Whether you are visiting Mongolia for tourism or have recently immigrated, you must immerse yourself into the local culture for an authentic experience of this beautiful country.
Food is considered an essential part of Mongolian hospitality. When hosting guests, upon arrival, hosts present hospitality bowls, which contain candy, sugar cubes, homemade cheeses, and bordzig which are flour pastries. The fattest animal is slaughtered to prepare mouthwatering meals.
The Mongolian cooking comprises of dairy products and meat. Locals prefer eating meals made with simplicity without too many spices, sauces or flavorings. Some popular dishes include huushuur which are fried meat pasties, guriltai shul consists of mutton soup with noodles, and buuz steamed meat-filled dumplings. Mongolians also enjoy suutei tsai, milk tea with salt and butter.
The Mongolian economy is focused on making items from five of the most common livestock animals, namely horses, sheep, goats, camels, and cattle. Items include dairy products, meat, wool, and hides. The country also focuses on growing agricultural produce such as vegetables, grains, and animal fodder.
Mongolia is also rich in natural resources such as gold, copper, molybdenum, fluorspar, and coal. Oil extraction is currently underway of further exploration. The major industries of this country include textiles, cement, food and beverage processing, leather goods, mining operations, and chemicals.
|Past 5 Years|
|GDP per capita (USD)||4,087||3,847||3,578||3,595||4,051|
|GDP (USD bn)||12.2||11.8||11.2||11.4||13.1|
|Economic Growth (GDP, annual variation in %)||8.1||2.5||1.4||5.4||7.0|
|Fiscal Balance (% of GDP)||-3.9||-5.0||-15.3||-6.2||0.0|
|Public Debt (% of GDP)||57.1||62.1||87.6||84.6||73.3|
|Money (annual variation in %)||12.5||-5.5||21.0||30.5||22.8|
|Inflation Rate (CPI, annual variation in %)||12.8||6.6||1.1||4.2||6.8|
|Policy Interest Rate (%)||12.00||13.00||14.00||11.00||11.00|
|Current Account (% of GDP)||-15.8||-8.1||-6.3||-10.1||-16.8|
|Current Account Balance (USD bn)||-1.9||-0.9||-0.7||-1.2||-2.2|
|Trade Balance (USD billion)||0.5||0.9||1.6||1.9||1.1|
|Exports (USD billion)||5.8||4.7||4.9||6.2||7.0|
|Imports (USD billion)||5.2||3.8||3.4||4.3||5.9|
|Exports (annual variation in %)||35.1||-19.1||5.4||26.0||13.1|
|Imports (annual variation in %)||-17.5||-27.5||-11.6||29.2||35.5|
|International Reserves (USD)||1.7||1.3||1.3||3.0||3.5|
|External Debt (% of GDP)||173||187||231||252||224|