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Economy of Mongolia

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1 Economy of Mongolia on Fri Oct 22, 2010 1:59 am

Mongolia's economy is centered on agriculture and mining. Mongolia has rich mineral resources, and copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production.

There are currently over 30,000 independent businesses in Mongolia, chiefly centered around the capital city[citation needed]. The majority of the population outside urban areas participate in subsistence herding; livestock typically consists of sheep, goats, cattle, horses, and Bactrian camels. Agricultural crops include wheat, barley, potato, vegetables, tomato, watermelon, sea-buckthorn and fodder crops. GDP per capita in 2006 was $2,100.[24]

Although GDP has risen steadily since 2002 at the rate of 7.5% in an official 2006 estimate, the state is still working to overcome a sizable trade deficit. A massive ($11 billion) foreign debt to Russia was settled by the Mongolian government in 2004 with a $250 million payment. Despite growth, the proportion of the population below the poverty line is estimated to be 35.6% in 1998, 36.1% in 2002–2003, 32.2% in 2006,[25] and both the unemployment rate and inflation rate are relatively high at 3.2% and 6.0%, respectively (in 2006) Mongolia's largest trading partner is China. As of 2006, 68.4% of Mongolia's exports went to China, and China supplied 29.8% of Mongolia's imports.[26]

The Mongolian Stock Exchange, established in 1991 in Ulan Bator, is the world's smallest stock exchange by market capitalisation

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