or industry. The technical infrastructure - if any - belonged to Chinese or other foreign owners. A large part of the male workforce was tied up in monasteries. In 1950 private owners still had 98.3% of the livestock and 62.2% of the cropland. The state share of the cultivated areas rose in the following ten years from 37.8% to 77.5%. Initially, this had no effect on the number of people employed in agriculture. For a long time, the focus was still on animal husbandry: in 1940 99.6 percent of gross agricultural production came from it. In 1985 it was still around 70%; almost 60% of the cattle were sheep. Ultimately, as in many other countries, the socialist economic system failed.

The industrial development included the mechanization of agriculture and the development of important raw material deposits such as copper , coal , molybdenum , tin , tungsten and gold . Mongolia is one of the ten most resource-rich countries in the world. However, many companies are foreign owned. The Erdenet Mining Corporation in the city of Erdenet , founded in 1974, operates the fourth largest copper mine in the world and is 49% in Russian hands. The Boroo gold mine is 95% owned by the Canadian mining company Centerra Gold . The Rio Tinto Group controls 66% of the Ojuu Tolgoi mine , the state share is 34%.

Key figures

All GDP values ​​are given in US dollars ( purchasing power parity ). The gross domestic product (GDP) for 2017 is estimated at 10.9 billion US dollars. In purchasing power parity, the GDP is 39.7 billion US dollars or 13,000 US dollars per inhabitant. The real growth was 5.0%. Thanks to years of strong economic growth, the country is one of the middle-income nations.

year 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP
(purchasing power parity) 		7.42 billion 7.25 billion 9.02 billion 13.97 billion 15.57 billion 17.39 billion 19.12 billion 18.86 billion 20.49 billion 24.53 billion 28.06 billion 31.83 billion 34.96 billion 36.18 billion 37.09 billion 39.70 billion
GDP per capita
(purchasing power parity) 		3,581 3,245 3,774 5,482 6,039 6,649 7.187 6,961 7,437 8,802 9,880 11,043 11,948 12,183 12,307 12,979
GDP growth
(real) 		−2.5% 6.4% 1.1% 6.5% 8.2% 8.8% 7.8% −2.1% 7.3% 17.3% 12.3% 11.6% 7.9% 2.4% 1.2% 5.1%
Inflation
(in percent) 		... 63.4% 11.6% 12.5% 4.5% 2.1% 26.8% 6.3% 10.2% 7.7% 15.9% 8.6% 12.9% 5.9% 0.6% 4.6%

Individual evidence

  1. ↑ Mongolian Statistical Yearbook 2011
  2. ^ A b Robert L. Worden, Andrea Matles Savada: Mongolia: A Country Study: Agriculture . Washington GPO for the Library of Congress . 1989. Retrieved November 28, 2017.
  3. ↑ Mongolian Statistical Yearbook 2011 , from page 117
  4. ↑ http://countrystudies.us/mongolia/50.htm
  5. ^ Udo B. Barkmann: Documents on Foreign and Security Policy of Mongolia 1990-2015. Böhlau Verlag, 2016, p. 21.
  6. ^ Report for Selected Countries and Subjects. Retrieved September 5, 2018 (American English).