Mongolia GDP Trends from 1980 to 2024: A overall increase with some decline Flow

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%.

Mongolia GDP from 1980 to 2024

The total market value of goods and services produced annually in Mongolia.

Change Chart

    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.


    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    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