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Mongolia Mongolia

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Mongolia

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EconomicPoliticalStructural

Mongolia – Quick View
ECR score42.09 (Mar 2011)
ECR rank94 (Mar 2011)
Economic
GDP 2010USD 6.10 billion
GNI per capitaUSD 1,630
FDI inflowUSD 437.2 million
Inflation 201110.9%
Central bank assetsUSD 4,342.55 million
Unemployment rate 20083.6%
Government deficitUSD 0.002 billion
Tax revenueUSD 1,976.70 million
Political
Government typeParliamentary Republic
Recent political crisisNA
Economic freedom score94th
Freedom of information score76th
Corruption perception index116th
Structural
Birth rate23.7 per ‘000
Population balanceUnder 14 - 26%
Population balanceOver 60 females – 6.3%
Population balanceOver 60 males – 5.3%
Life expectancy yearsMale 65 years
Life expectancy yearsFemale 71 years
Mortality rate6.2 per ‘000
Literacy rate97%
Internet access11.3%

[Top] Economic Overview

GDP at Current Prices

 

Mongolia GDP

 

(Source: Statistics, page: 20)

 

Mongolia’s GDP at current prices in 2010 amounted to MNT 8,255.1 billion compared to MNT 6,590.6 billion in 2009 reflecting an annual increase of 25.26% .

GDP Growth Rate
Mongolia GDP growth rate
(Source: Statistics, page: 49)

The GDP growth rate fluctauted between 2008 and 2010. The GDP growth rate in 2009 dipped to -1.3% from 8.9% in 2008. However, in 2010, the GDP growth increased to 6.1%.

 

GNI Per Capita

Mongolia GNI per capita

(Source: worldbank.org)

GNI per capita in Mongolia rose staedily between 2005 and 2008; however, in 2009 it declined marginally to USD 1,630.

Income tax rate

Individual income in Mongolia is taxed at a flat rate of 10%.

(Source: heritage.org)

Corporate tax rate

The highest corporate tax in Mongolia is 25% and is levied on corporate income above MNT 3 billion.

(Source: doingbusiness.org)

Inflation rate

Mongolia Inflation rate
(Source: IMF)

The inflation rate in 2010 was 10.52% compared to 6.27% in 2009.

FDI Inflow

FDI inflow in Mongolia is estimated to be USD 437.2 million.

(Source: heritage.org)

Banking sector assets

Banking sector assets at the end of 2010 was MNT 5,873,502.2 million compared to MNT 4,089,955.1 million in 2009.

Mongolia Banking sector assets

(Source: Statistics, page: 65)

[Top] Financial Indicators & Government Financial

Consumer price index

 

Mongolia CPI

(Source: Statistics, page: 51)

The CPI in December 2010 was 113 compared to 102.3 at the beginning of the year.

Interest rates on time and saving deposits


Name of the Commercial Bank (till Nov 2010)

Interest Rate (%) for domestic currency

Interest Rate (%) for foreign currency

Golomt

0.7-1.4

0.3-0.7

Capital

1.0-1.5

0.5-0.8

Savings

0.5-1.4

0.1-0.8

Khan

0.7-1.3

0.1-0.3

Trade & Development

1.1-1.4

0.1-0.8

Transport & Development

0.5-1.5

0.5-1.2

Erel

1.0-1.6

0.3-0.7

Credit

0.5-0.7

0.2-0.3

Ulaanbaatar city

0.7-1.2

0.2-0.9

State bank

0.9-1.3

0.1-0.4

Capitron

0.5-1.4

0.1-0.7

Xac

0.7-1.3

0.2-0.5

National investment bank

1.2-1.3

0.5-0.7

Chinggis khaan

0.8

-

(Source: Statistics, page: 68)

Money supply (Currency in Circulation)

Mongolia Money supply

(Source: Statistics, page: 64)

The narrow money supply in 2010 was MNT 1,157,617.90 million and the quasi money supply was MNT 3,522,363.5 million. The total currency in circulation was valued at MNT 519,692.4 million.

Government expenditure

Mongolia Total expenditure
(Source: Statistics, page: 20)

Total expenditure in 2010 was MNT 3,076.3 billion compared to MNT 2,336.6 billion in 2009.

Official exchange rate

Mongolia Exchange rate

(Source: Statistics, page: 66)

The average exchange rate in December 2010 was 1,234.08 compared to 1,446.52 in December 2009.

