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Economic activity in Mongolia was traditionally based on herding and agriculture – Mongolia‘s extensive mineral deposits, however, have attracted foreign investors, and the country is undergoing an economic transformation through its mining boom. Mongolia holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, which account for a large part of foreign direct investment and government revenues. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction and natural disasters, as well as economic growth, because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices and new gold production. By late 2008, the country was faced with external shocks from the global financial crisis, and a sharp drop in commodity prices slashed government revenues. GDP dropped 1.3% in 2009. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis. The banking sector is recovering and the government has started to enact greater supervision regulations. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world’s largest untapped copper deposits. Another similarly lengthy process is underway for an investment agreement for the massive coal mine at Tavan Tolgoi; it is under review by the National Security Council and a final decision is expected in 2012. The economy grew 6.4% in 2010 and 17.3% in 2011, largely on the strength of commodity exports to nearby countries. Trade with China represents more than half of Mongolia’s total external trade – China receives more than 90% of Mongolia’s exports. Mongolia purchases 95% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. In the face of anticipated growth in mining revenues, the country is grappling with the challenge of avoiding an overheated economy. Due to severe winter weather in 2009-10, Mongolia lost 22% of its total livestock, and meat prices doubled. Renewed concerns are surfacing over controlling inflation, which was more than 10% for much of 2010-11, due in part to soaring food prices. Government spending – on line to increase as much as 75% over 2011 – has added to concerns over inflation. Remittances from Mongolians working abroad, particularly in South Korea, are significant. Money-laundering is a growing concern.
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$13.28 billion (2011 est.)

country comparison to the world: 141

$11.32 billion (2010 est.)
$10.61 billion (2009 est.)
note: data are in 2011 US dollars
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$8.8 billion (2011 est.)
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17.3% (2011 est.)

country comparison to the world: 2

6.4% (2010 est.)
-1.3% (2009 est.)
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$4,500 (2011 est.)

country comparison to the world: 157

$4,100 (2010 est.)
$3,900 (2009 est.)
note: data are in 2011 US dollars
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agriculture: 12.9%
industry: 30.8%
services: 56.3% (2011 est.)
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1.147 million (2010 est.)

country comparison to the world: 141

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agriculture: 33.5%
industry: 11.5%
services: 55% (2010)
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9.9% (2010)

country comparison to the world: 111

11.5% (2009)
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39.2% (2010)
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lowest 10%: 3%
highest 10%: 28.4% (2008)
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36.5 (2008)

country comparison to the world: 84

32.8 (2002)
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47.9% of GDP (2011 est.)

country comparison to the world: 3

Field info displayed for all countries in alpha order.
revenues: $3.777 billion
expenditures: $3.301 billion (2011 est.)
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42.9% of GDP (2011 est.)

country comparison to the world: 33

Field info displayed for all countries in alpha order.
5.4% of GDP (2011 est.)

country comparison to the world: 16

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10.6% (2011 est.)

country comparison to the world: 193

10.2% (2010 est.)
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10.99% (31 December 2010)

country comparison to the world: 24

10.82% (31 December 2009 est.)
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18.7% (31 December 2011 est.)

country comparison to the world: 26

17.9% (31 December 2010 est.)
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$1.296 billion (31 December 2011 est.)

country comparison to the world: 140

$921.3 million (31 December 2010 est.)
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$5.996 billion (31 December 2011 est.)

country comparison to the world: 122

$3.821 billion (31 December 2010 est.)
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$3.096 billion (31 December 2011 est.)

country comparison to the world: 127

$1.973 billion (31 December 2010 est.)
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$1.093 billion (31 December 2010)

country comparison to the world: 109

$430.2 million (31 December 2009)
$407 million (31 December 2008)
Field info displayed for all countries in alpha order.
wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses
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construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing
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37.3% (2010 est.)

country comparison to the world: 1

Field info displayed for all countries in alpha order.
4.313 billion kWh (2010 est.)

country comparison to the world: 118

Field info displayed for all countries in alpha order.
3.375 billion kWh (2010)

country comparison to the world: 126

Field info displayed for all countries in alpha order.
22.2 million kWh (2010)
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262.9 million kWh (2010)
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0 bbl/day (2010 est.)

country comparison to the world: 195

Field info displayed for all countries in alpha order.
17,000 bbl/day (2010 est.)

country comparison to the world: 135

Field info displayed for all countries in alpha order.
5,834 bbl/day (2010 est.)

country comparison to the world: 101

Field info displayed for all countries in alpha order.
15,730 bbl/day (2010 est.)

country comparison to the world: 126

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0 bbl (1 January 2010 est.)

country comparison to the world: 165

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0 cu m (2009 est.)

country comparison to the world: 94

Field info displayed for all countries in alpha order.
0 cu m (2010 est.)

country comparison to the world: 201

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0 cu m (2010 est.)

country comparison to the world: 139

Field info displayed for all countries in alpha order.
11,790 cu m (2010 est.)

country comparison to the world: 74

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0 cu m (1 January 2011 est.)

country comparison to the world: 162

Field info displayed for all countries in alpha order.
-$931.5 million (2010 est.)

country comparison to the world: 121

-$341.8 million (2009 est.)
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$4.78 billion (2011 est.)

country comparison to the world: 117

$2.899 billion (2010)
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copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
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China 92.1%, Russia 2%, Canada 1.9% (2011 est.)
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$6.527 billion (2011 est.)

country comparison to the world: 112

$3.3 billion (2010)
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machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
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China 30.7%, Russia 24.5%, US 8.1%, Japan 7.4%, South Korea 5.5% (2011 est.)
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$2.091 billion (31 December 2010)

country comparison to the world: 116

$1.145 billion (31 December 2009 est.)
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$1.9 billion (2011)

country comparison to the world: 140

$1.76 billion (2010)
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$NA
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$NA
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togrog/tugriks (MNT) per US dollar –
1,228 (2011 est.)
1,357.06 (2010 est.)
1,442.8 (2009)
1,170 (2007)
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calendar year
Source: CIA World Factbook 2012

About The Aseanists Time

The Aseanists Time is daily online newspaper and magazine covering on regional politic, economic, and social issues; science and technology, regional leaders, politic and economic in each ASEAN Member States along with ASEAN 6 (United States, Australia, Japan, South Korea, China, and India), regional natural disaster and climate change, regional business, finance and economic statistic and figure. Furthermore, We also cover on top 10 economic countries. Finally, we report ASEAN, EU and UN as well.

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