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Economy - Survey

Major Features: Economy traditionally based on agriculture, livestock breeding, and forestry. In 1980s Soviets assisted in development of extensive mineral resources; mining and processing of coal, copper, molybdenum, tin, tungsten, and gold, accounted for large portion of industrial production.

Gross Domestic Product (GDP): In 1985 estimated at US$1.7 billion; per capita income based on GDP was US$880.

Agriculture: Livestock predominates, camels, cattle, goats, horses, and sheep major livestock types. Crops include wheat, barley, oats, hay, potatoes, vegetables.

Industry: Processing of forestry, animal, and fishery products, building materials, food and beverage, mining (particularly coal).

Resources: Coal, copper, molybdenum, tungsten, phosphates, tin, rare earth, sodium chloride, nickel, zinc, fluorite, gold.

Exports: In 1985 approximately 2 billion tugriks (US$670 million; free on board). Cement, lumber and sawn timber, wool, large and small hides, grain, meat, clothing, minerals. Nearly all trade with communist countries (about 80 percent with Soviet Union); 3.3 percent to noncommunist countries in 1986.

Imports: Approximately 3.3 billion tugriks (US$1.0 billion, cost, insurance, and freight, 1985). Machine tools, diesel generators, electric motors, transformers, construction equipment, gasoline and diesel fuel, iron and steel, foodstuffs, and consumer durables. Nearly all trade with communist countries (about 80 percent with Soviet Union); 1.7 percent to noncommunist countries in 1986.

Exchange Rate: 2.985 tugriks= US$1 (100 tugriks = 33.5 US$) in March 1989. Massive currency depreciation in the 1990s led to an exchange rate of 1120 tugriks per US$ (100 tugriks = 0.089 US$ = 0.066 EUR) in December 2004.

Fiscal Year: Calendar year.

Last Update: 2010-12-07