 

Government finances

Fiscal balance

Fiscal Balance (MNT billion)

Revenue

Expenditure

Fiscal Balance

2010

3,078.4

3,076.3

2.2

2009

1,994.0

2,336.6

-342.6

2008

2,170.4

2,466.8

-296.4

(Source: Statistics, page: 20)

Mongolia had a fiscal surplus in 2010 after two consecutive years in deficit. The fiscal balance in 2010 was MNT 2.2 billion compared to a deficit of MNT 342.6 in 2009. The revenues for 2010 increased from the previous year,  while expenditure decreased, resulting in a fiscal surplus.

Total Revenue

Mongolia Total revenue

(Source: Statistics, page: 20)

The total revenue for 2010 was MNT 3,078.4 billion compared to MNT 1,994 billion in 2009.

Tax revenue

Mongolia Tax revenue

(Source: Statistics, page: 71)

Tax revenue collected in Mongolia in 2010 amounted to MNT 2,673,573.3 million compared to  tax MNT 1,620,549.6 million collected in 2009.

Total grants

Mongolia Total grants

 

(Source: Statistics, page: 71)

Total grants and transfers in 2010 amounted to MNT 34,651.4 millioncompared to MNT 19,067.7 million in 2009.

Current account balance

Mongolia Current account balance

(Source: IMF)

The current account deficit in 2010 was 13.86% of GDP compared to a deficit of 9.77% of GDP in 2009.

Balance of payments

Year

Trade Balance (USD million)

2010

-378.7

2009

- 252.3

2008

- 710

(Source: Statistics, page: 20)

[Top] Labour Force and Employment Overview

Labour force

Mongolia Total labour force
(Source: World Bank)

The labour force in Mongolia was 1,440,401.40 people in 2009 compared to the previous year’s 1,402,792.50 labour population.

Labour force participation rate

the labour force participation rate was 73% in 2009. The labour force participation rate for men and women was 78% and 68% respectively in 2009.

(Source: World Bank, World Bank, World Bank)

Unemployment rate

the unemployment rate in 2010 was 3.6%.

(Source: heritage.org)

Employment in agriculture

Total employment in agriculture in 2009 was 40.6% of the total population, which is higher than previous years.

Mongolia Employment in agriculture
(Source: World Bank)

Employment in industries

Employment in Industry

2010

2009

Mining and Quarrying

16,402

15,395

Manufacturing

23,664

22,754

Electricity, thermal energy and water supply

14,223

14,425

Total

54,289

52,574

(Source: Statistics, page: 22)

Minimum wage

Mongolia's minimum wage in 2011 was MNT 140,400 per month for public and private sector workers.

(Source: minimumwage.org)

Level of unionisation

The Confederation of Mongolian Trade Unions is a national trade union and is affiliated to the International Confederation of Free Trade Unions.

(Source: ICFTU)

[Top] Political Stability

Government Stability

Mongolia is a parliamentary republic. The powers are divided into the executive, the legislative and the judiciary.

The executive powers are vested in the government. The president is the head of state and is elected for a term of four years. The government is headed by the prime minister and the cabinet.

The legislative powers are vested in Mongolia's parliament known as the Ulsyn Ikh Khural or the State Great Hural. It consists of 76 members, who are directly elected for a four year term.

The Mongolian People's Revolutionary Party (MPRP) and the Democratic Party are the two largest parties in Mongolia. Mongolia is focused on expanding foreign policy goals and relations.

(Source: mongoliaway.com, IPU)

Regulatory environment

The president has the power to nominate the prime minister, dissolve government and to approve laws.

Mongolia Economic Freedom Indices

(Source: heritage.org)

The economic freedom score of Mongolia is 59.5, making its economy the 94th freest in the 2011 Index of Economic Freedom. Mongolia is ranked 16th out of 41 countries in the Asia–Pacific region, and its overall score is above the regional average.

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Mongolia is ranked 116th with a score of 2.7 which indicates that the corruption levels in the public departments in Mongolia is fairly high.

(Source: transparency.org)

Freedom of information

In 2010, Mongolia was ranked 76th on the Press Freedom Index with a score of 19.42. Restrictions are imposed on the media/press to what extent they can openly express and write about their views and opinions about the government and political authorities.

(Source: rsf.org)  

Newspapers

The main newspapers in Mongolia include -

  • Odriyn Sonin
  • Onoodor
  • Zuuny Medee
  • Unen (Truth)
  • Mongola Messenger
  • The UB Post

(Source: BBC)

Judicial system

Mongolia's judicial system includes

  • Supreme Court
  • Appellate Courts
  • Administrative Courts
  • District Courts

The Supreme Court is the highest body in judicial matters. It consists of a chief justice and 16 justices.  The responsibilities of the Supreme Court are exercised through the criminal, civil and administrative chambers.

