Facts About Mongolia

Facts About Mongolia:
Mongolian Government adopted various reform strategies during the transition period, which encouraged a healthy growth in the economy. Macroeconomic stabilization remained steady, which further enhanced the total economic output. In the year 2003, the gross domestic product reached its highest mark of 5.3%.
The different socio economic policies embraced by the Government catalyzed an easy transition to a market oriented economy. The inflation rate was kept low as a result of the various reforms.

Facts about Mongolia-Dzud:
Mongolia experienced extreme changes in climatic conditions during spring and winter seasons between 1999 through 2002.

Blizzards and drought conditions heavily affected the climatic conditions of Mongolia. Dzud inflicted massive damage to livestock.
The total strength of herd, which was formerly 33.6 million in the year 1999, declined to 26.1 million by 2001. The strength was further reduced to 23.9 million in the year 2002. Consequently, agricultural productivity nosedived leading to economic slow down.
The herders, who were the worst affected, were left with no income to bank on. The real gross domestic product was brought down to 1% in the aftermath of Dzud in 2001. The real GDP recuperated to some extent and bounced back to 5.3% in 2003. The economic progress was brought about mainly by two sectors of economy, namely, the services sector and the industrial sector.

Economic facts about Mongolia:
Facts about Mongolia furnish information about the various economic indicators of Mongolia.
GDP of Mongolia in 2005 was USD$1,880 million.
Gross domestic product per capita in 2005 was USD$736.30
Statistical Facts about Mongolia- GDP in different sectors:
GDP in Fishing, agriculture, forestry sector was 21.7% in 2005.
GDP- Industry was 29.1% in 2005.
GDP-service sector was 49.2% in 2005.
Mongolia’s Export trading partners are United States of America, Russia, Italy, China, and South Korea.
Mongolia’s import trading partners are China, Japan, Germany, South Korea, and Russia.
Employment:
In 2005, Mongolia had as many as 1,200,535 workers employed in various industries.
Unemployment:
Unemployment rate in the year 2003 was 14.2%.

 

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Last Updated on : 25th June 2013

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