Mongolia: public finances

Does Mongolia have a budget deficit?

Mongolia's general government budget had a deficit of 1.03 trillion togrogs in 2025, according to the NSO government revenue, expenditure and balance table, based on Ministry of Finance data. Revenue was 30.30 trillion togrogs and expenditure 31.33 trillion togrogs. The deficit in 2024 was 0.92 trillion togrogs.

The balance is the equilibrated balance: total expenditure and net lending deducted from equilibrated revenue, which leaves out revenue placed in the Future Heritage, Stabilization and Accumulation funds. Monthly budget execution figures for the current year are in separate NSO tables.

Official sources: NSO: Government revenue, expenditure and balance, by year

How much tax does the Mongolian government collect?

Mongolia's general government collected 26.08 trillion togrogs in total revenue and grants in January to September 2026, according to the NSO monthly revenue table. Tax revenue was 21.19 trillion togrogs, up from 19.02 trillion togrogs a year earlier. Total expenditure and net lending was 24.56 trillion togrogs, according to the expenditure table.

The figures are cumulative from January and come from the Ministry of Finance. Equilibrated revenue, which excludes transfers to the Future Heritage, Stabilization and Accumulation funds, was 22.92 trillion togrogs.

Official sources: NSO: General government revenue, by month, cumulative · NSO: General government expenditure, by month, cumulative

How much debt does Mongolia have?

Mongolia's general government debt was 36,218.2 billion togrogs (36.2 trillion) at the end of the second quarter of 2026, according to the NSO general government debt table, based on Ministry of Finance data. Foreign debt made up 34,038.0 billion togrogs and domestic debt 2,022.6 billion togrogs.

General government debt is the sum of domestic and external debt of the government. Gross external debt of the whole economy, including the private sector, is in a separate table.

Official sources: NSO: General government debt, by quarter

What is Mongolia's debt to GDP ratio?

The latest figure from the IMF, for 2025, is 45.0% of GDP. Since 2006 it has ranged from 31.0% of GDP (2008) to 86.9% of GDP (2017). East Asia & Pacific median: 45.0% of GDP; Mongolia is 15th highest of 29. Worldwide: 114th of 185.

What is Mongolia's fiscal deficit?

The IMF puts general government net lending or borrowing in Mongolia at 2.2% of GDP in 2025. The peak was 7.6% of GDP in 2006 and the low -15.3% of GDP in 2016. Across East Asia & Pacific the middle value was -1.7% of GDP, and Mongolia placed 7th highest of 29. Of 188 countries with 2025 data, 21st highest.

How much does Mongolia's government take in?

36.9% of GDP: that is general government revenue in Mongolia for 2025, according to the IMF. Its high point since 2005 was 2024, at 38.9% of GDP; its low point was 2016, at 24.4% of GDP. East Asia & Pacific median: 33.6% of GDP; Mongolia is 12th highest of 29. Worldwide: 53rd of 187.

What is Mongolia's government spending?

According to the IMF, general government spending in Mongolia was 34.6% of GDP in 2025. The peak was 39.7% of GDP in 2016 and the low 25.1% of GDP in 2005. It is 14th highest of 29 in East Asia & Pacific, where the median is 32.9% of GDP. Of 186 countries with 2025 data, 71st highest.

How much tax does Mongolia collect?

The IMF puts central government tax revenue in Mongolia at 16.9% of GDP in 2024. The peak was 28.7% of GDP in 2006 and the low 11.4% of GDP in 2016. Across East Asia & Pacific the middle value was 15.4% of GDP, and Mongolia placed 5th highest of 12. Of 92 countries with 2024 data, 54th highest.

How much does Mongolia spend on its military?

In 2025, military spending in Mongolia was 0.9% of GDP, according to SIPRI. Its high point since 2005 was 2007, at 1.1% of GDP; its low point was 2022, at 0.5% of GDP. Across East Asia & Pacific the middle value was 1.4% of GDP, and Mongolia placed 15th highest of 16. Of 149 countries with 2025 data, 117th highest.