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.
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)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 6.443 % | $ 2B 728M | $ 2B 955M | $ 0 | $ 0 | 24.48 % | 0 person | 0 % | 0 % |
1981 | 8.376 % | $ 2B 854M | $ 3B 506M | $ 0 | $ 0 | 35.83 % | 0 person | 0 % | 0 % |
1982 | 8.331 % | $ 2B 963M | $ 4B 32M | $ 0 | $ 0 | 31.03 % | 0 person | 0 % | 0 % |
1983 | 5.792 % | $ 3B 71M | $ 4B 433M | $ 0 | $ 0 | 24.62 % | 0 person | 0 % | 0 % |
1984 | 5.914 % | $ 2B 837M | $ 4B 864M | $ 0 | $ 0 | 19.58 % | 0 person | 0 % | 0 % |
1985 | 5.679 % | $ 3B 294M | $ 5B 303M | $ 0 | $ 0 | 24.47 % | 0 person | 0 % | 0 % |
1986 | 9.426 % | $ 3B 636M | $ 5B 920M | $ 0 | $ 0 | 20.34 % | 0 person | 0 % | 0 % |
1987 | 3.542 % | $ 4B 86M | $ 6B 282M | $ 0 | $ 0 | 18.27 % | 0 person | 0 % | 0 % |
1988 | 5.146 % | $ 4B 104M | $ 6B 838M | $ 0 | $ 0 | 17.27 % | 0 person | 0 % | 0 % |
1989 | 4.183 % | $ 4B 275M | $ 7B 403M | $ 0 | $ 0 | 12.78 % | 0 person | 0 % | 0 % |
1990 | -2.486 % | $ 2B 678M | $ 7B 489M | $ 1,288.65 | $ 3,603.41 | 13.84 % | 2M 77K people | 0 % | 0 % |
1991 | -9.199 % | $ 2B 821M | $ 7B 30M | $ 1,324.85 | $ 3,301.76 | 18.30 % | 2M 129K people | -3.364 % | -4.839 % |
1992 | -9.256 % | $ 1B 566M | $ 6B 525M | $ 722.22 | $ 3,008.40 | 20.99 % | 2M 169K people | -2.413 % | -7.771 % |
1993 | -3.169 % | $ 771M | $ 6B 468M | $ 352.30 | $ 2,954.63 | 24.33 % | 2M 189K people | 4.033 % | -12.451 % |
1994 | 2.134 % | $ 926M | $ 6B 747M | $ 419.20 | $ 3,053.29 | 22.40 % | 2M 210K people | 4.059 % | -9.29 % |
1995 | 6.376 % | $ 1B 452M | $ 7B 328M | $ 647.44 | $ 3,266.95 | 24.78 % | 2M 243K people | 1.779 % | -4.692 % |
1996 | 2.235 % | $ 1B 348M | $ 7B 629M | $ 592.44 | $ 3,351.79 | 21.44 % | 2M 276K people | -2.737 % | -6.355 % |
1997 | 3.897 % | $ 1B 181M | $ 8B 63M | $ 511.95 | $ 3,494.14 | 29.48 % | 2M 307K people | 6.275 % | -5.824 % |
1998 | 3.34 % | $ 1B 125M | $ 8B 426M | $ 480.92 | $ 3,600.48 | 17.83 % | 2M 340K people | -6.711 % | -11.163 % |
1999 | 3.07 % | $ 1B 56M | $ 8B 807M | $ 445.54 | $ 3,710.64 | 18.66 % | 2M 373K people | -5.707 % | -8.307 % |