nsumer prices in 2007 rose 15%, largely because
of increased fuel and food costs. Mongolia's economy continues to be
heavily influenced by its neighbors. For example, Mongolia purchases
95% of its petroleum products and a substantial amount of electric
power from Russia, leaving it vulnerable to price increases. Trade
with China represents more than half of Mongolia's total external
trade - China receives about 70% of Mongolia's exports. Remittances
from Mongolians working abroad both legally and illegally are
sizable, and money laundering is a growing concern. Mongolia settled
its $11 billion debt with Russia at the end of 2003 on favorable
terms. Mongolia, which joined the World Trade Organization in 1997,
seeks to expand its participation and integration into Asian
regional economic and trade regimes.

GDP (purchasing power parity):

$8.542 billion (2007 est.)

GDP (official exchange rate):

$3.905 billion (2007 est.)

GDP - real growth rate:

9.9% (2007 est.)

GDP - per capita (PPP):

$2,900 (2007 est.)

GDP - composition by sector:

agriculture: 18.8%
industry: 40.4%
services: 40.8% (2006)

Labor force:

1.042 million (2006)

Labor force - by occupation:

agriculture: 39.9%
industry: 11.7%
services: 49.4% (2006)

Unemployment rate:

3% (2007)

Population below poverty line:

36.1% (2004)

Household income or consumption by percentage share:

lowest 10%: 3%
highest 10%: 24.6% (2002)

Distribution of family income - Gini index:

32.8 (2002)

Budget:

revenues: $1.58 billion
expenditures: $1.497 billion (2007)

Fiscal year:

calendar year

Inflation rate (consumer prices):

9% (2007)

Central bank discount rate:

9.87% (31 December 2007)

Commercial bank prime lending rate:

17.54% (31 December 2007)

Stock of money:

$504.7 million (31 December 2007)

Stock of quasi money:

$1.539 billion (31 December 2007)

Stock of domestic credit:

$1.191 billion (31 December 2007)

Agriculture - products:

wheat, barley, vegetables, forage crops; sheep, goats, cattle,
camels, horses

Industries:

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

Industrial production growth rate:

3% (2006 est.)

Electricity - production:

3.078 billion kWh (2007 est.)