Asian Development Bank and Mongolia: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Mongolia as well as concise information on ADB's operations in the country and contact information. Mongolia is successfully transforming into a market economy with annual gross domestic product (GDP) growth of almost 10% and GDP per capita well above $1,000 in 2007. Strong growth in the value of mineral exports contributed to a budget surplus for a third consecutive year. However, while export revenues rose on the back of higher international prices for Mongolia’s main export mineral commodities, the trade balance was in deficit due to increases in both the value and quantity of imported products. Higher prices for imported petroleum and food products played the biggest role in driving inflation past Bank of Mongolia’s single-digit target.