Mongolia's GDP changed from approximately $2B 728M in 1980 to $21B 943M in 2024, showing an overall 704.4% sharply increased during the period.
The lowest GDP was recorded in 1993 at $771M, and the highest in 2024 at $21B 943M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.9%.
For comparison, the average annual growth rate of China was 9.8%, and that of Russia was 11.1%.
Overview of Mongolia's GDP (1980–2024)
The Gross Domestic Product (GDP) of Mongolia recorded a 704.4% sharply increased from 1980 to 2024.
The average GDP during this period was $6B 232M, and the median was $3B 414M.
GDP fluctuated within a range of $21B 172M, with a standard deviation of $5B 767M.
The average annual change was $352M 81K.
Mongolia GDP from 1980 to 2024
The total market value of goods and services produced annually in Mongolia.
Highest and Lowest GDP Records
- Lowest GDP: 1993, $771M
- Highest GDP: 2024, $21B 943M
- Most Recent GDP: 2024, $21B 943M
Notable Annual GDP Changes
- 2011: Significant increase in GDP
- 1990: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Mongolia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $14B 206M → $13B 313M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $4B 235M → $4B 584M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $1B 137M → $1B 268M
- Outcome: sharply increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $1B 181M → $1B 125M
- Outcome: declined
Key Economic Indicators of Mongolia (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 2B 728M | $ 0 | $ 0 | $ 2B 955M | 6.443 % | 0 % | 24.48 % | 0 % | 0 person |
1981 | $ 2B 854M | $ 0 | $ 0 | $ 3B 506M | 8.376 % | 0 % | 35.83 % | 0 % | 0 person |
1982 | $ 2B 963M | $ 0 | $ 0 | $ 4B 32M | 8.331 % | 0 % | 31.03 % | 0 % | 0 person |
1983 | $ 3B 71M | $ 0 | $ 0 | $ 4B 433M | 5.792 % | 0 % | 24.62 % | 0 % | 0 person |
1984 | $ 2B 837M | $ 0 | $ 0 | $ 4B 864M | 5.914 % | 0 % | 19.58 % | 0 % | 0 person |
1985 | $ 3B 294M | $ 0 | $ 0 | $ 5B 303M | 5.679 % | 0 % | 24.47 % | 0 % | 0 person |
1986 | $ 3B 636M | $ 0 | $ 0 | $ 5B 920M | 9.426 % | 0 % | 20.34 % | 0 % | 0 person |
1987 | $ 4B 86M | $ 0 | $ 0 | $ 6B 282M | 3.542 % | 0 % | 18.27 % | 0 % | 0 person |
1988 | $ 4B 104M | $ 0 | $ 0 | $ 6B 838M | 5.146 % | 0 % | 17.27 % | 0 % | 0 person |
1989 | $ 4B 275M | $ 0 | $ 0 | $ 7B 403M | 4.183 % | 0 % | 12.78 % | 0 % | 0 person |
1990 | $ 2B 678M | $ 1,288.65 | $ 3,603.41 | $ 7B 489M | -2.486 % | 0 % | 13.84 % | 0 % | 2M 77K people |
1991 | $ 2B 821M | $ 1,324.85 | $ 3,301.76 | $ 7B 30M | -9.199 % | -3.364 % | 18.30 % | -4.839 % | 2M 129K people |
1992 | $ 1B 566M | $ 722.22 | $ 3,008.40 | $ 6B 525M | -9.256 % | -2.413 % | 20.99 % | -7.771 % | 2M 169K people |
1993 | $ 771M | $ 352.30 | $ 2,954.63 | $ 6B 468M | -3.169 % | 4.033 % | 24.33 % | -12.451 % | 2M 189K people |
1994 | $ 926M | $ 419.20 | $ 3,053.29 | $ 6B 747M | 2.134 % | 4.059 % | 22.40 % | -9.29 % | 2M 210K people |
1995 | $ 1B 452M | $ 647.44 | $ 3,266.95 | $ 7B 328M | 6.376 % | 1.779 % | 24.78 % | -4.692 % | 2M 243K people |
1996 | $ 1B 348M | $ 592.44 | $ 3,351.79 | $ 7B 629M | 2.235 % | -2.737 % | 21.44 % | -6.355 % | 2M 276K people |
1997 | $ 1B 181M | $ 511.95 | $ 3,494.14 | $ 8B 63M | 3.897 % | 6.275 % | 29.48 % | -5.824 % | 2M 307K people |
1998 | $ 1B 125M | $ 480.92 | $ 3,600.48 | $ 8B 426M | 3.34 % | -6.711 % | 17.83 % | -11.163 % | 2M 340K people |
1999 | $ 1B 56M | $ 445.54 | $ 3,710.64 | $ 8B 807M | 3.07 % | -5.707 % | 18.66 % | -8.307 % | 2M 373K people |