<hdr>The World Factbook 1994: Mongolia<nl>Economy</hdr><body>
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<item><hi format=bold>Overview:</hi> Mongolia's severe climate, scattered population, and wide expanses of unproductive land have constrained economic development. Economic activity traditionally has been based on agriculture and the breeding of livestock—Mongolia has the highest number of livestock per person in the world. In past years extensive mineral resources had been developed with Soviet support; total Soviet assistance at its height amounted to 30% of GDP. The mining and processing of coal, copper, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Timber and fishing are also important sectors. The Mongolian leadership is trying to make the transition from Soviet-style central planning to a market economy through privatization and price reform, and is soliciting support from international financial agencies and foreign investors. The economy, however, has still not recovered from the loss of Soviet aid, and the country continues to suffer substantial economic hardships.
<item><hi format=bold>National product:</hi> GDP—purchasing power equivalent—$2.8 billion (1993 est.)
<item><hi format=bold>National product real growth rate:</hi> -1.3% (1993 est.)
<item><hi format=bold>National product per capita:</hi> $1,200 (1993 est.)
<item>• <hi format=ital>consumption per capita:</hi> 1,622 kWh (1992)
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<item><hi format=bold>Industries:</hi> copper, processing of animal products, building materials, food and beverage, mining (particularly coal)
<item><hi format=bold>Agriculture:</hi> accounts for about 35% of GDP and provides livelihood for about 50% of the population; livestock raising predominates (primarily sheep and goats, but also cattle, camels, and horses); crops—wheat, barley, potatoes, forage
