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Mongolia > Economy
GDP: US$1 billion
GDP per head: US$390
Annual growth: 3.5%
Inflation: 44%
Major industries: Copper, gold,
livestock, cashmere, wool
Major trading partners: Russia,
China, Japan, USA and EU.
Administrative subdivisions 21 aimags (provinces),
the capital city (Ulaanbaatar), including 3 autonomous
cities (Darkhan, Erdenet and Choir).The aimags
are subdivided into somons (counties), or districts,
of which there are 298.
Mineral Outout & Reserves Mongolia
produces 15% of the world's fluorite, and is a
major exporter of copper and molybdenum. There
are also substantial reserves of copper, molybde
num, iron, phosphates, tin, nickel, zinc, tungsten,
flu orspar and gold.
Energy OutPut & Reserves
Mongolia produces 5 million tons of coal (both
hard and brown) a year, supplying coal-fired power
stations for electricity generation and district
heating schemes. Some coal is exported to Russia
by rail in exchange for additional electricity.
Coal reserves are immense, even by world standards
- at least 100 billion tons, 20% hard coal and
80% lignite (brown coal). Wind power and solar
power are used locally on a small scale, but the
potential is considerable. Oil and gas production
is currently very small, but prospective drilling
is in progress.
Agriculture accounts for more
than one third of the GDP and is the livelihood
for half of the population. Agricultural land
is mainly permanent pasture for livestock and
hay fodder. However, there is significant output
of wheat, oats, barley and vegetables. Animal
husbandry remains a backbone of the national economy.
Mongolia provides 20 percent of the world's fine
cashmere production. The nomadic economy is challenged
by modern-day industrialization. Industrial society,
with its typical and profound division of labor,
prevails in the few major cities of Mongolia.
Major Exports: Copper and molybdenum
concentrates, fluorspar, cashmere, wool, hides
and skins.
Major Imports: Petroleum products,
industrial equipment, consumer goods.
Currency is the Tugrug (MNT),
currently valued at T1100 = $1 US
Contact us at:
info@thisismongolia.com
