Mongolia is a landlocked country in eastern Central Asia, bordered by Russia to the north and China to the south, east, and west. Deep within the interior of the continent and far from any ocean, Mongolia is known for its rugged landscapes, including vast steppes, deserts like the Gobi, and mountainous regions.
69.2%
Urban population (2023)
30.8%
Rural population (2023)
49.5%
Male (2023)
50.5%
Female (2023)
10%
Baby boomer (2022)
18%
Gen X (2022)
25%
Gen Y (2022)
25%
Gen Z (2022)
57.6%
Participation rate (2023)
94.6%
Employment rate (2023)
72%
Labour force at SMEs (2019)
30.8%
Employed with diploma and bachelor (2022)
US$ 545
Monthly average wages (2023)
22%
Annual attrition rate in the civil service (2019)
26.3%
Employment in Agriculture (2022)
22.1%
Employment in Industry (2022)
51.6%
Employment in Services (2022)
Economic profile
Mongolia ranks as the
-largest economy in the world
US$ 19.86B
GDP (2023)
US$ 6180
GDP per capita (2023)
US$ 0.53B
Digital Commerce transaction value (2024P)
US$ 493M
ICT revenue (2023)
97%
Percentage of SMEs (2023)
US$ 166.3M
Total capital invested in startups (2024P)
A resource-rich country in Asia
FDI inflows
Mongolia's foreign direct investment attracted nearly US$ 3.5 billion by 2023
Export turnovers
Mongolia's export turnovers reached US$ 15.19 billion in 2023
Number of active entities
As of Q4 2023, there were 96,815 active entities in Mongolia
US$ 3.5B
FDI Inflow (2023)
Leading FDI sectors
Mining and quarrying
78.1%
Wholesale and retail trade; repair of motor vehicles and motorcycles
7%
Professional, scientific and technical activities
6.2%
Financial and insurance activities
3.8%
Public administration and defence; compulsory social security
1.4%
US$ 15.19B
Export turnovers (2023)
Top exports
Mineral products
86.6%
Natural or cultured stones, precious metal, jewellery
5%
Textiles & textile articles
3%
Live animals, animals origin products
1.3%
Vegetable origin products
1.1%
96,815
Number of active entities (Q4/2023)
Top economic activities
Wholesale and retail trade; repair of motor vehicles and motorcycles
38.3%
Construction
8.4%
Other service activities
7.6%
Manufacturing
6.9%
Professional, scientific and technical activities
6.3%
Ulaanbaatar
70.6%
Central region
10.1%
Khangai region
8.7%
Western region
7%
Eastern region
3.6%
Doing business in Mongolia
Opportunities & challenges
Opportunities
• Tremendous mineral reserves
• Strategic geographical position between China and Europe/Russia
• Potential for diversification of production
• Vast territory and pastures
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