(Source: supremecourt.mn)

[Top] Demographic Overview

Population

The population of Mongolia in July 2010 was 6,853,019,414 and is projected to be 6,929,098,151 in July 2011.

(Source: Statistics)

Gender balance

In 2009, the gender ratio was 97.9 men per 100 women.

(Source: UN)

Population age structure

In 2009, 26% of the population was in the 0-14 year age group . The population above 60 years of age included 6.5% women and 5.3% men in the same period.

(Source: UN)

Median age

The median age of the population increased from 18.8 years in 1990 to 26.3 years in 2010, primarily due to increasing life expectancy.

(Source: undp.org, page: 194)

Life expectancy

In Mongolia, life expectancy at birth in 2010 was 67.3years. Between 2005 and 2010, the life expectancy at birth for men and women was 63.2 years and 69.8 years respectively.

(Source: undp.org, UN)

Mortality rate

The mortality rate of infants was recorded at 19 per 1,000 live births in the year 2010 and in the year 2009 were 20 per 1,000 live births.

(Source: Statistics, page: 40)

Death Rate and Birth rate

The death rate in 2010 was 6.2 per 1,000 people. The birth rate in the same year was 23.7 per 1,000 live births.

(Source: Statistics)

 Migration and urbanisation

The international migrant stock in mid-2010 included 10,000 individuals, which accounted for only 0.4% of the total population.

Approximately 57% of Mongolia’s population lived in urban areas in 2007. Between 2005-2010, the urban and rural population grew at an annual average rate of 1.2% and 0.6% respectively.

(Source: UN)

Ethnic groups

The main ethnic group in Mongolia are the Mongols, making up 95% of the population. Other ethnic groups include Turkic and Buriat.

(Source: state.gov)

Human development index

Mongolia is ranked 100th in the 2010 Human Development Index (HDI) conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The literacy rate in Mongolia in 2009 was 97%.

(Source: worldbank.org)

Education

The education system in Mongolia includes three levels - primary education, secondary education and higher education. Most of the educational institutes in Mongolia are state owned; however, the private sector is also expanding since education laws were amended. Mongolia has approximately 86 recognised private and public universities.

The combined gross enrolment ratio was 79.2%. The public expenditure on education is approximately 5.1% of the GDP.

(Source: UNDP)

Health

The Ministry of Health is responsible for health policy, regulation and supervision of the health sector. The health care system consists of three levels of care - primary health care, secondary health care and tertiary health care.

Primary health care is provided by family group practices in the capital city of Ulaanbaatar, in Aimag centres, Soum and Inter-Soum hospitals in Aimag. Secondary health care is provided in district general hospitals in Ulaanbaatar and in Aimag general hospitals. Tertiary care is provided through major hospitals and specialised centres in Ulaanbaatar.

The expenditure on health is approximately 3.5% of the GDP.

(Source: Ministry of Health, UNDP)

[Top] Hard Infrastructure

Public transit

The main form of public transport Mongolia is primarily through road travel. In 2010, the majority of people used road transport more than railway and air travel.

Number of passengers by mode of transport

Type of Transport

2010

2009

Auto road

246,749,500

229,031,500

Railway transport

3,514,500

3,118,300

Air transport

397,100

309,300

(Source: Statistics, page: 123)

Roadways

The total roadway length in Mongolia is 49,250 km.

(Source: worldbymap.org)

Ports

The main ports in Mongolia are Alashankou, Darkhan, Erdenet, Ulaan Baatar.

(Source: World Sea Ports)

Airports

Town

Airport name

Runway length (ft)

Altai

Altai

7,400

Arvaikheer

Arvaikheer

8,200

Baruun-Urt

Baruun-Urt

5,800

Bayankhongor

Bayankhongor

9,200

Binder

Binder

3,900

Bulagtai Resort

Bulagtai Resort

7,700

Bulgan

Bulgan

6,200

Bulgan Sum

Bulgan Sum

5,800

Choibalsan

Choibalsan

8,500

Sainshand

Sainshand

9,100

Ulaanbaatar

Buyant-Ukhaa

10,100

(Source: aircraft-charter-world)

Telecommunication

Mongolia Fixed telephone line subscribers

(Source: ITU)

Mongolia Mobile cellular subscribers

(Source: ITU)

Mongolia had 188,875 fixed telephone lines in 2009 compared to 200,494 in 2008. There were only 7.07 telephone lines for every 100 inhabitants.

There were 2,249,023 mobile phone subscriptions in 2009, an increase of 27.56% over the previous year. 

Internet usage

Mongolia Internet penetration

(Source: internetworldstats.com)

Mongolia had 3,086,918 internet users in 2010, accounting for 11.3% of the population.

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